Deep-pocketed investors have adopted a bullish approach towards MGM Resorts Intl MGM, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in MGM usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 8 extraordinary options activities for MGM Resorts Intl. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 62% leaning bullish and 25% bearish. Among these notable options, 3 are puts, totaling $213,050, and 5 are calls, amounting to $346,292.
What's The Price Target?
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $38.0 to $40.0 for MGM Resorts Intl over the last 3 months.
Insights into Volume & Open Interest
In terms of liquidity and interest, the mean open interest for MGM Resorts Intl options trades today is 1413.2 with a total volume of 18,053.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for MGM Resorts Intl's big money trades within a strike price range of $38.0 to $40.0 over the last 30 days.
MGM Resorts Intl Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MGM | CALL | TRADE | BULLISH | 06/07/24 | $0.65 | $0.56 | $0.62 | $40.00 | $227.9K | 104 | 4.8K |
| MGM | PUT | SWEEP | BULLISH | 01/17/25 | $3.8 | $3.6 | $3.68 | $40.00 | $92.0K | 4.8K | 258 |
| MGM | PUT | SWEEP | NEUTRAL | 01/17/25 | $3.8 | $3.55 | $3.67 | $40.00 | $91.8K | 4.8K | 508 |
| MGM | CALL | SWEEP | BULLISH | 05/31/24 | $0.35 | $0.34 | $0.34 | $39.50 | $31.6K | 1.4K | 5.2K |
| MGM | CALL | SWEEP | BULLISH | 05/31/24 | $0.15 | $0.13 | $0.15 | $39.50 | $31.0K | 1.4K | 2.0K |
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.
Having examined the options trading patterns of MGM Resorts Intl, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
MGM Resorts Intl's Current Market Status
- With a volume of 2,582,904, the price of MGM is up 1.14% at $38.97.
- RSI indicators hint that the underlying stock is currently neutral between overbought and oversold.
- Next earnings are expected to be released in 61 days.
Expert Opinions on MGM Resorts Intl
In the last month, 5 experts released ratings on this stock with an average target price of $57.4.
- Consistent in their evaluation, an analyst from Mizuho keeps a Buy rating on MGM Resorts Intl with a target price of $62.
- Consistent in their evaluation, an analyst from Barclays keeps a Overweight rating on MGM Resorts Intl with a target price of $56.
- Consistent in their evaluation, an analyst from JMP Securities keeps a Market Outperform rating on MGM Resorts Intl with a target price of $58.
- In a positive move, an analyst from Susquehanna has upgraded their rating to Positive and adjusted the price target to $54.
- Consistent in their evaluation, an analyst from JP Morgan keeps a Overweight rating on MGM Resorts Intl with a target price of $57.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for MGM Resorts Intl with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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