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

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

Analyst Upgrades and Downgrades

MGM has been the subject of several research reports. Truist Financial increased their price objective on MGM Resorts International from $38.00 to $39.00 and gave the company a “hold” rating in a research report on Friday, February 6th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of MGM Resorts International from $43.00 to $44.00 and gave the company a “buy” rating in a research report on Thursday, February 12th. UBS Group decreased their target price on MGM Resorts International from $39.00 to $37.00 and set a “neutral” rating on the stock in a research report on Monday, November 17th. Barclays set a $37.00 price target on MGM Resorts International in a report on Friday, February 6th. Finally, Capital One Financial decreased their price objective on MGM Resorts International from $47.00 to $46.00 and set an “overweight” rating on the stock in a report on Friday, December 5th. 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 assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $41.94.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, major shareholder Iac Inc. acquired 1,098,748 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The stock was acquired at an average price of $36.30 per share, with a total value of $39,884,552.40. Following the transaction, the insider owned 65,822,350 shares of the company’s stock, valued at approximately $2,389,351,305. This trade represents a 1.70% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.06% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Davis Selected Advisers grew its position in MGM Resorts International by 12.0% during the 4th quarter. Davis Selected Advisers now owns 26,820,202 shares of the company’s stock worth $978,669,000 after acquiring an additional 2,866,750 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of MGM Resorts International by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 23,782,004 shares of the company’s stock valued at $867,805,000 after buying an additional 205,127 shares in the last quarter. Helikon Investments Ltd raised its holdings in shares of MGM Resorts International by 379.9% in the second quarter. Helikon Investments Ltd now owns 8,810,322 shares of the company’s stock valued at $302,987,000 after buying an additional 6,974,347 shares during the last quarter. AQR Capital Management LLC lifted its position in MGM Resorts International by 202.5% during the 3rd quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock worth $292,772,000 after buying an additional 5,654,757 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its position in MGM Resorts International by 81.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock valued at $264,874,000 after acquiring an additional 3,429,946 shares in the last quarter. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Price Performance

Shares of MGM traded up $0.51 during mid-day trading on Wednesday, reaching $36.36. The company had a trading volume of 1,173,661 shares, compared to its average volume of 5,036,919. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.23 and a quick ratio of 1.20. The company has a market capitalization of $9.30 billion, a P/E ratio of 48.48 and a beta of 1.38. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $40.16. The company’s 50-day moving average is $35.42 and its 200-day moving average is $34.95.

MGM Resorts International (NYSE:MGM) last announced 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. The firm had revenue of $4.61 billion for 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 period in the prior year, the business posted $0.45 earnings per share. On average, equities analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

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.