Short Interest in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Increases By 61.6%

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) was the target of a significant increase in short interest during the month of February. As of February 28th, there was short interest totalling 9,390,000 shares, an increase of 61.6% from the February 13th total of 5,810,000 shares. Based on an average daily trading volume, of 3,900,000 shares, the short-interest ratio is currently 2.4 days. Currently, 2.2% of the shares of the company are sold short.

Institutional Trading of Melco Resorts & Entertainment

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MLCO. ARGA Investment Management LP grew its position in shares of Melco Resorts & Entertainment by 1.6% in the fourth quarter. ARGA Investment Management LP now owns 29,652,424 shares of the company’s stock valued at $171,688,000 after purchasing an additional 456,117 shares during the period. Eminence Capital LP raised its stake in Melco Resorts & Entertainment by 22.1% during the fourth quarter. Eminence Capital LP now owns 7,735,919 shares of the company’s stock worth $44,791,000 after purchasing an additional 1,402,619 shares during the period. Nuveen Asset Management LLC raised its stake in Melco Resorts & Entertainment by 1.4% during the fourth quarter. Nuveen Asset Management LLC now owns 6,081,335 shares of the company’s stock worth $35,211,000 after purchasing an additional 83,268 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in Melco Resorts & Entertainment during the fourth quarter worth about $28,989,000. Finally, Renaissance Technologies LLC raised its stake in Melco Resorts & Entertainment by 92.2% during the fourth quarter. Renaissance Technologies LLC now owns 2,398,300 shares of the company’s stock worth $13,886,000 after purchasing an additional 1,150,500 shares during the period. Institutional investors and hedge funds own 39.62% of the company’s stock.

Analysts Set New Price Targets

MLCO has been the subject of several recent research reports. Morgan Stanley raised shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and reduced their target price for the stock from $7.50 to $6.70 in a report on Monday, March 3rd. Susquehanna reduced their target price on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a report on Monday, February 3rd. Finally, Citigroup cut shares of Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $10.00 to $6.00 in a report on Monday, February 10th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $7.24.

Melco Resorts & Entertainment Stock Performance

MLCO stock opened at $5.72 on Monday. The firm has a market cap of $2.40 billion, a PE ratio of -25.68, a P/E/G ratio of 0.63 and a beta of 1.02. The firm’s fifty day moving average is $5.67 and its 200 day moving average is $6.19. Melco Resorts & Entertainment has a one year low of $4.78 and a one year high of $8.90.

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.