MGM Resorts International (NYSE:MGM) Shares Gap Down – Here’s What Happened

MGM Resorts International (NYSE:MGM)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $36.75, but opened at $35.75. MGM Resorts International shares last traded at $36.1490, with a volume of 516,276 shares trading hands.

Analysts Set New Price Targets

A number of brokerages have commented on MGM. Morgan Stanley boosted their target price on MGM Resorts International from $34.00 to $35.00 and gave the company an “underweight” rating in a research note on Wednesday, April 8th. Barclays set a $37.00 price target on MGM Resorts International in a research note on Friday, February 6th. Stifel Nicolaus decreased their price target on MGM Resorts International from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, April 7th. Zacks Research upgraded MGM Resorts International from a “strong sell” rating to a “hold” rating in a research note on Monday, December 22nd. Finally, The Goldman Sachs Group reiterated a “sell” rating and set a $33.00 price target on shares of MGM Resorts International in a research note on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have assigned a Hold rating and four have given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $42.00.

MGM Resorts International Stock Down 0.0%

The company has a current ratio of 1.23, a quick ratio of 1.20 and a debt-to-equity ratio of 1.91. The firm has a market cap of $9.40 billion, a price-to-earnings ratio of 48.97 and a beta of 1.35. The firm has a 50-day moving average of $36.35 and a two-hundred day moving average of $34.94.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, February 4th. The company reported $1.60 EPS for the quarter, beating the consensus estimate of $0.64 by $0.96. The firm had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.42 billion. MGM Resorts International had a return on equity of 26.04% and a net margin of 1.17%.During the same quarter in the prior year, the firm posted $0.45 EPS. As a group, sell-side analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 37,500 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $34.27, for a total value of $1,285,125.00. Following the completion of the transaction, the director owned 5,347,978 shares of the company’s stock, valued at $183,275,206.06. This represents a 0.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Iac Inc. bought 550,000 shares of the company’s stock in a transaction dated Monday, March 23rd. The stock was bought at an average cost of $37.30 per share, with a total value of $20,515,000.00. Following the completion of the acquisition, the insider owned 66,372,350 shares in the company, valued at $2,475,688,655. This represents a 0.84% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 3.38% of the company’s stock.

Hedge Funds Weigh In On MGM Resorts International

A number of hedge funds have recently modified their holdings of MGM. CYBER HORNET ETFs LLC acquired a new position in shares of MGM Resorts International in the 2nd quarter worth approximately $25,000. Mendota Financial Group LLC acquired a new position in shares of MGM Resorts International in the 3rd quarter worth approximately $27,000. Global Retirement Partners LLC raised its holdings in shares of MGM Resorts International by 55.9% in the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock worth $29,000 after buying an additional 281 shares in the last quarter. Mather Group LLC. acquired a new position in shares of MGM Resorts International in the 3rd quarter worth approximately $33,000. Finally, Elyxium Wealth LLC bought a new stake in MGM Resorts International during the 4th quarter worth approximately $42,000. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.