Traders Purchase Large Volume of Call Options on Melco Resorts & Entertainment (NASDAQ:MLCO)

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) was the recipient of some unusual options trading activity on Friday. Stock investors acquired 8,162 call options on the stock. This represents an increase of 82% compared to the typical daily volume of 4,490 call options.

Analyst Upgrades and Downgrades

Separately, Bank of America dropped their price target on shares of Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating on the stock in a research note on Monday, August 12th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $9.82.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MLCO. Coronation Fund Managers Ltd. increased its position in shares of Melco Resorts & Entertainment by 16.2% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 15,500,865 shares of the company’s stock valued at $115,636,000 after purchasing an additional 2,166,524 shares during the period. Eminence Capital LP lifted its holdings in Melco Resorts & Entertainment by 14.0% in the 2nd quarter. Eminence Capital LP now owns 17,502,002 shares of the company’s stock valued at $130,565,000 after acquiring an additional 2,154,509 shares during the last quarter. Point72 Asset Management L.P. bought a new position in shares of Melco Resorts & Entertainment during the 2nd quarter valued at about $2,914,000. Sei Investments Co. grew its stake in shares of Melco Resorts & Entertainment by 173.2% in the 2nd quarter. Sei Investments Co. now owns 602,058 shares of the company’s stock worth $4,491,000 after purchasing an additional 381,653 shares during the last quarter. Finally, Solel Partners LP raised its holdings in shares of Melco Resorts & Entertainment by 34.2% in the 2nd quarter. Solel Partners LP now owns 1,328,000 shares of the company’s stock worth $9,907,000 after purchasing an additional 338,700 shares in the last quarter. Institutional investors own 39.62% of the company’s stock.

Melco Resorts & Entertainment Stock Performance

Shares of MLCO stock traded up $0.17 during midday trading on Friday, reaching $6.37. 1,943,172 shares of the company were exchanged, compared to its average volume of 3,339,427. The company’s 50 day moving average price is $6.90 and its two-hundred day moving average price is $6.74. The company has a market cap of $2.81 billion, a P/E ratio of -28.18, a PEG ratio of 0.90 and a beta of 1.07. Melco Resorts & Entertainment has a 12 month low of $4.78 and a 12 month high of $9.56.

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.