MGM Resorts International [NYSE: MGM] price surged by 2.09 percent to reach at $0.88. The company report on March 7, 2024 at 9:15 AM that MGM Resorts International CEO and CFO to Speak at the J.P. Morgan Gaming, Lodging, Restaurant and Leisure Management Access Forum.
MGM Resorts International (NYSE: MGM) (“MGM Resorts” or the “Company”) will participate in the J.P. Morgan Gaming, Lodging, Restaurant and Leisure Management Access Forum on Thursday, March 14, 2024. MGM Resorts CEO and President Bill Hornbuckle and Chief Financial Officer and Treasurer Jonathan Halkyard will speak at a session scheduled to begin at 5:40 p.m. ET. A live webcast of the session will be available under the Events & Presentation section of the MGM Investor Relations website at http://investors.mgmresorts.com.
About MGM Resorts InternationalMGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 31 unique hotel and gaming destinations globally, including some of the most recognizable resort brands in the industry. The Company’s 50/50 venture, BetMGM, LLC, offers sports betting and online gaming in North America through market-leading brands, including BetMGM and partypoker, and the Company’s subsidiary LeoVegas AB offers sports betting and online gaming through market-leading brands in several jurisdictions throughout Europe. The Company is currently pursuing targeted expansion in Asia through the integrated resort opportunity in Japan. Through its “Focused on What Matters: Embracing Humanity and Protecting the Planet” philosophy, MGM Resorts commits to creating a more sustainable future, while striving to make a bigger difference in the lives of its employees, guests, and in the communities where it operates. The global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine’s World’s Most Admired Companies®. For more information, please visit us at www.mgmresorts.com. Please also connect with us @MGMResortsIntl on Twitter as well as Facebook and Instagram.
The one-year MGM stock forecast points to a potential upside of 22.32. The average equity rating for MGM stock is currently 1.60, trading closer to a bullish pattern in the stock market.
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 $55.24 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 1.60. 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.
HSBC Securities have made an estimate for MGM Resorts International shares, keeping their opinion on the stock as Buy, with their previous recommendation back on October 23, 2023. While these analysts kept the previous recommendation, CapitalOne raised their target price to Overweight. The new note on the price target was released on October 12, 2023, representing the official price target for MGM Resorts International stock. Previously, the target price had yet another raise from $47 to $48, while Morgan Stanley kept a Equal-Weight rating on MGM stock. On April 21, 2023, analysts increased their price target for MGM shares from 59 to 60.
The Average True Range (ATR) for MGM Resorts International is set at 1.08, with the Price to Sales ratio for MGM stock in the period of the last 12 months amounting to 0.85. The Price to Book ratio for the last quarter was 3.68, with the Price to Cash per share for the same quarter was set at 9.16. Price to Free Cash Flow for MGM in the course of the last twelve months was 7.76 with Quick ratio for the last quarter at 1.53.
MGM Stock Performance Analysis:
MGM Resorts International [MGM] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.85. With this latest performance, MGM shares dropped by -3.98% in over the last four-week period, additionally sinking by -1.29% over the last 6 months – not to mention a drop of -4.26% 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 49.14, with the RSI for the last a single of trading hit 51.40, and the three-weeks RSI is set at 49.25 for MGM Resorts International [MGM]. The present Moving Average for the last 50 days of trading for this stock 43.66, while it was recorded at 42.38 for the last single week of trading, and 42.14 for the last 200 days.
Insight into MGM Resorts International Fundamentals:
MGM Resorts International’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.53 and a Current Ratio set at 1.57.
MGM Stock EPS
With the latest financial reports released by the company, MGM Resorts International posted 0.44/share EPS, while the average EPS was predicted by analysts to be reported at 0.1/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 340.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for MGM.
MGM Resorts International [MGM] Institutonal Ownership Details
The top three institutional holders of MGM stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in MGM stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in MGM stock with ownership which is approximately 5.8325%.
