JP Morgan slashes price target on MGM Resorts International [MGM] – find out why.

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MGM Resorts International [NYSE: MGM] loss -8.27% on the last trading session, reaching $35.14 price per share at the time. The company report on May 9, 2022 that BETMGM NAMED EXCLUSIVE SPORTS BETTING PARTNER OF HOUSTON ASTROS.

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Agreement establishes BetMGM’s presence in Texas .

BetMGM, a leading sports betting and iGaming operator, today announced that the company now is the exclusive Sports Betting Partner of the Houston Astros. This marks BetMGM’s first relationship in Texas.

MGM Resorts International represents 442.92 million in outstanding shares, while the company has a total market value of $15.36 billion with the latest information. MGM stock price has been found in the range of $35.01 to $37.8843.

If compared to the average trading volume of 5.26M shares, MGM reached a trading volume of 8886568 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about MGM Resorts International [MGM]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MGM shares is $54.45 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MGM stock is a recommendation set at 2.40. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

JP Morgan have made an estimate for MGM Resorts International shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on May 03, 2022. While these analysts kept the previous recommendation, Susquehanna raised their target price from $36 to $45. The new note on the price target was released on March 18, 2022, representing the official price target for MGM Resorts International stock. Previously, the target price had yet another raise to $57, while Citigroup analysts kept a Buy rating on MGM stock. On February 10, 2022, analysts decreased their price target for MGM shares from 62 to 60.

The Average True Range (ATR) for MGM Resorts International is set at 1.94, with the Price to Sales ratio for MGM stock in the period of the last 12 months amounting to 1.41. The Price to Book ratio for the last quarter was 3.07, with the Price to Cash per share for the same quarter was set at 6.22. Price to Free Cash Flow for MGM in the course of the last twelve months was 11.26 with Quick ratio for the last quarter at 1.20.

Trading performance analysis for MGM stock

MGM Resorts International [MGM] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -16.27. With this latest performance, MGM shares dropped by -10.31% in over the last four-week period, additionally sinking by -30.24% over the last 6 months – not to mention a drop of -10.95% 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 MGM stock in for the last two-week period is set at 30.83, with the RSI for the last a single of trading hit 24.31, and the three-weeks RSI is set at 35.17 for MGM Resorts International [MGM]. The present Moving Average for the last 50 days of trading for this stock 41.12, while it was recorded at 38.93 for the last single week of trading, and 42.82 for the last 200 days.

MGM Resorts International [MGM]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and MGM Resorts International [MGM] shares currently have an operating margin of +5.82 and a Gross Margin at +36.15. MGM Resorts International’s Net Margin is presently recorded at +12.15.

Return on Equity for this stock inclined to 18.70, with Return on Assets sitting at 2.83.

MGM Resorts International’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.20 and a Current Ratio set at 1.30.

An analysis of insider ownership at MGM Resorts International [MGM]

There are presently around $10,955 million, or 71.90% of MGM stock, in the hands of institutional investors. The top three institutional holders of MGM stocks are: VANGUARD GROUP INC with ownership of 42,100,501, which is approximately -1.375% of the company’s market cap and around 15.40% of the total institutional ownership; BLACKROCK INC., holding 25,615,689 shares of the stock with an approximate value of $900.13 million in MGM stocks shares; and PRICE T ROWE ASSOCIATES INC /MD/, currently with $607.24 million in MGM stock with ownership of nearly -32.585% of the company’s market capitalization.

Positions in MGM Resorts International stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 306 institutional holders increased their position in MGM Resorts International [NYSE:MGM] by around 30,947,616 shares. Additionally, 329 investors decreased positions by around 29,665,647 shares, while 130 investors held positions by with 251,133,977 shares. The mentioned changes placed institutional holdings at 311,747,240 shares, according to the latest SEC report filing. MGM stock had 105 new institutional investments in for a total of 5,666,561 shares, while 76 institutional investors sold positions of 5,238,328 shares during the same period.