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Trading Higher on Heavy Volume are Shares of MGM Resorts International on 1.2x Above-Average Volume (MGM)

Published on Fri, 02/08/2013 - 14:14
By Peter Chu

MGM Resorts International's stock is up 3.1% to $13.34 on heavy trading volume. Approximately 13.2 million shares have changed hands today vs. average 30-day volume of 10.8 million shares. Unusually high volume can signify a potential turning point or validate a breakout.

MGM MIRAGE is a hotel and gaming company that owns and operates various properties located in Nevada, Mississippi, and Michigan. The Company also has investments in other properties in Nevada, New Jersey, and the United Kingdom. In addition, MGM MIRAGE is seeking to develop a mixed-use urban development project in Las Vegas, and has an interest in a casino project in Macau S.A.R.

In the past 52 weeks, shares of MGM Resorts International have traded between a low of $8.83 and a high of $14.94 and are now at $13.34, which is 51% above that low price. The 200-day and 50-day moving averages have moved 0.14% lower and 2.11% higher over the past week, respectively.

MGM Resorts International (NYSE:MGM) has potential upside of 5.3% based on a current price of $13.34 and analysts' consensus price target of $14.04. The stock should discover initial support at its 50-day moving average (MA) of $11.95 and subsequent support at its 200-day MA of $10.97.

By Peter Chu