MGM Resorts International [NYSE: MGM] loss -0.21% or -0.09 points to close at $42.77 with a heavy trading volume of 3944703 shares. The company report on March 11, 2024 at 12:05 PM that BetMGM Launches Mobile Sports Betting in North Carolina.
Partnership with Charlotte Motor Speedway to enhance race day experience.
BetMGM, a leading sports betting and iGaming operator, today is among the first to introduce mobile sports betting in North Carolina, giving customers in the Tar Heel state access to a wide variety of betting options as well as the opportunity to earn experiences at MGM Resorts’ properties nationwide.
The daily chart for MGM points out that the company has recorded 3.13% gains over the past six months.
If we look at the average trading volume of 4.28M shares, MGM reached to a volume of 3944703 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying 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 $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 1.00, 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 3.66, 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 7.74 with Quick ratio for the last quarter at 1.53.
Trading performance analysis for MGM stock
MGM Resorts International [MGM] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -0.33. With this latest performance, MGM shares dropped by -6.33% in over the last four-week period, additionally plugging by 3.13% over the last 6 months – not to mention a rise of 1.04% 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 48.51, with the RSI for the last a single of trading hit 50.09, and the three-weeks RSI is set at 48.77 for MGM Resorts International [MGM]. The present Moving Average for the last 50 days of trading for this stock 43.43, while it was recorded at 42.71 for the last single week of trading, and 42.19 for the last 200 days.
MGM Resorts International [MGM]: A deeper dive into fundamental analysis
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 Resorts International [MGM]: An earnings per share (EPS) analysis
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. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for MGM Resorts International go to 11.90%.
An analysis of Institutional ownership at MGM Resorts International [MGM]
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%.
