While this happened, JP Morgan downgraded its Melco Resorts & Entertainment Ltd ADR [MLCO] rating to a Neutral from a an Overweight in a research note published on July 18, 2024; the price target was decreased to $7 from $10. A number of analysts have revised their coverage, including BofA Securities’s analysts, who increased its forecast for the stock in late May from “a Neutral” to “a Buy”. Morgan Stanley also remained covering MLCO and has increased its forecast on May 06, 2024 with a “an Overweight” recommendation from previously “an Equal-weight” rating. Seaport Research Partners started covering the stock on April 15, 2024. It rated MLCO as “a Buy”.
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Price Performance Review of MLCO
On Tuesday, Melco Resorts & Entertainment Ltd ADR [NASDAQ:MLCO] saw its stock fall -0.33% to $5.98. Over the last five days, the stock has lost -4.93%. Melco Resorts & Entertainment Ltd ADR shares have fallen nearly -32.58% since the year began. Nevertheless, the stocks have fallen -17.63% over the past one year. While a 52-week high of $9.56 was reached on 01/02/24, a 52-week low of $4.78 was recorded on 08/05/24. SMA at 50 days reached $6.85, while 200 days put it at $7.00.
Levels Of Support And Resistance For MLCO Stock
The 24-hour chart illustrates a support level at 5.91, which if violated will result in even more drops to 5.84. On the upside, there is a resistance level at 6.05. A further resistance level may holdings at 6.11. The Relative Strength Index (RSI) on the 14-day chart is 33.20, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.46, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 94.91%. Stochastics %K at 5.33% indicates the stock is a buying.
How much short interest is there in Melco Resorts & Entertainment Ltd ADR?
A steep rise in short interest was recorded in Melco Resorts & Entertainment Ltd ADR stocks on 2024-10-31, growing by 0.57 million shares to a total of 7.77 million shares. Yahoo Finance data shows the prior-month short interest on 2024-09-30 was 7.2 million shares. There was a rise of 7.36%, which implies that there is a positive sentiment for the stock.
The most recent change occurred on December 15, 2023 when Susquehanna began covering the stock and recommended ‘”a Positive”‘ rating along with a $15 price target.
