Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. MGM Resorts International shares valued at $4,298,000 were sold by Meister Keith A. on Mar 13 ’24. At $42.98 per share, Meister Keith A. sold 100,000 shares. The insider’s holdings dropped to 5,998,778 shares worth approximately $245.17 million following the completion of this transaction.
Also, Meister Keith A. sold 325,000 shares, netting a total of over 13,942,500 in proceeds. Following the sale of shares at $42.90 each, the insider now holds 6,098,778 shares.
Before that, SANDERS COREY IAN had sold 30,000 shares from its account. In a trade valued at $1,344,582, the CHIEF OPERATING OFFICER traded MGM Resorts International shares for $44.82 each. Upon closing the transaction, the insider’s holdings decreased to 30,000 shares, worth approximately $9.31 million.
As published in a research note from Susquehanna on May 02, 2024, MGM Resorts International [MGM] has been rated up from a Neutral to a Positive and the price target has been revised to $54. Analysts at Seaport Research Partners started covering the stock with ‘”a Buy”‘ outlook in a report released in mid April. As of March 26, 2024, Mizuho has initiated its “Buy” rating for MGM. Earlier on October 23, 2023, HSBC Securities initiated its rating. Their recommendation was “a Buy” for MGM stock.
Analyzing MGM Stock Performance
During the last five days, there has been a drop of approximately -3.11%. Over the course of the year, MGM Resorts International shares have dropped approximately -8.53%. Shares of the company reached a 52-week high of $48.24 on 04/01/24 and a 52-week low of $38.64 on 05/01/24. A 50-day SMA is recorded $43.45, while a 200-day SMA reached $42.30. Nevertheless, trading volume fell to 7.29 million shares from 7.36 million shares the previous day.
Support And Resistance Levels for MGM Resorts International (MGM)
According to the 24-hour chart, there is a support level at 39.83, which, if violated, would cause prices to drop to 38.78. In the upper region, resistance lies at 42.71. The next price resistance is at 44.54. RSI (Relative Strength Index) is 39.27 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.76, which suggests the price will decrease in the coming days. Percent R is at 58.00%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
