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

Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) gapped down before the market opened 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.

Wall Street Analysts Forecast Growth

Separately, Morgan Stanley reaffirmed an “equal weight” rating and issued a $7.50 price objective (down from $9.60) on shares of Melco Resorts & Entertainment in a research report on Tuesday. 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, the stock presently has an average rating of “Moderate Buy” and an average target price of $9.40.

Melco Resorts & Entertainment Price Performance

The firm has a market capitalization of $2.59 billion, a price-to-earnings ratio of -28.09, a price-to-earnings-growth ratio of 1.01 and a beta of 1.05. The business has a fifty day moving average price of $6.66 and a two-hundred day moving average price of $6.56.

Hedge Funds Weigh In On Melco Resorts & Entertainment

Institutional investors have recently bought and sold shares of the business. Ridgewood Investments LLC acquired a new stake in shares of Melco Resorts & Entertainment in the second quarter worth $42,000. Blue Trust Inc. raised its stake 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 buying an additional 5,191 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of Melco Resorts & Entertainment in the 2nd quarter valued at about $56,000. Ballentine Partners LLC acquired a new position in shares of Melco Resorts & Entertainment in the 3rd quarter valued at about $81,000. Finally, Leo Wealth LLC purchased a new stake in shares of Melco Resorts & Entertainment in the third quarter worth about $93,000. 39.62% of the stock is owned by hedge funds and other institutional investors.

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.