Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. MGM Resorts International shares valued at $4,443,249 were sold by Meister Keith A. on Sep 13 ’24. At $36.72 per share, Meister Keith A. sold 121,000 shares. The insider’s holdings dropped to 5,738,478 shares worth approximately $211.41 million following the completion of this transaction.
Also, Corvex Management LP purchased 121,000 shares, netting a total of over 4,231,370 in proceeds.
Before that, SALEM PAUL J had added 147,500 shares to its account. In a trade valued at $4,986,090, the Director bought MGM Resorts International shares for $33.80 each. Upon closing the transaction, the insider’s holdings increased to 147,500 shares, worth approximately $62.72 million.
As published in their initiating research note from BTIG Research on July 03, 2024, MGM Resorts International [MGM] has been a Buy and the price target has been revised to $52. Analysts at Susquehanna upgraded the stock from ‘”a Neutral”‘ to ‘”a Positive”‘ outlook in a report released in early May. As of April 15, 2024, Seaport Research Partners has initiated its “Buy” rating for MGM. Earlier on March 26, 2024, Mizuho 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 -1.42%. Over the course of the year, MGM Resorts International shares have dropped approximately -17.55%. Shares of the company reached a 52-week high of $48.24 on 04/01/24 and a 52-week low of $33.44 on 08/05/24. A 50-day SMA is recorded $38.73, while a 200-day SMA reached $40.57. Nevertheless, trading volume fell to 3.38 million shares from 45769.0 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 36.51, which, if violated, would cause prices to drop to 36.18. In the upper region, resistance lies at 37.47. The next price resistance is at 38.11. RSI (Relative Strength Index) is 42.12 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.33, which suggests the price will decrease in the coming days. Percent R is at 75.12%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
