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Melco Crown Entertainment Limited (NASDAQ:MPEL) was the recipient of a significant drop in short interest in the month of May. As of May 15th, there was short interest totalling 2,663,312 shares, a drop of 57.0% from the April 30th total of 6,187,240 shares, AnalystRatings.Net reports. Currently, 0.5% of the company’s stock are short sold. Based on an average daily volume of 4,639,680 shares, the short-interest ratio is presently 0.6 days.

A number of research firms have recently commented on MPEL. Analysts at Zacks downgraded shares of Melco Crown Entertainment Limited from an “outperform” rating to a “neutral” rating in a research note on Tuesday, May 13th. They now have a $38.40 price target on the stock. Separately, analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Melco Crown Entertainment Limited in a research note on Friday, May 9th. They now have a $47.00 price target on the stock, down previously from $51.00. Finally, analysts at JPMorgan Chase & Co. raised their price target on shares of Melco Crown Entertainment Limited from $50.00 to $51.00 in a research note on Friday, April 4th. Two equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $39.45.

Melco Crown Entertainment Limited (NASDAQ:MPEL) opened at 35.60 on Tuesday. Melco Crown Entertainment Limited has a 1-year low of $20.46 and a 1-year high of $45.70. The stock has a 50-day moving average of $34.52 and a 200-day moving average of $38.42. The company has a market cap of $19.595 billion and a price-to-earnings ratio of 23.21.

Melco Crown Entertainment Limited (NASDAQ:MPEL) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.44 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.41 by $0.03. The company had revenue of $1.36 billion for the quarter, compared to the consensus estimate of $1.36 billion. During the same quarter last year, the company posted $0.10 earnings per share. Melco Crown Entertainment Limited’s revenue was up 18.5% compared to the same quarter last year. On average, analysts predict that Melco Crown Entertainment Limited will post $1.76 earnings per share for the current fiscal year.

Melco Crown Entertainment Limited (NASDAQ:MPEL) is a developer, owner and, through its subsidiary Melco Crown Gaming, operator of casino gaming and entertainment resort facilities focused on the Macau market.

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