MGM Resorts International (NYSE:MGM) Shares Gap Down After Earnings Miss

MGM Resorts International (NYSE:MGM - Get Free Report) shares gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $41.41, but opened at $38.77. MGM Resorts International shares last traded at $37.76, with a volume of 1,493,586 shares.

The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.58 by ($0.04). The firm had revenue of $4.18 billion for the quarter, compared to analysts' expectations of $4.21 billion. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The firm's revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.64 EPS.

Analyst Ratings Changes

MGM has been the subject of several analyst reports. Susquehanna upped their target price on MGM Resorts International from $54.00 to $55.00 and gave the stock a "positive" rating in a research report on Thursday, August 1st. Stifel Nicolaus boosted their target price on shares of MGM Resorts International from $60.00 to $63.00 and gave the stock a "buy" rating in a research report on Thursday, August 1st. Macquarie dropped their price target on shares of MGM Resorts International from $58.00 to $55.00 and set an "outperform" rating on the stock in a research note on Friday, August 2nd. Wells Fargo & Company decreased their price objective on shares of MGM Resorts International from $53.00 to $47.00 and set an "overweight" rating for the company in a research report on Thursday, October 17th. Finally, Truist Financial cut their price target on MGM Resorts International from $58.00 to $56.00 and set a "buy" rating on the stock in a research note on Wednesday, October 23rd. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $53.15.

Insiders Place Their Bets

In other MGM Resorts International news, Director Paul J. Salem acquired 147,500 shares of the company's stock in a transaction that occurred on Monday, August 5th. The shares were purchased at an average price of $33.80 per share, for a total transaction of $4,985,500.00. Following the completion of the purchase, the director now directly owns 1,702,500 shares in the company, valued at $57,544,500. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Paul J. Salem acquired 147,500 shares of MGM Resorts International stock in a transaction that occurred on Monday, August 5th. The stock was acquired at an average price of $33.80 per share, for a total transaction of $4,985,500.00. Following the transaction, the director now directly owns 1,702,500 shares of the company's stock, valued at $57,544,500. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Keith A. Meister sold 121,000 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $36.72, for a total value of $4,443,120.00. Following the completion of the sale, the director now directly owns 5,738,478 shares in the company, valued at $210,716,912.16. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 216,400 shares of company stock valued at $7,312,197. Company insiders own 2.13% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. International Assets Investment Management LLC acquired a new position in shares of MGM Resorts International during the second quarter worth approximately $28,000. EverSource Wealth Advisors LLC boosted its position in MGM Resorts International by 60.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company's stock worth $41,000 after acquiring an additional 329 shares during the period. Eastern Bank bought a new position in shares of MGM Resorts International in the third quarter worth $35,000. UMB Bank n.a. increased its holdings in shares of MGM Resorts International by 33.3% during the second quarter. UMB Bank n.a. now owns 949 shares of the company's stock valued at $42,000 after purchasing an additional 237 shares during the period. Finally, Ashton Thomas Private Wealth LLC bought a new stake in shares of MGM Resorts International during the second quarter valued at about $49,000. Institutional investors own 68.11% of the company's stock.

MGM Resorts International Stock Down 11.0 %

The firm's fifty day moving average is $38.50 and its two-hundred day moving average is $40.24. The firm has a market cap of $11.20 billion, a price-to-earnings ratio of 14.05, a P/E/G ratio of 0.97 and a beta of 2.23. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.47 and a quick ratio of 1.42.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.