Melco Resorts & Entertainment Limited [MLCO] moved down -5.41: Why It’s Important

Melco Resorts & Entertainment Limited [NASDAQ: MLCO] price plunged by -5.41 percent to reach at -$0.29. The company report on August 18, 2022 that Studio City International Holdings Limited Announces Unaudited Second Quarter 2022 Earnings.

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Studio City International Holdings Limited (NYSE: MSC) (“Studio City” or the “Company”), a world-class integrated resort located in Cotai, Macau, today reported its unaudited financial results for the second quarter of 2022.

Total operating revenues for the second quarter of 2022 were negative US$1.9 million, compared to total operating revenues of US$31.2 million in the second quarter of 2021. The change was primarily attributable to heightened border restrictions in Macau and mainland China related to COVID-19 which led to a decrease in revenue from casino contract and lower non-gaming revenues.

A sum of 6900776 shares traded at recent session while its average daily volume was at 3.96M shares. Melco Resorts & Entertainment Limited shares reached a high of $5.265 and dropped to a low of $4.84 until finishing in the latest session at $5.07.

The one-year MLCO stock forecast points to a potential upside of 44.77.

Guru’s Opinion on Melco Resorts & Entertainment Limited [MLCO]:

CLSA have made an estimate for Melco Resorts & Entertainment Limited shares, keeping their opinion on the stock as Buy, with their previous recommendation back on May 06, 2022. The new note on the price target was released on December 14, 2021, representing the official price target for Melco Resorts & Entertainment Limited stock. Previously, the target price had yet another raise to $10, while JP Morgan analysts kept a Neutral rating on MLCO stock.

The Average True Range (ATR) for Melco Resorts & Entertainment Limited is set at 0.34, with the Price to Sales ratio for MLCO stock in the period of the last 12 months amounting to 1.29.

MLCO Stock Performance Analysis:

Melco Resorts & Entertainment Limited [MLCO] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -9.46. With this latest performance, MLCO shares dropped by -9.95% in over the last four-week period, additionally sinking by -54.41% over the last 6 months – not to mention a drop of -53.23% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MLCO stock in for the last two-week period is set at 42.65, with the RSI for the last a single of trading hit 38.87, and the three-weeks RSI is set at 44.42 for Melco Resorts & Entertainment Limited [MLCO]. The present Moving Average for the last 50 days of trading for this stock 5.46, while it was recorded at 5.41 for the last single week of trading, and 7.86 for the last 200 days.

Insight into Melco Resorts & Entertainment Limited Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Melco Resorts & Entertainment Limited [MLCO] shares currently have an operating margin of -26.97 and a Gross Margin at -1.81. Melco Resorts & Entertainment Limited’s Net Margin is presently recorded at -40.34.

Return on Equity for this stock declined to -120.54, with Return on Assets sitting at -9.07.

Melco Resorts & Entertainment Limited’s liquidity data is similarly interesting compelling, with a Quick Ratio of 2.30 and a Current Ratio set at 2.40.

Melco Resorts & Entertainment Limited [MLCO] Insider Position Details

There are presently around $884 million, or 40.40% of MLCO stock, in the hands of institutional investors. The top three institutional holders of MLCO stocks are: ARGA INVESTMENT MANAGEMENT, LP with ownership of 25,974,112, which is approximately 21.918% of the company’s market cap and around 33.50% of the total institutional ownership; CAPITAL WORLD INVESTORS, holding 19,803,003 shares of the stock with an approximate value of $100.4 million in MLCO stocks shares; and HARDMAN JOHNSTON GLOBAL ADVISORS LLC, currently with $97.84 million in MLCO stock with ownership of nearly -8.073% of the company’s market capitalization.

Positions in Melco Resorts & Entertainment Limited stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 82 institutional holders increased their position in Melco Resorts & Entertainment Limited [NASDAQ:MLCO] by around 32,533,319 shares. Additionally, 149 investors decreased positions by around 38,884,596 shares, while 31 investors held positions by with 102,959,317 shares. The mentioned changes placed institutional holdings at 174,377,232 shares, according to the latest SEC report filing. MLCO stock had 21 new institutional investments in for a total of 3,225,258 shares, while 79 institutional investors sold positions of 5,671,679 shares during the same period.


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