MGM Resorts International [MGM] moved down -0.28: Why It’s Important

MGM Resorts International [NYSE: MGM] traded at a low on 02/23/23, posting a -0.28 loss after which it closed the day’ session at $43.15. The company report on February 21, 2023 that MGM RESORTS BECOMES FIRST GAMING COMPANY TO SIGN UNITED NATIONS’ CEO WATER MANDATE.

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MGM Resorts CEO: Historic western drought crisis, effects of climate change are making bold commitments more critical than ever.

MGM Resorts International (NYSE: MGM) (“MGM Resorts” or the “Company”) today announced it endorsed the United Nations’ CEO Water Mandate – a global initiative and coalition of hundreds of major companies making bold commitments to address water crises and challenges. MGM Resorts is the first gaming company to endorse the mandate.

The results of the trading session contributed to over 3284823 shares changing hands. Over the past one week, the price volatility of MGM Resorts International stands at 2.49% while the volatility over the past one month is 2.54%.

The market cap for MGM stock reached $16.60 billion, with 396.61 million shares outstanding and 306.13 million shares in the current float. Compared to the average trading volume of 4.12M shares, MGM reached a trading volume of 3284823 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 $53.24 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 2.10. 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 1.16, with the Price to Sales ratio for MGM stock in the period of the last 12 months amounting to 1.26. The Price to Book ratio for the last quarter was 3.53, with the Price to Cash per share for the same quarter was set at 13.77. Price to Free Cash Flow for MGM in the course of the last twelve months was 12.28 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 -2.33. With this latest performance, MGM shares gained by 7.13% in over the last four-week period, additionally plugging by 25.80% over the last 6 months – not to mention a drop of -0.19% 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 60.66, with the RSI for the last a single of trading hit 56.83, and the three-weeks RSI is set at 61.39 for MGM Resorts International [MGM]. The present Moving Average for the last 50 days of trading for this stock 38.94, while it was recorded at 43.43 for the last single week of trading, and 34.62 for the last 200 days.

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

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 $10,961 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 34,064,558, which is approximately -3.889% of the company’s market cap and around 17.50% of the total institutional ownership; BLACKROCK INC., holding 21,975,943 shares of the stock with an approximate value of $948.26 million in MGM stocks shares; and T. ROWE PRICE INVESTMENT MANAGEMENT, INC., currently with $918.07 million in MGM stock with ownership of nearly 17.043% of the company’s market capitalization.

257 institutional holders increased their position in MGM Resorts International [NYSE:MGM] by around 24,775,047 shares. Additionally, 337 investors decreased positions by around 29,421,326 shares, while 122 investors held positions by with 199,829,698 shares. The mentioned changes placed institutional holdings at 254,026,071 shares, according to the latest SEC report filing. MGM stock had 91 new institutional investments in for a total of 7,144,861 shares, while 64 institutional investors sold positions of 6,084,888 shares during the same period.


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