Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Short Interest Down 14.5% in March

Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Get Free Report) was the target of a significant decrease in short interest during the month of March. As of March 31st, there was short interest totalling 8,790,000 shares, a decrease of 14.5% from the March 15th total of 10,280,000 shares. Based on an average daily trading volume, of 4,250,000 shares, the short-interest ratio is currently 2.1 days. Currently, 2.1% of the shares of the company are short sold.

Melco Resorts & Entertainment Stock Performance

NASDAQ MLCO traded up $0.02 during trading on Friday, reaching $5.12. 1,152,635 shares of the company traded hands, compared to its average volume of 3,813,420. Melco Resorts & Entertainment has a 1-year low of $4.55 and a 1-year high of $8.90. The company has a market cap of $2.18 billion, a price-to-earnings ratio of -23.16, a P/E/G ratio of 0.63 and a beta of 0.87. The stock's 50 day moving average price is $5.36 and its two-hundred day moving average price is $5.95.

Institutional Trading of Melco Resorts & Entertainment

Several institutional investors have recently bought and sold shares of MLCO. GAMMA Investing LLC raised its stake in Melco Resorts & Entertainment by 140.7% during the fourth quarter. GAMMA Investing LLC now owns 7,533 shares of the company's stock worth $44,000 after acquiring an additional 4,403 shares in the last quarter. Patriot Financial Group Insurance Agency LLC bought a new stake in shares of Melco Resorts & Entertainment in the 4th quarter worth about $58,000. Empirical Asset Management LLC acquired a new stake in shares of Melco Resorts & Entertainment during the 4th quarter worth about $73,000. Vident Advisory LLC bought a new position in Melco Resorts & Entertainment during the 4th quarter valued at about $142,000. Finally, Wealthspire Advisors LLC acquired a new position in Melco Resorts & Entertainment in the fourth quarter valued at about $145,000. Institutional investors and hedge funds own 39.62% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on MLCO. Citigroup raised Melco Resorts & Entertainment from a "neutral" rating to a "buy" rating and set a $6.25 target price on the stock in a research report on Thursday, April 10th. Morgan Stanley raised Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and decreased their price objective for the stock from $7.50 to $6.70 in a report on Monday, March 3rd. Finally, Susquehanna lowered their price objective on Melco Resorts & Entertainment from $10.00 to $9.00 and set a "positive" rating on the stock in a research report on Monday, February 3rd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $7.29.

Melco Resorts & Entertainment Company Profile

Melco Resorts & Entertainment Limited, through its subsidiaries, develops, owns, and operates casino gaming and entertainment casino resort facilities in Asia. It owns and operates City of Dreams, an integrated casino resort that has 500 gaming tables and 800 gaming machines; approximately 1,400 hotel rooms and suites; a wet stage performance theater with approximately 2,000 seats; approximately 30 restaurants and bars, and 150 retail outlets; and recreation and leisure facilities, including health and fitness clubs, swimming pools, spa and salons, and banquet and meeting facilities.