Credit Suisse lifts Melco Resorts & Entertainment Limited [MLCO] price estimate. Who else is bullish?

Melco Resorts & Entertainment Limited [NASDAQ: MLCO] traded at a high on 11/01/22, posting a 4.20 gain after which it closed the day’ session at $5.70. The company report on October 27, 2022 that Studio City Announces Earnings Release Date.

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The results of the trading session contributed to over 5117488 shares changing hands. Over the past one week, the price volatility of Melco Resorts & Entertainment Limited stands at 8.78% while the volatility over the past one month is 8.77%.

The market cap for MLCO stock reached $2.38 billion, with 473.81 million shares outstanding and 438.85 million shares in the current float. Compared to the average trading volume of 5.15M shares, MLCO reached a trading volume of 5117488 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Melco Resorts & Entertainment Limited [MLCO]?

Credit Suisse have made an estimate for Melco Resorts & Entertainment Limited shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on October 18, 2022. The new note on the price target was released on October 17, 2022, representing the official price target for Melco Resorts & Entertainment Limited stock. Previously, the target price had yet another drop from $7.84 to $7.73, while CLSA kept a Buy rating on MLCO stock.

The Average True Range (ATR) for Melco Resorts & Entertainment Limited is set at 0.59, with the Price to Sales ratio for MLCO stock in the period of the last 12 months amounting to 1.40.

How has MLCO stock performed recently?

Melco Resorts & Entertainment Limited [MLCO] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 13.77. With this latest performance, MLCO shares dropped by -17.87% in over the last four-week period, additionally sinking by -0.52% over the last 6 months – not to mention a drop of -50.09% 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 46.87, with the RSI for the last a single of trading hit 47.63, and the three-weeks RSI is set at 47.55 for Melco Resorts & Entertainment Limited [MLCO]. The present Moving Average for the last 50 days of trading for this stock 6.00, while it was recorded at 5.30 for the last single week of trading, and 6.77 for the last 200 days.

Melco Resorts & Entertainment Limited [MLCO]: Deeper insight into the fundamentals

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.

Insider trade positions for Melco Resorts & Entertainment Limited [MLCO]

There are presently around $1,006 million, or 41.60% 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 $112.88 million in MLCO stocks shares; and HARDMAN JOHNSTON GLOBAL ADVISORS LLC, currently with $110.0 million in MLCO stock with ownership of nearly -8.073% of the company’s market capitalization.

79 institutional holders increased their position in Melco Resorts & Entertainment Limited [NASDAQ:MLCO] by around 34,909,376 shares. Additionally, 133 investors decreased positions by around 37,958,927 shares, while 32 investors held positions by with 103,601,882 shares. The mentioned changes placed institutional holdings at 176,470,185 shares, according to the latest SEC report filing. MLCO stock had 18 new institutional investments in for a total of 3,194,270 shares, while 67 institutional investors sold positions of 4,802,193 shares during the same period.


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