A Closer Look at MGM Resorts Intl's Options Market Dynamics

High-rolling investors have positioned themselves bullish on MGM Resorts Intl MGM, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in MGM often signals that someone has privileged information.

Today, Benzinga's options scanner spotted 8 options trades for MGM Resorts Intl. This is not a typical pattern.

The sentiment among these major traders is split, with 37% bullish and 37% bearish. Among all the options we identified, there was one put, amounting to $101,024, and 7 calls, totaling $409,196.

Expected Price Movements

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $33.0 to $38.5 for MGM Resorts Intl over the last 3 months.

Analyzing Volume & Open Interest

In today's trading context, the average open interest for options of MGM Resorts Intl stands at 365.0, with a total volume reaching 13,487.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in MGM Resorts Intl, situated within the strike price corridor from $33.0 to $38.5, throughout the last 30 days.

MGM Resorts Intl Call and Put Volume: 30-Day Overview

Noteworthy Options Activity:

About MGM Resorts Intl

MGM Resorts is the largest resort operator on the Las Vegas Strip with 35,000 guest rooms and suites, representing about one fourth of all units in the market. The company's Vegas properties include MGM Grand, Mandalay Bay, Park MGM, Luxor, New York-New York, and Bellagio. The Strip contributed approximately 62% of total EBITDAR in 2023. MGM also owns US regional assets, which represented low-20s of 2023 EBITDAR (MGM's Macao EBITDAR was 17% of the total in 2023). MGM's US sports and iGaming operations are currently a high-single-digit percentage of its total revenue. The company also operates the 56%-owned MGM China casinos with a new property that opened on the Cotai Strip in early 2018. Further, we estimate MGM will open a resort in Japan in 2030.

Following our analysis of the options activities associated with MGM Resorts Intl, we pivot to a closer look at the company's own performance.

MGM Resorts Intl's Current Market Status

• With a volume of 2,336,858, the price of MGM is up 2.6% at $36.84.
• RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
• Next earnings are expected to be released in 54 days.

What The Experts Say On MGM Resorts Intl

A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $43.0.

• Consistent in their evaluation, an analyst from Morgan Stanley keeps a Equal-Weight rating on MGM Resorts Intl with a target price of $43.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you want to stay updated on the latest options trades for MGM Resorts Intl, Benzinga Pro gives you real-time options trades alerts.