MGM Resorts International (NYSE:MGM) shares, rose in value, with the stock price up by 1.46% to the previous day’s close as strong demand from buyers drove the stock to $46.53.
Actively observing the price movement in the last trading, the stock closed the session at $45.86. The value of beta (5-year monthly) was 2.20 whereas the PE ratio was 14.69 over 12-month period. Referring to stock’s 52-week performance, its high was $51.35, and the low was $34.12. On the whole, MGM has fluctuated by 10.71% over the past month.
With the market capitalization of MGM Resorts International currently standing at about $14.75 billion, investors are eagerly awaiting this quarter’s results, scheduled for May 01, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0.56, which is expected to increase to $0.75 for fiscal year $2.44 and then to about $2.91 by fiscal year 2025. Data indicates that the EPS growth is expected to be -8.60% in 2025, while the next year’s EPS growth is forecast to be 19.30%.
Analysts have estimated the company’s revenue for the quarter at $4.19 billion, with a low estimate of $4.07 billion and a high estimate of $4.33 billion. According to the average forecast, sales growth in current quarter could jump up 16.90%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $16.75 billion, representing an increase of 3.60% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were 1 upward and no downward review(s) in last seven days. We see that MGM’s technical picture suggests that short-term indicators denote the stock is a 100% Buy on average. However, medium term indicators have put the stock in the category of 100% Buy while long term indicators on average have been pointing out that it is a 100% Buy.
The stock’s technical analysis shows that the PEG ratio is about 1.23, with the price of MGM currently trading nearly 4.17% and 5.75% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 61.08, while the 7-day volatility ratio is showing 2.34% which for the 30-day chart, stands at 2.17%. Furthermore, MGM Resorts International (MGM)’s beta value is 2.20, and its average true range (ATR) is 1.09.
A comparison of MGM Resorts International (MGM) with its peers suggests the former has fared considerably weaker in the market. MGM showed an intraday change of 1.46% in last session, and over the past year, it grew by 5.68%%.
Data on historical trading for MGM Resorts International (NYSE:MGM) indicates that the trading volumes over the past 10 days have averaged 2.86 million and over the past 3 months, they’ve averaged 4.02 million. According to company’s latest data on outstanding shares, there are 326.55 million shares outstanding.
Nearly 21.05% of MGM Resorts International’s shares belong to company insiders and institutional investors own 68.75% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 13.69 million shares as on Mar 15, 2024, resulting in a short ratio of 3.71. According to the data, the short interest in MGM Resorts International (MGM) stood at 4.32% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 11.3 million. The stock has risen by 4.14% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the MGM stock heading into the next quarter.
