MGM Resorts International (NYSE:MGM) Stock Price Breaks Above Fifty Day Moving Average – Here’s What Happened

Shares of MGM Resorts International (NYSE:MGM) crossed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $33.13 and traded as high as $33.50. MGM Resorts International shares last traded at $33.4120, with a volume of 4,108,860 shares changing hands.

Wall Street Analysts Forecast Growth

MGM has been the topic of a number of recent research reports. Argus reduced their target price on shares of MGM Resorts International from $55.00 to $40.00 and set a “buy” rating on the stock in a research report on Thursday, November 5th. Capital One Financial boosted their price objective on shares of MGM Resorts International from $53.00 to $57.00 and gave the stock an “overweight” rating in a research note on Monday, September 21st. Wall Street Zen cut shares of MGM Resorts International from a “hold” rating to a “sell” rating in a report on Saturday, October 31st. JPMorgan Chase & Co. decreased their target price on shares of MGM Resorts International from $42.00 to $39.00 and set an “overweight” rating for the company in a research note on Thursday, October 29th. Finally, Barclays lowered their target price on shares of MGM Resorts International from $37.00 to $34.00 and set an “equal weight” rating for the company in a report on Thursday, October 29th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $44.29.

MGM Resorts International Trading Up 0.5%

The firm has a market cap of $8.45 billion, a P/E ratio of 12.71, a price-to-earnings-growth ratio of 2.06 and a beta of 1.34. The stock has a fifty day simple moving average of $32.81 and a 200 day simple moving average of $38.91. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.20 and a current ratio of 1.24.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, October 28th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.15). MGM Resorts International had a net margin of 3.92% and a return on equity of 20.58%. The business had revenue of $4.21 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same period in the previous year, the company earned $0.24 earnings per share. The company’s revenue for the quarter was down .9% compared to the same quarter last year. On average, research analysts expect that MGM Resorts International will post 1.62 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Keith Meister bought 1,738,074 shares of the stock in a transaction on Friday, October 30th. The shares were acquired at an average price of $29.64 per share, for a total transaction of $51,516,513.36. Following the purchase, the director owned 7,086,052 shares of the company’s stock, valued at approximately $210,030,581.28. The trade was a 32.50% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.38% of the company’s stock.

Institutional Trading of MGM Resorts International

Large investors have recently made changes to their positions in the stock. J. Goldman & Co LP bought a new position in MGM Resorts International during the second quarter valued at approximately $1,815,000. Wellington Management Group LLP purchased a new stake in MGM Resorts International in the second quarter worth approximately $5,381,000. Tidal Investments LLC grew its position in MGM Resorts International by 154.6% in the 2nd quarter. Tidal Investments LLC now owns 102,642 shares of the company’s stock worth $4,907,000 after purchasing an additional 62,330 shares during the period. Groupe la Francaise bought a new stake in MGM Resorts International in the 2nd quarter worth approximately $2,725,000. Finally, Man Group plc purchased a new stake in MGM Resorts International during the 2nd quarter valued at $25,771,000. 68.11% of the stock is currently owned by institutional investors.

About MGM Resorts International

MGM Resorts International is a global hospitality and entertainment company that develops, owns and operates resorts featuring casinos, hotels, restaurants, live entertainment, meeting spaces and other leisure amenities. Its portfolio includes well-known Las Vegas properties as well as resorts in other U.S. markets. The company also has a presence in Macau through its MGM China subsidiary, which operates integrated resorts including MGM Macau and MGM Cotai. MGM Resorts offers online sports betting and gaming through BetMGM, its digital gaming brand.