Tidal Investments LLC Acquires 24,111 Shares of MGM Resorts International (NYSE:MGM)

Tidal Investments LLC raised its position in MGM Resorts International (NYSE:MGM - Free Report) by 269.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,050 shares of the company's stock after buying an additional 24,111 shares during the quarter. Tidal Investments LLC's holdings in MGM Resorts International were worth $1,292,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. HG Vora Capital Management LLC bought a new position in MGM Resorts International in the 3rd quarter worth approximately $97,725,000. Goldentree Asset Management LP lifted its position in shares of MGM Resorts International by 86.4% during the third quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company's stock worth $117,270,000 after acquiring an additional 1,390,599 shares in the last quarter. Marshall Wace LLP boosted its holdings in shares of MGM Resorts International by 174.8% in the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company's stock worth $49,330,000 after acquiring an additional 706,159 shares during the period. LSV Asset Management purchased a new position in shares of MGM Resorts International in the second quarter valued at $21,149,000. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of MGM Resorts International during the 3rd quarter valued at $17,622,000. Hedge funds and other institutional investors own 68.11% of the company's stock.

Insider Activity

In related news, Director Keith A. Meister sold 51,000 shares of MGM Resorts International stock in a transaction on Friday, December 13th. The shares were sold at an average price of $36.57, for a total value of $1,865,070.00. Following the transaction, the director now directly owns 5,687,478 shares of the company's stock, valued at $207,991,070.46. The trade was a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.13% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on MGM. JMP Securities cut their target price on MGM Resorts International from $54.00 to $50.00 and set a "market outperform" rating for the company in a research note on Monday, November 25th. Truist Financial cut their price objective on shares of MGM Resorts International from $58.00 to $56.00 and set a "buy" rating for the company in a research report on Wednesday, October 23rd. Morgan Stanley upped their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an "equal weight" rating in a report on Tuesday, October 22nd. Wells Fargo & Company lowered their target price on shares of MGM Resorts International from $53.00 to $47.00 and set an "overweight" rating on the stock in a research note on Thursday, October 17th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of MGM Resorts International from $57.00 to $52.00 and set a "buy" rating for the company in a research report on Tuesday, October 1st. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $52.54.

MGM Resorts International Price Performance

MGM traded down $0.36 during midday trading on Thursday, hitting $33.44. The stock had a trading volume of 5,114,844 shares, compared to its average volume of 4,074,754. MGM Resorts International has a 1 year low of $33.28 and a 1 year high of $48.24. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24. The business has a fifty day moving average of $38.03 and a 200 day moving average of $39.28. The company has a market cap of $9.96 billion, a P/E ratio of 11.94, a price-to-earnings-growth ratio of 3.16 and a beta of 2.20.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.58 by ($0.04). The business had revenue of $4.18 billion during the quarter, compared to analysts' expectations of $4.21 billion. MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. MGM Resorts International's revenue for the quarter was up 5.3% on a year-over-year basis. During the same period last year, the company posted $0.64 EPS. As a group, equities analysts forecast that MGM Resorts International will post 2.48 earnings per share for the current fiscal year.

MGM Resorts International 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.