The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. MGM Resorts International shares valued at $1,865,070 were sold by Meister Keith A. on Dec 13 ’24. At $36.57 per share, Meister Keith A. sold 51,000 shares. The insider’s holdings dropped to 5,687,478 shares worth approximately $192.24 million following the completion of this transaction.
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Also, Corvex Management LP purchased 51,000 shares, netting a total of over 1,866,600 in proceeds.
Before that, Meister Keith A. had sold 121,000 shares from its account. In a trade valued at $4,443,249, the Director traded MGM Resorts International shares for $36.72 each. Upon closing the transaction, the insider’s holdings decreased to 121,000 shares, worth approximately $193.96 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 -8.50%. Over the course of the year, MGM Resorts International shares have dropped approximately -24.35%. 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 $38.09, while a 200-day SMA reached $40.29. Nevertheless, trading volume fell to 4.25 million shares from 3.88 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 33.09, which, if violated, would cause prices to drop to 32.38. In the upper region, resistance lies at 35.17. The next price resistance is at 36.54. RSI (Relative Strength Index) is 26.66 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.81, which suggests the price will decrease in the coming days. Percent R is at 98.94%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
