Revenue Beat Draws Analysts, Bulls to Casino Stock

Options traders are blasting the security today

Digital Content Manager
Feb 9, 2023 at 10:29 AM
facebook X logo linkedin


MGM Resorts International (NYSE:MGM) bested revenue expectations for the fourth quarter, despite worse-than-anticipated losses. The casino giant scrapped gambling firm Entain's buyout plans, too. No fewer than seven analysts have lifted their price targets after the results, including Jefferies to $59, citing hopes of Macau recovery and an accelerating Las Vegas market.

Options traders are also chiming in, with 20,000 calls and 6,740 puts exchanged so far today, which is 13 times the volume that's usually seen at this point. The most popular contract is now the June 35 put, though the March 44 call is not trailing too far behind.

Today's options activity marks a shift in sentiment. Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 10-day put/call volume ratio of 1.86 stands higher than 86% of readings from the past year, indicating puts have been picked up at a quicker-than-usual clip in the last two weeks.

Last seen up 8.7% at $45.07, the security is today trading at is highest level in almost one year. Support at their 20-day moving average has been guiding the shares higher since a bounce off the $32 region in December. So far in 2023, MGM has already added 34.9%.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI