Invenomic Capital Management LP Has $14.53 Million Stock Holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Invenomic Capital Management LP trimmed its position in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 11.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,865,699 shares of the company’s stock after selling 252,524 shares during the quarter. Invenomic Capital Management LP owned approximately 0.42% of Melco Resorts & Entertainment worth $14,534,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Coronation Fund Managers Ltd. raised its position in shares of Melco Resorts & Entertainment by 16.2% during the second quarter. Coronation Fund Managers Ltd. now owns 15,500,865 shares of the company’s stock worth $115,636,000 after acquiring an additional 2,166,524 shares during the last quarter. Eminence Capital LP increased its holdings in Melco Resorts & Entertainment by 14.0% in the second quarter. Eminence Capital LP now owns 17,502,002 shares of the company’s stock worth $130,565,000 after purchasing an additional 2,154,509 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in Melco Resorts & Entertainment in the second quarter worth approximately $2,914,000. Sei Investments Co. increased its holdings in Melco Resorts & Entertainment by 173.2% in the second 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 in the last quarter. Finally, Solel Partners LP increased its holdings in Melco Resorts & Entertainment by 34.2% in the second 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. 39.62% of the stock is owned by institutional investors and hedge funds.

Melco Resorts & Entertainment Price Performance

Shares of Melco Resorts & Entertainment stock opened at $6.64 on Tuesday. Melco Resorts & Entertainment Limited has a 52 week low of $4.78 and a 52 week high of $9.56. The stock has a 50 day moving average price of $6.92 and a two-hundred day moving average price of $6.70.

Analysts Set New Price Targets

Separately, Bank of America lowered their target price on Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating for the company in a report on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.82.

Melco Resorts & Entertainment 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.