MGM Resorts International ($MGM) Stock Forecast: Down 9.1% Today

What is MGM Resorts International?

MGM Resorts International, a global entertainment company famed for its resorts and casinos, witnessed a pronounced bearish movement in the market today.

Why is MGM Resorts International going down?

MGM stock is down 9.1% on Oct 31, 2024 14:17

• Quarterly earnings for Q3 were below expectations, although revenues showed a yearly increase they did not meet forecasted figures.
• The stock's negative movements could be attributed to the surprises in earnings (-6.90%) and revenues (0.89%) falling short of estimates.
• Despite being boosted by strong leisure demand and beneficial partnerships, the stock faced a decline due to the unmet estimates and future outlook concerns.
• Investors seemed disappointed with MGM's Q3 results, despite positive growth in certain areas and strategic actions taken by the company.

MGM Price Chart

MGM Technical Analysis

MGM News

MGM Resorts' Q3 Earnings Miss Estimates, Revenues Increase Y/Y

MGM's third-quarter top line reflects strong contributions from MGM China, Las Vegas Strip Resorts and Regional operations.

https://www.zacks.com/stock/news/2361441/mgm-resorts-q3-earnings-miss-estimates-revenues-increase-yy

MGM Resorts Shares Slide After Worse-Than-Expected Q3 Results: Details - MGM Resorts Intl ( NYSE:MGM )

MGM Resorts International MGM reported its third-quarter results after Wednesday's closing bell. Here's a look at the details from the quarter. The Details: MGM Resorts reported quarterly earnings of 54 cents per share, which missed the analyst consensus estimate of 61 cents.

https://www.benzinga.com/news/earnings/24/10/41640189/mgm-resorts-shares-slide-after-worse-than-expected-q3-results-details

MGM Resorts ( MGM ) Q3 Earnings and Revenues Lag Estimates

MGM (MGM) delivered earnings and revenue surprises of -6.90% and 0.89%, respectively, for the quarter ended September 2024. Do the numbers hold clues to what lies ahead for the stock?

https://www.zacks.com/stock/news/2361115/mgm-resorts-mgm-q3-earnings-and-revenues-lag-estimates

Unveiling MGM ( MGM ) Q3 Outlook: Wall Street Estimates for Key Metrics

Beyond analysts' top -and-bottom-line estimates for MGM (MGM), evaluate projections for some of its key metrics to gain a better insight into how the business might have performed for the quarter ended September 2024.

https://www.zacks.com/stock/news/2358440/unveiling-mgm-mgm-q3-outlook-wall-street-estimates-for-key-metrics

MGM Resorts to Report Q3 Earnings: What's in the Cards?

MGM's third-quarter 2024 performance is likely to have benefited from strong leisure demand, strategic partnership with Marriott and sports betting offerings.

https://www.zacks.com/stock/news/2358289/mgm-resorts-to-report-q3-earnings-whats-in-the-cards

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MGM Resorts International Price History

13.08.2024 - MGM Stock was up 5.1%

• MGM Resorts stock demonstrated a significant upward movement.
• Speculation surrounding MGM Resorts could have piqued investor interest and confidence in the company's prospects.
• The emphasis on sports betting companies in recent discussions may have indirectly benefited MGM Resorts, as the industry's positive outlook and growth potential likely influenced investor sentiment.
• The commencement of the NFL season, with an expected surge in sports betting, might have additionally fueled optimism for companies like MGM Resorts operating in the sports betting and entertainment sector.

31.09.2024 - MGM Stock was down 9.1%

• Quarterly earnings for Q3 were below expectations, although revenues showed a yearly increase they did not meet forecasted figures.
• The stock's negative movements could be attributed to the surprises in earnings (-6.90%) and revenues (0.89%) falling short of estimates.
• Despite being boosted by strong leisure demand and beneficial partnerships, the stock faced a decline due to the unmet estimates and future outlook concerns.
• Investors seemed disappointed with MGM's Q3 results, despite positive growth in certain areas and strategic actions taken by the company.

08.09.2024 - MGM Stock was down 6.1%

• The slight increase in the stock price today might not have been enough to offset previous gains, leading to a bearish trend.
• The upcoming earnings report expectations of beating estimates could have raised concerns among investors, causing some to sell off their positions.
• The overall market sentiment and broader economic factors might have influenced the bearish movement of MGM stock today.

14.01.2024 - MGM Stock was down 6.4%

• A prominent investor, known for his successful trades in the past, made some changes to his positions in semiconductor stocks, which may have influenced investor sentiment towards MGM and contributed to the bearish movement.
• Despite surpassing expectations for fourth-quarter earnings and benefiting from the Super Bowl, MGM's stock continued to decline, possibly indicating disappointment among investors regarding the overall performance of the company.
• The underperformance of regional casinos also had an impact on MGM's stock, overshadowing the positive numbers generated during the Super Bowl weekend.
• Overall, the combination of the investor's bearish bet on semiconductors, the post-game disappointment, and the weakness in regional casinos likely played a role in the bearish movement observed in MGM's stock.

14.01.2024 - MGM Stock was down 7.9%

• The decline in MGM's stock today could be influenced by the following factors:
• 1. Profit-Taking: After announcing strong earnings and a positive future outlook, some investors may have decided to sell their holdings to secure profits, leading to a temporary decrease in the stock price.
• 2. Market Sentiment: Despite the favorable financial results, general market sentiment or concerns about the overall economy could have impacted the bearish movement in MGM's stock.
• 3. Revenues at MGM China: While MGM Resorts exceeded expectations in its fourth-quarter results, the growth in revenues at MGM China might have fallen short of investors' projections, contributing to the stock's decline.
• 4. Technical Factors: It's also possible that technical aspects, such as resistance levels or trading patterns, played a role in the bearish movement of MGM's stock.
• In conclusion, factors such as profit-taking, market sentiment, revenues at MGM China, and technical elements may have influenced the decline in MGM's stock today.

13.03.2024 - MGM Stock was down 5.1%

• MGM had a bearish movement today, possibly influenced by the company seeking to block the FTC's request for cyberattack data. This move could have raised concerns among investors about potential legal implications and cybersecurity risks.
• The completion of a $750 million senior notes offering by MGM might have also contributed to the bearish sentiment, as it indicates increased debt levels and potential financial obligations for the company in the future.
• The overall market sentiment towards undervalued stocks could have diverted investor attention away from MGM, leading to a lack of buying interest and contributing to the bearish movement in the stock price today.

14.01.2024 - MGM Stock was down 5.8%

• The bearish movement in MGM's stock today can be attributed to the following factors:
• 1. Disappointing website traffic: Previous indicators pointed towards a positive performance for MGM Resorts in Q4. However, the actual results may have fallen short of expectations, leading to a negative market sentiment.
• 2. Mixed earnings report: MGM Resorts reported record high earnings and an optimistic outlook in their latest call. Despite an increase in revenues at MGM China, the overall financial performance was not fully disclosed. Investors might have anticipated stronger results, contributing to the bearish movement.
• 3. Overall market conditions: It's vital to consider broader market conditions when analyzing stock movement. If there was a general negative sentiment or adverse news within the hospitality and entertainment industry, it could have impacted the decline in MGM's stock price.
• 4. Other factors: It's interesting to note the significant movements of other stocks like Uber, Airbnb, and Robinhood. While these stocks may not have a direct influence on MGM Resorts, overall market trends and investor sentiment towards these companies could have indirectly affected the bearish movement in MGM's stock.

11.06.2024 - MGM Stock was up 5.2%

• The under-the-radar stocks with massive growth potential may have sparked interest in MGM, leading to increased buying activity.
• The comparison between MGM and CHDN may have highlighted MGM as the better value stock option, attracting more investors to the company.
• The focus on sin stocks, which tend to be recession-resistant and profitable, could have positively influenced MGM's stock performance as it falls under the category of sin stocks.
• In conclusion, the combination of potential growth opportunities, perceived value, and the recession-resistant nature of sin stocks may have contributed to the bullish movement in MGM's stock price today.

06.07.2024 - MGM Stock was up 5.7%

• MGM stock experienced a strong bullish movement today.
• The positive Q2 earnings and revenue surpassing estimates contributed to the bullish trend.
• The successful performance of MGM China in the best-ever June quarter, with increased tourism and higher winning odds in Macau, also boosted investor confidence.
• Despite concerns raised about bookings for a Formula 1 car race in Las Vegas, the overall positive financial results and expansion into new markets like Michigan with BetMGM's offerings helped drive the stock price up.

01.07.2024 - MGM Stock was down 5.3%

• Despite MGM Resorts posting strong Q2 earnings and revenues that surpassed estimates, the stock saw a bearish movement, indicating a disconnect between performance and market reaction.
• MGM China's best-ever June quarter and positive financial updates were not enough to offset broader market sentiment or potential profit-taking by investors.
• The market may have reacted negatively to details in the Q2 earnings call transcript or other undisclosed factors that overshadowed the positive news about revenue growth and strategic partnerships.
• Investors might be concerned about future challenges or uncertainties facing the company, leading to a sell-off despite the positive financial performance in the recent quarter.

01.07.2024 - MGM Stock was down 5.1%

• MGM China reported its best-ever June quarter, indicating a strong performance in the region. However, despite the positive news, the stock saw a bearish movement.
• The strong second-quarter results and revenue beat posted by MGM Resorts International were overshadowed by other market factors, leading to the bearish movement.
• The release of unaudited financials and updates on the parent company's Q2 report did not seem to have a positive impact on the stock price, contributing to the bearish market movement.
• The overall market sentiment or external factors not directly related to MGM's performance might have influenced the bearish movement despite the positive news coming from MGM China and the parent company.

07.07.2024 - MGM Stock was up 6.2%

• Director Paul Salem's significant acquisition of shares in MGM Resorts International may have boosted investor confidence in the company's future prospects.
• The launch of MGM Bonus City in Michigan in partnership with Inspired Entertainment could have generated excitement and positive sentiment around the company's expansion in the online gaming market.
• Despite concerns raised about bookings for a Formula 1 car race in Las Vegas impacting the stock negatively, MGM Resorts International managed to surpass earnings and revenue estimates for the second quarter, driven by strong performances in MGM China, Las Vegas, and strategic partnerships, which likely contributed to the bullish movement in the stock today.