Verition Fund Management LLC Purchases Shares of 110,121 Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Verition Fund Management LLC acquired a new position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) in the third quarter, Holdings Channel.com reports. The institutional investor acquired 110,121 shares of the company’s stock, valued at approximately $858,000.

Several other large investors have also modified their holdings of the company. Ridgewood Investments LLC bought a new position in Melco Resorts & Entertainment in the 2nd quarter worth approximately $42,000. Blue Trust Inc. increased its position in Melco Resorts & Entertainment by 243.4% during the second quarter. Blue Trust Inc. now owns 7,324 shares of the company’s stock worth $53,000 after acquiring an additional 5,191 shares during the period. Headlands Technologies LLC acquired a new position in Melco Resorts & Entertainment during the 2nd quarter valued at $56,000. Ballentine Partners LLC bought a new stake in Melco Resorts & Entertainment in the 3rd quarter valued at $81,000. Finally, Leo Wealth LLC acquired a new stake in Melco Resorts & Entertainment in the 3rd quarter worth $93,000. 39.62% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Melco Resorts & Entertainment Price Performance

Shares of Melco Resorts & Entertainment stock opened at $7.06 on Tuesday. The company’s fifty day moving average price is $6.87 and its two-hundred day moving average price is $6.62. The firm has a market capitalization of $3.11 billion, a PE ratio of -32.09, a price-to-earnings-growth ratio of 0.95 and a beta of 1.05. Melco Resorts & Entertainment Limited has a 52-week low of $4.78 and a 52-week high of $9.56.

About Melco Resorts & Entertainment

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.