Morgan Stanley Reaffirms “Equal Weight” Rating for Melco Resorts & Entertainment (NASDAQ:MLCO)

Melco Resorts & Entertainment (NASDAQ:MLCO)‘s stock had its “equal weight” rating reiterated by equities researchers at Morgan Stanley in a report issued on Tuesday,Benzinga reports. They currently have a $7.50 price objective on the stock, down from their previous price objective of $9.60. Morgan Stanley’s price objective suggests a potential upside of 16.28% from the stock’s current price.

Melco Resorts & Entertainment Trading Down 4.6 %

Shares of MLCO opened at $6.45 on Tuesday. The company has a market cap of $2.71 billion, a price-to-earnings ratio of -29.32, a P/E/G ratio of 1.01 and a beta of 1.05. The business’s fifty day simple moving average is $6.73 and its two-hundred day simple moving average is $6.58. Melco Resorts & Entertainment has a 12 month low of $4.78 and a 12 month high of $9.56.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Ridgewood Investments LLC purchased a new stake in Melco Resorts & Entertainment in the second quarter worth approximately $42,000. Blue Trust Inc. increased its position in shares of Melco Resorts & Entertainment by 243.4% during the 2nd quarter. Blue Trust Inc. now owns 7,324 shares of the company’s stock valued at $53,000 after purchasing an additional 5,191 shares during the last quarter. Headlands Technologies LLC bought a new position in shares of Melco Resorts & Entertainment in the 2nd quarter worth approximately $56,000. Ballentine Partners LLC purchased a new position in shares of Melco Resorts & Entertainment in the third quarter worth approximately $81,000. Finally, Leo Wealth LLC bought a new stake in Melco Resorts & Entertainment during the third quarter valued at approximately $93,000. 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.