MGM Resorts International (NYSE:MGM) saw an upside of 0.95% to close Tuesday at $40.28 after adding $0.38 on the day. The 5-day average trading volume is 3,370,980 shares of the company’s common stock. It has gained $40.43 in the past week and touched a new high 3 times within the past 5 days. An average of 3,677,210 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 4,119,974.
MGM’s 1-month performance is 16.52% or $6.46 on its low of $32.43 reached on 12/28/22. The company’s shares have touched a 52-week low of $26.41 and high of $49.00, with the stock’s rally to the 52-week high happening on 01/24/23. YTD, MGM has achieved 20.13% or $6.75 and has reached a new high 11 times. However, the current price is down -17.80% from the 52-week high price.
MGM stock investors last saw insider trading activity on Jan 23.SANDERS COREY IAN (CHIEF OPERATING OFFICER) most recently sold 60,000 shares at $40.00 per share on Jan 23. This transaction cost the insider $2,400,000. CHIEF OPERATING OFFICER, SANDERS COREY IAN, sold 10,000 shares at a price of $38.00 on Jan 09. Then, on Jan 06, CHIEF OPERATING OFFICER SANDERS COREY IAN sold 10,000 shares at a price of $36.00 per share. This transaction amounted to $360,000.
MGM stock has a beta of 2.05. Moving on to other valuation ratios, the trailing price-to-sales (P/S) ratio is 1.20 while the price-to-book (PB) in the most recent quarter is 3.27, with the price to cash flow ratio at 13.13.
MGM Resorts International’s quick ratio for the period ended September 29 was 1.50, with the current ratio over the same period at 1.50. As well, the company’s long term debt to equity for the quarter ending September 29 was 1.51, while the total debt to equity was 1.80.. In terms of profitability, the gross margin trailing 12 months is 49.50%. The firm’s gross profit as reported stood at $4.65 billion against revenue of $9.68 billion.
For the quarterly period ending September 29 this year, Net income and sales went up compared to those figures reported in the previous quarter. Net income grew 334.11% to -$576.83 million, while revenue of $1.78 billion was 409.27% off the previous quarter. Analysts expected MGM to announce $0.24 per share in earnings in its latest quarter, but it posted -$1.39, representing a -679.20% surprise. EBITDA for the quarter stood at more than $366.68 million. MGM stock balance sheet for the quarter ending September 29 shows that total liabilities totaled 41.51 billion, with total debt at $33.93 billion. Shareholders hold equity totaling $384.02 million.
Let’s look briefly at MGM Resorts International (MGM) price momentum from a technical analysis perspective. The 9-day relative strength index as at close on 24 January was 72.16% to suggest the stock is trending Overbought, with historical volatility in this time period at 22.53%.
The stock’s 5-day moving average is $39.13, reflecting a +3.36% or $1.31 change from its current price. MGM is currently trading +19.35% above its 20-day SMA, +22.21% above its 100-day SMA. However, the stock’s current price level is away from the SMA50 by +20.02% and SMA200 by+1.36%.
Stochastic %K and %D was 95.27% and 89.07% and the average true range (ATR) pointed at 1.08. The RSI (14) points at 67.29%, while the 14-day stochastic is at 97.75% with the period’s ATR at 1.12. The stock’s 9-day MACD Oscillator is pointing at 0.67 and 1.45 on the 14-day charts.
In the most recent analyst report for MGM Resorts International (NYSE: MGM), Stifel upgraded it to a Buy rating. They previously had a Hold rating on the stock. Analysts offering their rating for MGM stock have a consensus rating for the stock as Overweight. Currently, 0 brokerage advisors rate MGM as a “sell,”, while 4 advise that investors “Hold.” 0 analysts have rated the stock as underweight. 2 rates the stock as overweight while 12 have offered a “buy” rating.
What is MGM’s price target for the next 12 months?
Analysts have a consensus price target ranging from a low of $40.00 and a high of $67.00, with their median price target at $50.00. Looking at these predictions, the average price target given by analysts is for MGM Resorts International (MGM) stock is $50.97.