MGM Resorts International [MGM] gain 5.99% so far this year. What now?

MGM Resorts International [NYSE: MGM] stock went on an upward path that rose over 6.79% on Wednesday, amounting to a one-week price increase of more than 4.93%. The company report on January 1, 2023 that MGM Resorts International Rings in 2023 with Exclusive Entertainment Programming.

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MGM Resorts International celebrated New Year’s Eve in Las Vegas with an array of top entertainment. The evening was highlighted by the SelvaRey New Year’s Rum Fiesta hosted by multi-GRAMMY Award winner Bruno Mars at Bellagio Resort & Casino as well as a high-energy concert by The Killers at The Chelsea Theatre at The Cosmopolitan of Las Vegas.

Revelers in the Entertainment Capital of the World watched as Mars rang in 2023 at The Mayfair Supper Club at Bellagio with a champagne toast and a nearly 30-minute live set followed by a vinyl DJ set by DJ Pee.Wee (aka Anderson.Paak). Over at The Cosmopolitan of Las Vegas, The Killers performed over 90 minutes, joining concert-goers for a countdown into 2023.

Over the last 12 months, MGM stock dropped by -21.86%. The one-year MGM Resorts International stock forecast points to a potential upside of 29.26. The average equity rating for MGM stock is currently 2.20, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $13.54 billion, with 393.30 million shares outstanding and 306.13 million shares in the current float. Compared to the average trading volume of 4.89M shares, MGM stock reached a trading volume of 4445784 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on 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 $50.24 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 1.15, with the Price to Sales ratio for MGM stock in the period of the last 12 months amounting to 1.08. The Price to Book ratio for the last quarter was 2.89, with the Price to Cash per share for the same quarter was set at 13.90. Price to Free Cash Flow for MGM in the course of the last twelve months was 11.76 with Quick ratio for the last quarter at 1.50.

MGM Stock Performance Analysis:

MGM Resorts International [MGM] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 4.93. With this latest performance, MGM shares dropped by -4.15% in over the last four-week period, additionally plugging by 20.31% over the last 6 months – not to mention a drop of -21.86% 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 53.64, with the RSI for the last a single of trading hit 58.03, and the three-weeks RSI is set at 52.35 for MGM Resorts International [MGM]. The present Moving Average for the last 50 days of trading for this stock 35.39, while it was recorded at 33.61 for the last single week of trading, and 34.68 for the last 200 days.

Insight into MGM Resorts International 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.

MGM Resorts International [MGM] Insider Position Details

There are presently around $9,198 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 $806.62 million in MGM stocks shares; and T. ROWE PRICE INVESTMENT MANAGEMENT, INC., currently with $646.05 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 February and at the time of the February reporting period, where 259 institutional holders increased their position in MGM Resorts International [NYSE:MGM] by around 44,244,799 shares. Additionally, 311 investors decreased positions by around 50,888,839 shares, while 121 investors held positions by with 163,672,209 shares. The mentioned changes placed institutional holdings at 258,805,847 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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