Melco Resorts & Entertainment (NASDAQ:MLCO) Shares Gap Down – Should You Sell?

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) shares gapped down prior to trading on Tuesday . The stock had previously closed at $6.45, but opened at $6.26. Melco Resorts & Entertainment shares last traded at $6.37, with a volume of 363,365 shares.

Analyst Upgrades and Downgrades

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

Melco Resorts & Entertainment Stock Performance

The company has a market cap of $2.70 billion, a PE ratio of -28.95, a PEG ratio of 1.01 and a beta of 1.05. The business’s 50-day moving average is $6.73 and its 200 day moving average is $6.58.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Several institutional investors have recently bought and sold shares of MLCO. Eminence Capital LP lifted its position 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 valued at $130,565,000 after purchasing an additional 2,154,509 shares during the last quarter. Coronation Fund Managers Ltd. raised its holdings in Melco Resorts & Entertainment by 15.0% during the 3rd quarter. Coronation Fund Managers Ltd. now owns 13,072,483 shares of the company’s stock valued at $101,835,000 after buying an additional 1,705,872 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in Melco Resorts & Entertainment during the 2nd quarter valued at $2,914,000. Sei Investments Co. grew its holdings in 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 acquiring an additional 381,653 shares during the last quarter. Finally, Solel Partners LP raised its stake in shares of Melco Resorts & Entertainment by 34.2% during the second quarter. Solel Partners LP now owns 1,328,000 shares of the company’s stock valued at $9,907,000 after acquiring an additional 338,700 shares during the last quarter. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

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.