Melco Resorts & Entertainment (NASDAQ:MLCO) Trading 9.9% Higher – Should You Buy?

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) traded up 9.9% on Monday . The stock traded as high as $7.30 and last traded at $7.21. 631,565 shares traded hands during trading, a decline of 81% from the average session volume of 3,359,457 shares. The stock had previously closed at $6.56.

Melco Resorts & Entertainment Price Performance

The business has a 50 day simple moving average of $6.85 and a 200-day simple moving average of $6.61. The stock has a market capitalization of $3.05 billion, a price-to-earnings ratio of -31.45, a PEG ratio of 0.95 and a beta of 1.05.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Institutional investors and hedge funds have recently modified their holdings of the business. Signaturefd LLC lifted its stake in Melco Resorts & Entertainment by 16.6% in the third quarter. Signaturefd LLC now owns 18,881 shares of the company’s stock valued at $147,000 after buying an additional 2,686 shares in the last quarter. Creative Planning raised its holdings in shares of Melco Resorts & Entertainment by 35.9% during the third quarter. Creative Planning now owns 15,962 shares of the company’s stock worth $124,000 after acquiring an additional 4,220 shares during the period. Blue Trust Inc. raised its holdings in shares of Melco Resorts & Entertainment by 243.4% during the second quarter. Blue Trust Inc. now owns 7,324 shares of the company’s stock worth $53,000 after acquiring an additional 5,191 shares during the period. Ridgewood Investments LLC bought a new stake in Melco Resorts & Entertainment in the 2nd quarter valued at $42,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Melco Resorts & Entertainment by 12.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 56,152 shares of the company’s stock worth $437,000 after purchasing an additional 6,148 shares during the period. 39.62% of the stock is currently owned by institutional investors and hedge funds.

About Melco Resorts & Entertainment

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.