Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Shares Sold by Polymer Capital Management HK LTD

Polymer Capital Management HK LTD lessened its position in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 59.9% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 391,136 shares of the company’s stock after selling 583,914 shares during the period. Polymer Capital Management HK LTD’s holdings in Melco Resorts & Entertainment were worth $3,047,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Coronation Fund Managers Ltd. boosted its holdings in Melco Resorts & Entertainment by 16.2% in the second quarter. Coronation Fund Managers Ltd. now owns 15,500,865 shares of the company’s stock worth $115,636,000 after purchasing an additional 2,166,524 shares during the period. Eminence Capital LP boosted its holdings in shares of Melco Resorts & Entertainment by 14.0% in the 2nd quarter. Eminence Capital LP now owns 17,502,002 shares of the company’s stock valued at $130,565,000 after buying an additional 2,154,509 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Melco Resorts & Entertainment during the 2nd quarter valued at about $2,914,000. Sei Investments Co. raised its stake in Melco Resorts & Entertainment by 173.2% during the second 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 period. Finally, Solel Partners LP lifted its holdings in Melco Resorts & Entertainment by 34.2% in the second quarter. Solel Partners LP now owns 1,328,000 shares of the company’s stock worth $9,907,000 after acquiring an additional 338,700 shares during the last quarter. Institutional investors and hedge funds own 39.62% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Bank of America lowered their target price on Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating for the company in a report on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $9.82.

Melco Resorts & Entertainment Trading Down 1.2 %

Shares of NASDAQ MLCO opened at $6.48 on Wednesday. Melco Resorts & Entertainment Limited has a 12-month low of $4.78 and a 12-month high of $9.56. The company has a market cap of $2.85 billion, a PE ratio of -29.45, a P/E/G ratio of 0.95 and a beta of 1.05. The stock has a 50 day simple moving average of $6.93 and a 200-day simple moving average of $6.67.

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.