Market Analysts see MGM Resorts International [MGM] gaining to $46. Time to buy?

MGM Resorts International [NYSE: MGM] traded at a low on 01/25/23, posting a 0.00 loss after which it closed the day’ session at $40.28. The company report on January 17, 2023 that MGM RESORTS AND ENTAIN ANNOUNCE BETMGM BUSINESS UPDATE.

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BetMGM, LLC (“BetMGM”), one of the leading sports betting and iGaming operators across the U.S., jointly owned by MGM Resorts International (NYSE: MGM) (“MGM Resorts”) and Entain plc (LSE: ENT) (“Entain”), will release an update on Thursday, January 26, 2023 at approximately 8:30 a.m. Eastern Time (1:30 pm UK).

BetMGM will also host a conference call that day at 10:00 a.m. Eastern Time, which will include an overview of its results, followed by a brief Q&A session.

The results of the trading session contributed to over 2639649 shares changing hands. Over the past one week, the price volatility of MGM Resorts International stands at 2.39% while the volatility over the past one month is 2.92%.

The market cap for MGM stock reached $15.12 billion, with 393.30 million shares outstanding and 306.13 million shares in the current float. Compared to the average trading volume of 4.57M shares, MGM reached a trading volume of 2639649 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 $50.04 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 2.10. 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.

Stifel have made an estimate for MGM Resorts International shares, keeping their opinion on the stock as Buy, with their previous recommendation back on January 06, 2023. While these analysts kept the previous recommendation, Truist raised their target price from $40 to $50. The new note on the price target was released on December 05, 2022, representing the official price target for MGM Resorts International stock. Previously, the target price had yet another raise to $39, while Morgan Stanley analysts kept a Equal-Weight rating on MGM stock.

The Average True Range (ATR) for MGM Resorts International is set at 1.10, with the Price to Sales ratio for MGM stock in the period of the last 12 months amounting to 1.20. The Price to Book ratio for the last quarter was 3.27, with the Price to Cash per share for the same quarter was set at 14.11. Price to Free Cash Flow for MGM in the course of the last twelve months was 13.13 with Quick ratio for the last quarter at 1.50.

How has MGM stock performed recently?

MGM Resorts International [MGM] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 5.22. With this latest performance, MGM shares gained by 19.35% in over the last four-week period, additionally plugging by 34.58% over the last 6 months – not to mention a drop of -3.84% 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 67.29, with the RSI for the last a single of trading hit 72.16, and the three-weeks RSI is set at 63.74 for MGM Resorts International [MGM]. The present Moving Average for the last 50 days of trading for this stock 36.56, while it was recorded at 39.53 for the last single week of trading, and 34.46 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 $10,438 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 $914.19 million in MGM stocks shares; and T. ROWE PRICE INVESTMENT MANAGEMENT, INC., currently with $732.21 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 270 institutional holders increased their position in MGM Resorts International [NYSE:MGM] by around 43,566,329 shares. Additionally, 309 investors decreased positions by around 50,020,543 shares, while 120 investors held positions by with 165,557,376 shares. The mentioned changes placed institutional holdings at 259,144,248 shares, according to the latest SEC report filing. MGM stock had 86 new institutional investments in for a total of 27,475,899 shares, while 60 institutional investors sold positions of 3,094,647 shares during the same period.


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