Deep-pocketed investors have adopted a bearish approach towards MGM Resorts Intl MGM, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in MGM usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 21 extraordinary options activities for MGM Resorts Intl. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 28% leaning bullish and 57% bearish. Among these notable options, 3 are puts, totaling $190,822, and 18 are calls, amounting to $570,045.
Predicted Price Range
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $30.0 and $44.0 for MGM Resorts Intl, spanning the last three months.
Analyzing Volume & Open Interest
In terms of liquidity and interest, the mean open interest for MGM Resorts Intl options trades today is 290.83 with a total volume of 7,867.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for MGM Resorts Intl's big money trades within a strike price range of $30.0 to $44.0 over the last 30 days.
MGM Resorts Intl Option Volume And Open Interest Over Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MGM | PUT | SWEEP | BEARISH | 05/03/24 | $1.67 | $1.58 | $1.67 | $41.50 | $73.0K | 99 | 0 |
| MGM | PUT | TRADE | NEUTRAL | 12/20/24 | $2.21 | $1.94 | $2.1 | $36.00 | $63.0K | 0 | 300 |
| MGM | PUT | TRADE | BULLISH | 09/20/24 | $1.44 | $1.36 | $1.37 | $36.00 | $54.8K | 19 | 400 |
| MGM | CALL | SWEEP | BEARISH | 07/19/24 | $1.31 | $1.3 | $1.3 | $44.00 | $45.5K | 47 | 550 |
| MGM | CALL | SWEEP | BEARISH | 07/19/24 | $1.31 | $1.3 | $1.3 | $44.00 | $45.2K | 47 | 650 |
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.
MGM Resorts Intl's Current Market Status
- With a volume of 2,265,345, the price of MGM is down -3.73% at $40.06.
- RSI indicators hint that the underlying stock may be oversold.
- Next earnings are expected to be released in 1 days.
Professional Analyst Ratings for MGM Resorts Intl
Over the past month, 2 industry analysts have shared their insights on this stock, proposing an average target price of $51.0.
- Consistent in their evaluation, an analyst from Morgan Stanley keeps a Equal-Weight rating on MGM Resorts Intl with a target price of $46.
- Reflecting concerns, an analyst from Seaport Global lowers its rating to Buy with a new price target of $56.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest MGM Resorts Intl options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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