Whales with a lot of money to spend have taken a noticeably bearish stance on MGM Resorts Intl.
Looking at options history for MGM Resorts Intl MGM we detected 8 trades.
If we consider the specifics of each trade, it is accurate to state that 12% of the investors opened trades with bullish expectations and 50% with bearish.
From the overall spotted trades, 3 are puts, for a total amount of $280,580 and 5, calls, for a total amount of $216,470.
What's The Price Target?
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $38.0 and $41.5 for MGM Resorts Intl, spanning the last three months.
Volume & Open Interest Development
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for MGM Resorts Intl's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across MGM Resorts Intl's significant trades, within a strike price range of $38.0 to $41.5, over the past month.
MGM Resorts Intl Option Volume And Open Interest Over Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MGM | PUT | TRADE | NEUTRAL | 10/11/24 | $2.94 | $2.51 | $2.7 | $41.50 | $135.0K | 1.4K | 1.1K |
| MGM | PUT | TRADE | NEUTRAL | 10/11/24 | $2.78 | $2.31 | $2.56 | $41.50 | $108.0K | 1.4K | 478 |
| MGM | CALL | SWEEP | BEARISH | 11/15/24 | $3.1 | $3.0 | $3.0 | $38.00 | $75.0K | 296 | 500 |
| MGM | CALL | SWEEP | BEARISH | 11/15/24 | $3.1 | $3.0 | $3.0 | $38.00 | $45.6K | 296 | 98 |
| MGM | CALL | SWEEP | NEUTRAL | 03/21/25 | $4.1 | $4.0 | $4.09 | $40.00 | $40.9K | 805 | 130 |
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.
After a thorough review of the options trading surrounding MGM Resorts Intl, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
MGM Resorts Intl's Current Market Status
- Currently trading with a volume of 2,010,801, the MGM's price is down by -3.49%, now at $39.66.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 22 days.
What The Experts Say On MGM Resorts Intl
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $52.0.
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Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest MGM Resorts Intl options trades with real-time alerts from Benzinga Pro.
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