The stock of MGM Resorts International (NYSE:MGM) is now priced at $16.09 and the shares are -0.55 points down or -3.31% lower compared to its previous closing price of $16.64. The stock had 31.832 million contracts set over the past session. MGM shares’ daily volume is compared to its average trading volume at 27 million shares. However, it has a float of 489 million and although its performance was 1.9% over the week, it’s one to watch. Analysts have given the MGM stock a yearly average price target of $17.74 per share. It means the stock’s upside potential is 10.25% with the MGM share price recently placing at $15.58 to $16.49. However, some brokerage firms have priced the stock below the average, including one that has called $13.
The shorts are running away from the MGM Resorts International stock, with the latest data on short interest released on June 30, 2020, showing that short interest numbers in the MGM shares have declined. Short interest in the stock represents just 8.08% of its float, but the volume has dropped by 0.
In the last trading session, MGM Resorts International (NYSE:MGM) raised by $0.3 over the week and lost -$0.77 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $34.63. The stock recorded its established 52-week high on 01/17/20.
Since 03/18/20, the stock has traded to a low of $5.9 at 172.71%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.14. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, MGM Resorts International’s two-week RSI is 45.18. This suggests that the stock is neutral at the moment and that MGM shares’ price movement remains stable. The stochastic readings are equally revealing at 46.06% meaning the MGM share price is currently in neutral territory.
The technical chart shows that the MGM stock will likely settle at between $16.53 and $16.96 per share. However, if the stock dips below $15.62, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $15.14.
Currently, the stock is trading in the green of MACD, with a reading of 0.32. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Wolfe Research cut their recommendation for MGM from Outperform to Peer Perform in June 10 review. Credit Suisse analysts see the stock as a Neutral with a target price of $34 and $15 in a flash note released to investors on May 21 resuming covering the stock. Jefferies seeing the stock struggling downgraded it from Buy to Hold on May 21 placing it at $22 to $17.
The average rating for the MGM equity is 2.75 and is currently gathering a bullish momentum. Of 19 analysts tracking MGM Resorts International polled by Reuters, 14 rated MGM as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (4) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the MGM stocks P/S ratio currently stands at 3 below the group’s average of 44.5. MGM Resorts International has its P/E ratio at 1, which means that the stock is currently trading at a discount relative to the 3.2 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for MGM Resorts International (NYSE:MGM) will decrease by about -35.64%, which will see them reach $1450 million. The company’s full-year revenues are, however, expected to diminish by about -51.55%, down from $12900 million to $6250 million. MGM’s expected adjusted earnings should surge almost 1225% to end up at -$1.06 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -143.81% to record -$1.7/share.