Walleye Capital LLC has taken a significant step in the gaming and entertainment sector by acquiring a new position in Melco Resorts & Entertainment Limited (NASDAQ: MLCO). According to a recent filing with the Securities and Exchange Commission (SEC), the institutional investor purchased 437,837 shares valued at approximately $3.2 million during the second quarter of 2023. This investment indicates Walleye Capital now holds about 0.10% of the company.
Several other institutional investors have also shown interest in Melco Resorts in recent months. Notably, Nuveen LLC established a new position valued at approximately $31.9 million in the first quarter. Meanwhile, Arrowstreet Capital Limited Partnership significantly increased its stake by 1,819.4% during the second quarter, bringing its total holdings to 5,497,684 shares worth around $39.7 million. Other notable acquisitions include Brightlight Capital Management LP, which purchased shares valued at $15.1 million, and National Bank of Canada FI, which increased its holdings by an astonishing 18,441,414.3%, now owning 1,290,906 shares valued at $6.8 million.
Current Market Performance and Analyst Insights
As of the latest trading session, Melco Resorts shares opened at $8.78. The company boasts a market capitalization of $3.69 billion and has a price-to-earnings (P/E) ratio of 33.77. Over the past year, the stock has experienced a low of $4.55 and a high of $10.15.
Market analysts have recently weighed in on Melco Resorts’ performance. Weiss Ratings reiterated a “sell” rating on the stock on October 8, 2023, while Zacks Research downgraded its rating from “strong-buy” to “hold” shortly after on October 16, 2023. In contrast, JPMorgan Chase & Co. raised their target price from $10.50 to $11.00, assigning an “overweight” rating. Analysts from Wall Street Zen and CLSA have also upgraded their ratings, reflecting a more positive outlook.
Overall, the consensus rating for Melco Resorts is currently “Hold,” with an average price target of $8.40, as reported by MarketBeat.com. Out of the ratings issued, five analysts have recommended a “Buy,” two a “Hold,” and two a “Sell.”
About Melco Resorts & Entertainment
Melco Resorts & Entertainment Limited, through its subsidiaries, develops and operates casino gaming and entertainment resort facilities primarily in Asia. The company is known for its flagship property, City of Dreams, which features 500 gaming tables and 800 gaming machines, along with approximately 1,400 hotel rooms, a theater with 2,000 seats, and numerous restaurants and retail outlets.
As institutional interest grows, Melco Resorts continues to navigate a competitive landscape in the gaming industry, striving to enhance shareholder value while adapting to market demands.
