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 75% leaning bullish and 25% bearish. Among these notable options, 2 are puts, totaling $74,011, and 6 are calls, amounting to $350,722.
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 $46.0 for MGM Resorts Intl over the last 3 months.
Insights into Volume & Open Interest
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in MGM Resorts Intl's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to MGM Resorts Intl's substantial trades, within a strike price spectrum from $38.0 to $46.0 over the preceding 30 days.
MGM Resorts Intl Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MGM | CALL | SWEEP | BULLISH | 10/18/24 | $2.3 | $2.29 | $2.3 | $38.00 | $142.6K | 3.6K | 1.4K |
| MGM | CALL | SWEEP | BULLISH | 10/18/24 | $2.3 | $2.05 | $2.3 | $38.00 | $69.0K | 3.6K | 300 |
| MGM | PUT | SWEEP | BEARISH | 12/20/24 | $6.4 | $6.3 | $6.4 | $46.00 | $43.5K | 70 | 121 |
| MGM | CALL | SWEEP | BULLISH | 10/18/24 | $2.3 | $2.11 | $2.3 | $38.00 | $40.7K | 3.6K | 779 |
| MGM | CALL | SWEEP | BULLISH | 10/18/24 | $1.9 | $1.72 | $1.9 | $38.00 | $34.9K | 3.6K | 3.1K |
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.
Current Position of MGM Resorts Intl
- With a trading volume of 1,277,745, the price of MGM is down by -1.08%, reaching $39.47.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 13 days from now.
What Analysts Are Saying About MGM Resorts Intl
Over the past month, 3 industry analysts have shared their insights on this stock, proposing an average target price of $54.0.
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20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. Click here for access. * Maintaining their stance, an analyst from Deutsche Bank continues to hold a Buy rating for MGM Resorts Intl, targeting a price of $52. * Maintaining their stance, an analyst from JMP Securities continues to hold a Market Outperform rating for MGM Resorts Intl, targeting a price of $56. * An analyst from Barclays has decided to maintain their Overweight rating on MGM Resorts Intl, which currently sits at a price target of $54.
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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