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LAS VEGAS—Jonathan S. Halkyard, the Chief Financial Officer of MGM Resorts International (NYSE:MGM), made a significant purchase of the company’s common stock, according to a recent filing with the Securities and Exchange Commission. On March 6, Halkyard acquired 10,000 shares at a price of $32.17 per share, totaling approximately $321,700.
This transaction increases Halkyard’s total holdings to 75,648 shares, reflecting his continued confidence in the company’s prospects. The acquisition was executed directly, as per the details provided in the Form 4 filing. The insider purchase aligns with broader management confidence, as indicated by aggressive share buybacks noted in InvestingPro analysis.
MGM Resorts International, headquartered in Las Vegas, is a leading global hospitality and entertainment company, operating a portfolio of destination resort brands. With a market capitalization of $9.18 billion and a P/E ratio of 13.28, the company has maintained profitability over the last twelve months while demonstrating strong operational performance.
In other recent news, MGM Resorts International reported fourth-quarter earnings that exceeded expectations, with property-level EBITDAR reaching $1.24 billion, surpassing both JPMorgan’s and broader market projections. Revenues hit $4.35 billion, beating estimates by $80 million, although Las Vegas revenues saw a 6% decline year-over-year. In response to these strong results, JPMorgan raised its price target for MGM to $52, maintaining an Overweight rating, while CFRA upgraded the stock rating to Buy and increased the price target to $45. Mizuho (NYSE:MFG) Securities also raised its price target to $60, citing the company’s potential for stable financial performance despite various cost factors.
Truist Securities maintained its Buy rating with a $50 price target, highlighting MGM’s strong regional and Macau operations. The company has been actively buying back its shares, having repurchased 40% since 2021, which CFRA views as minimizing downside risk. Additionally, MGM Resorts announced a partnership with the College Basketball Crown, a new post-season tournament to be hosted at its venues in Las Vegas, enhancing its visibility in the sports entertainment sector. Mizuho noted expectations for positive hotel rate growth and strong player volumes into 2025, despite one-time expenses like the MGM Grand remodel. These developments reflect a strategic focus on expanding MGM’s digital footprint and maintaining growth across its various segments.
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