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

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) saw some unusual options trading on Tuesday. Investors purchased 26,378 call options on the company. This represents an increase of approximately 519% compared to the average volume of 4,260 call options.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley reaffirmed an “equal weight” rating and issued a $7.50 price target (down previously from $9.60) on shares of Melco Resorts & Entertainment in a research note on Tuesday, December 17th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Melco Resorts & Entertainment presently has a consensus rating of “Moderate Buy” and an average target price of $9.40.

Melco Resorts & Entertainment Trading Up 3.8 %

Shares of MLCO stock traded up $0.21 during midday trading on Tuesday, reaching $5.81. 937,842 shares of the stock were exchanged, compared to its average volume of 3,352,968. The firm has a market cap of $2.44 billion, a PE ratio of -26.41, a price-to-earnings-growth ratio of 0.98 and a beta of 1.05. The company’s 50 day moving average is $6.43 and its two-hundred day moving average is $6.44. Melco Resorts & Entertainment has a 1 year low of $4.78 and a 1 year high of $9.56.

Hedge Funds Weigh In On Melco Resorts & Entertainment

A number of institutional investors have recently added to or reduced their stakes in the company. Headlands Technologies LLC bought a new position in shares of Melco Resorts & Entertainment during the second quarter valued at approximately $56,000. Ballentine Partners LLC bought a new position in Melco Resorts & Entertainment during the 3rd quarter valued at approximately $81,000. Leo Wealth LLC purchased a new position in Melco Resorts & Entertainment during the third quarter valued at $93,000. Creative Planning boosted its holdings in Melco Resorts & Entertainment by 35.9% in 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 in the last quarter. Finally, Signaturefd LLC grew its stake in shares of Melco Resorts & Entertainment by 16.6% in the third quarter. Signaturefd LLC now owns 18,881 shares of the company’s stock worth $147,000 after acquiring an additional 2,686 shares during the last quarter. Institutional investors own 39.62% of the company’s stock.

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.