MGM Resorts International [MGM] Is Currently 0.58 below its 200 Period Moving Avg: What Does This Mean?

MGM Resorts International [NYSE: MGM] traded at a high on 12/21/22, posting a 0.58 gain after which it closed the day’ session at $34.57. The company report on December 19, 2022 that MGM RESORTS INTERNATIONAL ANNOUNCES COMPLETION OF THE SALE OF THE OPERATIONS OF THE MIRAGE.

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MGM Resorts International (NYSE: MGM) (“MGM Resorts” or the “Company”) today announced it has closed on the sale of the operations of The Mirage Hotel & Casino (“The Mirage”) to Hard Rock International (“Hard Rock”) for $1.075 billion in cash.

“Mirage employees have delivered unparalleled service and experiences over the past three decades, and we are forever thankful for their work to make The Mirage such an iconic, world-class destination,” said Bill Hornbuckle, CEO & President, MGM Resorts International. “I’m excited for the opportunities that lay ahead for the property, its people and the entire Las Vegas Strip with this prime location now under Hard Rock’s leadership. We’re thrilled to welcome Hard Rock to the neighborhood and wish them all the very best.”.

The results of the trading session contributed to over 2949026 shares changing hands. Over the past one week, the price volatility of MGM Resorts International stands at 2.81% while the volatility over the past one month is 2.76%.

The market cap for MGM stock reached $13.48 billion, with 393.30 million shares outstanding and 306.13 million shares in the current float. Compared to the average trading volume of 5.31M shares, MGM reached a trading volume of 2949026 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say 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 $50.61 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 2.20. 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.

Truist have made an estimate for MGM Resorts International shares, keeping their opinion on the stock as Buy, with their previous recommendation back on December 05, 2022. While these analysts kept the previous recommendation, Morgan Stanley raised their target price to Equal-Weight. The new note on the price target was released on November 21, 2022, representing the official price target for MGM Resorts International stock.

The Average True Range (ATR) for MGM Resorts International is set at 1.16, with the Price to Sales ratio for MGM stock in the period of the last 12 months amounting to 1.07. The Price to Book ratio for the last quarter was 2.81, with the Price to Cash per share for the same quarter was set at 13.58. Price to Free Cash Flow for MGM in the course of the last twelve months was 11.72 with Quick ratio for the last quarter at 1.50.

How has MGM stock performed recently?

MGM Resorts International [MGM] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -6.39. With this latest performance, MGM shares dropped by -3.33% in over the last four-week period, additionally plugging by 27.24% over the last 6 months – not to mention a drop of -22.85% 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 42.53, with the RSI for the last a single of trading hit 36.66, and the three-weeks RSI is set at 46.14 for MGM Resorts International [MGM]. The present Moving Average for the last 50 days of trading for this stock 35.12, while it was recorded at 35.01 for the last single week of trading, and 34.97 for the last 200 days.

MGM Resorts International [MGM]: Deeper insight into the fundamentals

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 1.50 and a Current Ratio set at 1.50.

Insider trade positions for MGM Resorts International [MGM]

There are presently around $9,074 million, or 68.60% of MGM stock, in the hands of institutional investors. The top three institutional holders of MGM stocks are: VANGUARD GROUP INC with ownership of 35,442,775, which is approximately -7.712% of the company’s market cap and around 17.50% of the total institutional ownership; BLACKROCK INC., holding 22,695,976 shares of the stock with an approximate value of $784.6 million in MGM stocks shares; and T. ROWE PRICE INVESTMENT MANAGEMENT, INC., currently with $628.41 million in MGM stock with ownership of nearly New of the company’s market capitalization.

Positions in MGM Resorts International stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 261 institutional holders increased their position in MGM Resorts International [NYSE:MGM] by around 44,244,970 shares. Additionally, 316 investors decreased positions by around 51,447,981 shares, while 121 investors held positions by with 166,782,302 shares. The mentioned changes placed institutional holdings at 262,475,253 shares, according to the latest SEC report filing. MGM stock had 80 new institutional investments in for a total of 27,316,788 shares, while 63 institutional investors sold positions of 3,141,996 shares during the same period.

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