MGM Resorts International (NYSE:MGM) Stock Price Breaks Above Fifty Day Moving Average – Time to Sell?

Shares of MGM Resorts International (NYSE:MGM) passed 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 traded.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Bank of America assumed coverage on MGM Resorts International in a research note on Thursday, September 24th. They set a “neutral” rating and a $40.00 target price on the stock. Mizuho set a $50.00 price target on MGM Resorts International in a research note on Thursday, October 29th. Stifel Nicolaus cut their price target on shares of MGM Resorts International from $40.00 to $35.00 and set a “hold” rating on the stock in a report on Thursday, October 29th. Wall Street Zen downgraded shares of MGM Resorts International from a “hold” rating to a “sell” rating in a research report on Saturday, October 31st. Finally, Barclays reduced their price objective on shares of MGM Resorts International from $37.00 to $34.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 29th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $44.29.

MGM Resorts International Price Performance

The company has a debt-to-equity ratio of 1.68, a current ratio of 1.24 and a quick ratio of 1.20. The firm’s 50 day moving average is $33.13 and its 200 day moving average is $38.92. The firm has a market cap of $8.45 billion, a P/E ratio of 12.70, a price-to-earnings-growth ratio of 2.05 and a beta of 1.34.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, October 28th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.15). MGM Resorts International had a return on equity of 20.58% and a net margin of 3.92%. The business had revenue of $4.21 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter last year, the company posted $0.24 EPS. MGM Resorts International’s revenue for the quarter was down .9% compared to the same quarter last year. As a group, analysts anticipate that MGM Resorts International will post 1.62 earnings per share for the current year.

Insider Activity at MGM Resorts International

In related news, Director Keith Meister purchased 7,518 shares of the business’s stock in a transaction that occurred on Monday, November 2nd. The shares were bought at an average price of $30.24 per share, for a total transaction of $227,344.32. Following the purchase, the director directly owned 7,093,570 shares of the company’s stock, valued at approximately $214,509,556.80. This represents a 0.11% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 3.38% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. J. Goldman & Co LP bought a new position in shares of MGM Resorts International during the second quarter valued at $1,815,000. Wellington Management Group LLP purchased a new position in shares of MGM Resorts International in the 2nd quarter worth about $5,381,000. Tidal Investments LLC boosted its stake 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 in the last quarter. Groupe la Francaise bought a new position in MGM Resorts International in the 2nd quarter worth about $2,725,000. Finally, Man Group plc purchased a new stake in MGM Resorts International during the 2nd quarter valued at about $25,771,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

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.