MGM Resorts International (NYSE:MGM) Shares Up 8.5% - What's Next?

MGM Resorts International (NYSE:MGM - Get Free Report)'s share price shot up 8.5% on Monday . The stock traded as high as $34.51 and last traded at $34.44. 5,574,511 shares changed hands during trading, an increase of 15% from the average session volume of 4,854,603 shares. The stock had previously closed at $31.73.

Wall Street Analyst Weigh In

MGM has been the subject of a number of research analyst reports. Truist Financial dropped their price objective on shares of MGM Resorts International from $50.00 to $45.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Wall Street Zen raised MGM Resorts International from a "sell" rating to a "hold" rating in a research note on Thursday, May 22nd. Macquarie reduced their price objective on MGM Resorts International from $50.00 to $48.00 and set an "outperform" rating on the stock in a research report on Friday, May 2nd. Morgan Stanley decreased their price objective on MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Finally, JMP Securities cut their target price on MGM Resorts International from $50.00 to $45.00 and set a "market outperform" rating for the company in a research note on Thursday, April 17th. Five analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $48.94.

MGM Resorts International Trading Up 8.1%

The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The company has a market capitalization of $9.33 billion, a PE ratio of 14.29, a price-to-earnings-growth ratio of 0.98 and a beta of 1.76. The stock's fifty day moving average price is $31.50 and its two-hundred day moving average price is $33.02.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.19. The business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. MGM Resorts International's quarterly revenue was down 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.74 EPS. Sell-side analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current year.

MGM Resorts International announced that its Board of Directors has approved a share repurchase program on Wednesday, April 30th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the company to buy up to 22.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Insider Activity at MGM Resorts International

In other news, COO Corey Ian Sanders sold 40,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $34.43, for a total value of $1,377,200.00. Following the completion of the transaction, the chief operating officer now owns 281,530 shares in the company, valued at $9,693,077.90. This trade represents a 12.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Keith A. Meister sold 60,000 shares of the company's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $32.09, for a total value of $1,925,400.00. Following the completion of the sale, the director now directly owns 5,627,478 shares in the company, valued at approximately $180,585,769.02. The trade was a 1.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 105,261 shares of company stock worth $3,486,367 over the last quarter. Corporate insiders own 3.06% of the company's stock.

Hedge Funds Weigh In On MGM Resorts International

Several institutional investors and hedge funds have recently added to or reduced their stakes in MGM. Norges Bank purchased a new stake in shares of MGM Resorts International in the 4th quarter worth about $88,033,000. Eminence Capital LP purchased a new stake in MGM Resorts International in the fourth quarter worth about $72,408,000. Helikon Investments Ltd purchased a new stake in MGM Resorts International in the first quarter worth about $54,418,000. Fuller & Thaler Asset Management Inc. bought a new position in shares of MGM Resorts International during the first quarter valued at approximately $47,631,000. Finally, AQR Capital Management LLC lifted its holdings in shares of MGM Resorts International by 104.2% during the first quarter. AQR Capital Management LLC now owns 2,611,278 shares of the company's stock valued at $75,962,000 after purchasing an additional 1,332,313 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company's stock.

About MGM Resorts International

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.