MGM Resorts Stock Has Room to Run

The stock hit a roughly 15-year high at the end of July

Deputy Editor
Aug 21, 2023 at 12:42 PM
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Casino stock MGM Resorts International (NYSE:MGM) is slightly lower today, last seen down 0.6% at $42.27. Since touching a roughly 15-year high of $51.35 on July 31, the shares have worked their way lower on the charts. In fact, MGM is down 16.8% in August, though a bull signal is flashing on the charts that could help it reclaim some of these losses.

Specifically, MGM is trading within one standard deviation of its 200-day moving average. According to data from Schaeffer's Senior Quantitative Analyst Rocky White, four similar signals occurred over the past three years, and the stock finished higher 75% of the time, with an average 10% one-month gain. From its current perch at $40.66, a similar move would put MGM Resorts stock at more than $46.60. 

MGM Chart August 212023

Those looking to bet on the stock's pop should consider options. MGM Resorts stock is seeing attractively priced premiums at the moment, per its Schaeffer's Volatility Index (SVI) of 31%, which sits in the 15th percentile of its annual range -- an indicator of low volatility expectations. 

 

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