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Short Interest in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Expands By 18.4%

Last updated on Saturday, November 21, 2020 | 2020 MarketBeat

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) was the target of a significant increase in short interest in October. As of October 30th, there was short interest totalling 3,470,000 shares, an increase of 18.4% from the October 15th total of 2,930,000 shares. Based on an average trading volume of 3,150,000 shares, the short-interest ratio is presently 1.1 days.

Several analysts recently weighed in on the stock. ValuEngine upgraded shares of Melco Resorts & Entertainment from a "buy" rating to a "strong-buy" rating in a report on Friday, November 6th. Zacks Investment Research upgraded shares of Melco Resorts & Entertainment from a "sell" rating to a "hold" rating in a report on Thursday. JPMorgan Chase & Co. lifted their price target on shares of Melco Resorts & Entertainment from $23.00 to $25.00 and gave the company an "overweight" rating in a report on Tuesday. TheStreet cut shares of Melco Resorts & Entertainment from a "c" rating to a "d+" rating in a report on Tuesday, September 8th. Finally, BOCOM International started coverage on shares of Melco Resorts & Entertainment in a report on Friday, September 11th. They set a "buy" rating on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. The stock has an average rating of "Buy" and a consensus target price of $22.69.

A number of large investors have recently modified their holdings of MLCO. Amundi Pioneer Asset Management Inc. raised its position in Melco Resorts & Entertainment by 4.5% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 232,975 shares of the company's stock worth $5,263,000 after buying an additional 10,046 shares during the last quarter. Morgan Stanley raised its position in Melco Resorts & Entertainment by 126.5% in the 1st quarter. Morgan Stanley now owns 2,561,533 shares of the company's stock worth $31,765,000 after buying an additional 1,430,579 shares during the last quarter. First Trust Advisors LP increased its position in shares of Melco Resorts & Entertainment by 16.1% during the 2nd quarter. First Trust Advisors LP now owns 59,617 shares of the company's stock valued at $925,000 after purchasing an additional 8,285 shares during the last quarter. Hardman Johnston Global Advisors LLC increased its position in shares of Melco Resorts & Entertainment by 36.6% during the 2nd quarter. Hardman Johnston Global Advisors LLC now owns 14,055,486 shares of the company's stock valued at $218,141,000 after purchasing an additional 3,764,547 shares during the last quarter. Finally, Gulf International Bank UK Ltd increased its position in shares of Melco Resorts & Entertainment by 80.7% during the 2nd quarter. Gulf International Bank UK Ltd now owns 4,479 shares of the company's stock valued at $69,000 after purchasing an additional 2,000 shares during the last quarter. 40.23% of the stock is owned by institutional investors and hedge funds.

Shares of MLCO traded up $0.01 during trading hours on Friday, hitting $18.78. The company had a trading volume of 2,200,424 shares, compared to its average volume of 3,365,111. The firm has a fifty day moving average price of $16.36 and a 200-day moving average price of $16.96. The company has a debt-to-equity ratio of 2.12, a quick ratio of 1.01 and a current ratio of 1.05. The stock has a market capitalization of $8.64 billion, a price-to-earnings ratio of -8.99 and a beta of 1.81. Melco Resorts & Entertainment has a 52-week low of $10.81 and a 52-week high of $25.22.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings results on Thursday, November 5th. The company reported ($0.66) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.91) by $0.25. Melco Resorts & Entertainment had a negative return on equity of 21.63% and a negative net margin of 14.98%. The firm had revenue of $212.90 million during the quarter, compared to analyst estimates of $299.78 million. Research analysts anticipate that Melco Resorts & Entertainment will post -2.67 earnings per share for the current fiscal year.

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.

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