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 this is an institution or just a wealthy individual, we don't know. But when something this big happens with MGM, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 8 options trades for MGM Resorts Intl.
This isn't normal.
The overall sentiment of these big-money traders is split between 12% bullish and 87%, bearish.
Out of all of the options we uncovered, 7 are puts, for a total amount of $266,201, and there was 1 call, for a total amount of $54,050.
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Projected Price Targets
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $35.0 and $47.0 for MGM Resorts Intl, spanning the last three months.
Analyzing Volume & Open Interest
In today's trading context, the average open interest for options of MGM Resorts Intl stands at 1949.0, with a total volume reaching 6,336.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in MGM Resorts Intl, situated within the strike price corridor from $35.0 to $47.0, throughout the last 30 days.
MGM Resorts Intl Option Activity Analysis: Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| MGM | CALL | TRADE | BEARISH | 03/15/24 | $35.00 | $54.0K | 1.4K | 50 |
| MGM | PUT | SWEEP | BEARISH | 01/17/25 | $47.00 | $46.9K | 1.0K | 0 |
| MGM | PUT | SWEEP | BEARISH | 01/17/25 | $47.00 | $42.8K | 1.0K | 204 |
| MGM | PUT | TRADE | BEARISH | 01/19/24 | $45.00 | $42.1K | 3.3K | 2.7K |
| MGM | PUT | SWEEP | BEARISH | 01/17/25 | $47.00 | $40.0K | 1.0K | 137 |
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 74% of total EBITDAR in 2022. MGM also owns U.S. regional assets, which represented 31% of 2022 EBITDAR (MGM's Macao EBITDAR was negative in 2022). 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.
After a thorough review of the options trading surrounding MGM Resorts Intl, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
MGM Resorts Intl's Current Market Status
- Trading volume stands at 1,231,603, with MGM's price down by -1.34%, positioned at $43.76.
- RSI indicators show the stock to be may be approaching overbought.
- Earnings announcement expected in 33 days.
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.
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