Envestnet Asset Management Inc. Acquires 119,449 Shares of Melco Resorts & Entertainment Limited $MLCO

Envestnet Asset Management Inc. raised its stake in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 243.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 168,551 shares of the company’s stock after purchasing an additional 119,449 shares during the period. Envestnet Asset Management Inc.’s holdings in Melco Resorts & Entertainment were worth $1,546,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. WCM Investment Management LLC acquired a new stake in shares of Melco Resorts & Entertainment in the third quarter valued at about $35,665,000. QRG Capital Management Inc. bought a new stake in Melco Resorts & Entertainment in the third quarter valued at approximately $562,000. Campbell & CO Investment Adviser LLC boosted its holdings in Melco Resorts & Entertainment by 868.6% in the third quarter. Campbell & CO Investment Adviser LLC now owns 100,537 shares of the company’s stock valued at $922,000 after acquiring an additional 90,157 shares during the last quarter. TD Private Client Wealth LLC increased its position in Melco Resorts & Entertainment by 298.3% during the 3rd quarter. TD Private Client Wealth LLC now owns 10,098 shares of the company’s stock valued at $93,000 after purchasing an additional 7,563 shares during the period. Finally, SG Americas Securities LLC raised its holdings in Melco Resorts & Entertainment by 22.3% during the 3rd quarter. SG Americas Securities LLC now owns 109,091 shares of the company’s stock worth $1,000,000 after purchasing an additional 19,864 shares during the last quarter. 39.62% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on MLCO shares. UBS Group raised shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $9.50 price objective on the stock in a research note on Monday, February 16th. Texas Capital upgraded shares of Melco Resorts & Entertainment to a “strong-buy” rating in a report on Friday, January 23rd. Weiss Ratings reiterated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a report on Thursday, January 22nd. Wall Street Zen lowered Melco Resorts & Entertainment from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 27th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $7.70 price objective (down from $11.00) on shares of Melco Resorts & Entertainment in a research note on Friday, January 16th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $8.67.

Melco Resorts & Entertainment Trading Down 0.2%

Shares of NASDAQ MLCO opened at $5.94 on Monday. The firm has a market capitalization of $2.32 billion, a P/E ratio of 12.91 and a beta of 0.58. The firm’s 50-day moving average price is $6.54 and its 200-day moving average price is $8.05. Melco Resorts & Entertainment Limited has a 1-year low of $4.55 and a 1-year high of $10.15.

About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited (NASDAQ: MLCO) is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company’s portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco’s properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.