Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Short Interest Update

Melco Resorts & Entertainment Limited (NASDAQ:MLCO) saw a large decrease in short interest in June. As of June 15th, there was short interest totalling 9,220,000 shares, a decrease of 15.2% from the May 31st total of 10,870,000 shares. Currently, 2.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 3,250,000 shares, the days-to-cover ratio is currently 2.8 days.

Melco Resorts & Entertainment Stock Down 0.5 %

NASDAQ:MLCO traded down $0.03 during mid-day trading on Tuesday, reaching $6.99. 1,329,260 shares of the company were exchanged, compared to its average volume of 3,175,581. Melco Resorts & Entertainment has a 12 month low of $6.10 and a 12 month high of $13.91. The company has a fifty day moving average of $7.74 and a 200 day moving average of $7.87.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its quarterly earnings data on Tuesday, April 30th. The company reported $0.04 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.02. Melco Resorts & Entertainment had a negative net margin of 4.34% and a negative return on equity of 7.61%. The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.11 billion. During the same quarter in the prior year, the firm earned ($0.14) EPS. The company’s revenue was up 55.2% on a year-over-year basis. As a group, research analysts forecast that Melco Resorts & Entertainment will post 0.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MLCO has been the subject of a number of recent research reports. Susquehanna dropped their price objective on shares of Melco Resorts & Entertainment from $15.00 to $11.00 and set a “positive” rating for the company in a research note on Monday, April 29th. StockNews.com raised shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a report on Friday, April 5th. Morgan Stanley raised shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $8.30 to $9.60 in a report on Monday, May 6th. Bank of America raised shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and upped their target price for the stock from $7.50 to $10.40 in a report on Wednesday, May 29th. Finally, Citigroup upped their target price on shares of Melco Resorts & Entertainment from $13.75 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $12.26.

Institutional Investors Weigh In On Melco Resorts & Entertainment

Hedge funds have recently added to or reduced their stakes in the stock. Cetera Advisors LLC acquired a new position in Melco Resorts & Entertainment during the 1st quarter valued at about $196,000. Virtu Financial LLC acquired a new position in Melco Resorts & Entertainment during the 1st quarter valued at about $172,000. California State Teachers Retirement System lifted its position in Melco Resorts & Entertainment by 10.1% during the 1st quarter. California State Teachers Retirement System now owns 239,056 shares of the company’s stock valued at $1,724,000 after purchasing an additional 21,945 shares during the period. Invenomic Capital Management LP acquired a new position in Melco Resorts & Entertainment during the 1st quarter valued at about $15,963,000. Finally, NWI Management LP lifted its position in Melco Resorts & Entertainment by 13.7% during the 1st quarter. NWI Management LP now owns 915,000 shares of the company’s stock valued at $6,597,000 after purchasing an additional 110,000 shares during the period. Institutional investors own 39.62% of the company’s stock.

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.