MGM Resorts International (NYSE:MGM) Short Interest Down 13.8% in February

MGM Resorts International (NYSE:MGM) was the target of a large decline in short interest in the month of February. As of February 13th, there was short interest totaling 22,075,920 shares, a decline of 13.8% from the January 29th total of 25,598,662 shares. Based on an average daily volume of 6,276,858 shares, the days-to-cover ratio is presently 3.5 days. Approximately 8.9% of the shares of the company are short sold. Approximately 8.9% of the shares of the company are short sold. Based on an average daily volume of 6,276,858 shares, the days-to-cover ratio is presently 3.5 days.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on MGM shares. Deutsche Bank Aktiengesellschaft increased their price objective on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock a “buy” rating in a report on Thursday, February 12th. Citigroup lifted their price target on MGM Resorts International from $35.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, February 6th. JPMorgan Chase & Co. increased their price objective on MGM Resorts International from $39.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, February 6th. Argus lowered their target price on MGM Resorts International from $45.00 to $40.00 and set a “buy” rating on the stock in a research report on Friday, November 14th. 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 report on Monday, December 15th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have assigned a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat, MGM Resorts International has an average rating of “Hold” and a consensus target price of $41.94.

MGM Resorts International Price Performance

NYSE MGM traded up $0.51 on Wednesday, reaching $36.36. The company’s stock had a trading volume of 1,173,661 shares, compared to its average volume of 5,036,919. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $40.16. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.20 and a current ratio of 1.23. The firm’s 50 day moving average is $35.42 and its two-hundred day moving average is $34.95. The stock has a market cap of $9.30 billion, a PE ratio of 48.48 and a beta of 1.38.

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

Insider Buying and Selling

In related news, major shareholder Iac Inc. bought 1,098,748 shares of the company’s stock in a transaction on Friday, December 5th. The shares were purchased at an average cost of $36.30 per share, with a total value of $39,884,552.40. Following the completion of the transaction, the insider directly owned 65,822,350 shares of the company’s stock, valued at approximately $2,389,351,305. This represents a 1.70% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 3.06% of the stock is currently owned by insiders.

Institutional Investors Weigh In On MGM Resorts International

Several institutional investors have recently made changes to their positions in the company. Corient Private Wealth LLC raised its stake in shares of MGM Resorts International by 235.1% in the 4th quarter. Corient Private Wealth LLC now owns 932,610 shares of the company’s stock valued at $34,031,000 after acquiring an additional 654,328 shares in the last quarter. Beacon Pointe Advisors LLC grew its holdings in MGM Resorts International by 3.1% during the fourth quarter. Beacon Pointe Advisors LLC now owns 16,645 shares of the company’s stock valued at $607,000 after purchasing an additional 496 shares during the last quarter. State of Tennessee Department of Treasury raised its position in shares of MGM Resorts International by 114.8% in the fourth quarter. State of Tennessee Department of Treasury now owns 54,600 shares of the company’s stock valued at $1,831,000 after purchasing an additional 29,182 shares during the period. NewEdge Advisors LLC lifted its stake in shares of MGM Resorts International by 207.5% in the fourth quarter. NewEdge Advisors LLC now owns 11,367 shares of the company’s stock worth $415,000 after buying an additional 7,671 shares during the last quarter. Finally, Empowered Funds LLC boosted its holdings in shares of MGM Resorts International by 88.5% during the 4th quarter. Empowered Funds LLC now owns 15,114 shares of the company’s stock worth $552,000 after buying an additional 7,096 shares during the period. 68.11% of the stock is currently 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.