Market Analysts see MGM Resorts International [MGM] gaining to $59. Time to buy?

MGM Resorts International [NYSE: MGM] traded at a high on 02/28/23, posting a 0.40 gain after which it closed the day’ session at $43.01. The company report on February 28, 2023 that MGM Resorts International and BetMGM Introduce “MGM Riches,” Their First Custom Omnichannel Slot Experience in U.S.

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MGM Resorts International and BetMGM, a leading sports betting and iGaming operator, have launched MGM Riches, the companies’ first custom slot experience that can be played both online via BetMGM and as a traditional slot game at MGM Resorts properties throughout the U.S.

Developed in collaboration with Everi Holdings, Inc. (NYSE: EVRI), MGM Riches is a multi-denomination, multi-level progressive slot game offering players two themes – ‘MGM Riches Triple Ruby’ and ‘MGM Riches 5x Sapphire.’ Gameplay is consistent whether in-person at 15 MGM Resorts destinations across the country or online via BetMGM’s iCasino platform in Michigan, New Jersey and Pennsylvania. The game is scheduled to launch in West Virginia in the near future.

The results of the trading session contributed to over 4660897 shares changing hands. Over the past one week, the price volatility of MGM Resorts International stands at 2.06% while the volatility over the past one month is 2.44%.

The market cap for MGM stock reached $16.51 billion, with 396.61 million shares outstanding and 306.13 million shares in the current float. Compared to the average trading volume of 4.14M shares, MGM reached a trading volume of 4660897 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 $53.60 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.

Barclays have made an estimate for MGM Resorts International shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on February 24, 2023. While these analysts kept the previous recommendation, Stifel raised their target price from $42 to $46. The new note on the price target was released on January 06, 2023, representing the official price target for MGM Resorts International stock. Previously, the target price had yet another raise from $40 to $50, while Truist kept a Buy rating on MGM stock.

The Average True Range (ATR) for MGM Resorts International is set at 1.09, 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 3.52, with the Price to Cash per share for the same quarter was set at 13.79. Price to Free Cash Flow for MGM in the course of the last twelve months was 12.22 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 0.07. With this latest performance, MGM shares gained by 4.88% in over the last four-week period, additionally plugging by 28.08% over the last 6 months – not to mention a drop of -4.68% 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 58.69, with the RSI for the last a single of trading hit 54.67, and the three-weeks RSI is set at 59.96 for MGM Resorts International [MGM]. The present Moving Average for the last 50 days of trading for this stock 39.28, while it was recorded at 42.97 for the last single week of trading, and 34.73 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 -13.07 and a Gross Margin at +22.80. MGM Resorts International’s Net Margin is presently recorded at +11.22.

Return on Equity for this stock inclined to 27.02, with Return on Assets sitting at 3.28.

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 $10,925 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 $945.18 million in MGM stocks shares; and T. ROWE PRICE INVESTMENT MANAGEMENT, INC., currently with $915.09 million in MGM stock with ownership of nearly 17.043% of the company’s market capitalization.

Positions in MGM Resorts International stocks held by institutional investors increased at the end of Wednesday and at the time of the Wednesday reporting period, where 258 institutional holders increased their position in MGM Resorts International [NYSE:MGM] by around 24,770,213 shares. Additionally, 337 investors decreased positions by around 29,421,326 shares, while 122 investors held positions by with 199,829,759 shares. The mentioned changes placed institutional holdings at 254,021,298 shares, according to the latest SEC report filing. MGM stock had 92 new institutional investments in for a total of 7,145,561 shares, while 64 institutional investors sold positions of 6,084,888 shares during the same period.


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