Unpacking the Latest Options Trading Trends in MGM Resorts Intl

Investors with a lot of money to spend have taken a bearish stance on MGM Resorts Intl MGM.

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with MGM, it often means somebody knows something is about to happen.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 8 uncommon options trades for MGM Resorts Intl.

This isn't normal.

The overall sentiment of these big-money traders is split between 25% bullish and 75%, bearish.

Out of all of the special options we uncovered, 2 are puts, for a total amount of $55,180, and 6 are calls, for a total amount of $185,743.

Latest Startup Investment Opportunities:

What's The Price Target?

Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $39.0 to $51.0 for MGM Resorts Intl over the last 3 months.

Volume & Open Interest Trends

Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.

This data can help you track the liquidity and interest for MGM Resorts Intl's options for a given strike price.

Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of MGM Resorts Intl's whale activity within a strike price range from $39.0 to $51.0 in the last 30 days.

MGM Resorts Intl Call and Put Volume: 30-Day Overview

Largest Options Trades Observed:

About MGM Resorts Intl

MGM Resorts is the largest resort operator on the Las Vegas Strip with 35,000 guest rooms and suites, representing about one fourth of all units in the market. The company's Vegas properties include MGM Grand, Mandalay Bay, Park MGM, Luxor, New York-New York, and Bellagio. The Strip contributed approximately 62% of total EBITDAR in 2023. MGM also owns U.S. regional assets, which represented low-20s of 2023 EBITDAR (MGM's Macao EBITDAR was 17% of the total in 2023). MGM's U.S. sports and iGaming operations are currently a high-single-digit percentage of its total revenue. The company also operates the 56%-owned MGM China casinos with a new property that opened on the Cotai Strip in early 2018. Further, we estimate MGM will open a resort in Japan in 2030.

Having examined the options trading patterns of MGM Resorts Intl, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance

MGM Resorts Intl's Current Market Status

• Trading volume stands at 1,082,033, with MGM's price down by -0.16%, positioned at $44.4.
• RSI indicators show the stock to be may be approaching overbought.
• Earnings announcement expected in 40 days.

What Analysts Are Saying About MGM Resorts Intl

A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $45.0.

• Consistent in their evaluation, an analyst from Morgan Stanley keeps a Equal-Weight rating on MGM Resorts Intl with a target price of $45.

Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.

If you want to stay updated on the latest options trades for MGM Resorts Intl, Benzinga Pro gives you real-time options trades alerts.