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MGM Resorts International: A 25.5% Better Bargain Than When Spierkel Bought
By Market News Video Staff, Wednesday, February 10, 10:26 AM ET
There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on December 4, MGM Resorts International's Director, Gregory M. Spierkel, invested $112,400.00 into 5,000 shares of MGM, for a cost per share of $22.48. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.
In trading on Wednesday, bargain hunters could buy shares of MGM Resorts International (NYSE:MGM) and achieve a cost basis 25.5% cheaper than Spierkel, with shares changing hands as low as $16.75 per share. MGM Resorts International shares are currently trading up about 2.3% on the day. The chart below shows the one year performance of MGM shares, versus its 200 day moving average:
Looking at the chart above, MGM's low point in its 52 week range is $16.18 per share, with $24.41 as the 52 week high point — that compares with a last trade of $16.91. By comparison, below is a table showing the prices at which MGM insider buying was recorded over the last six months:
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One Reason For Insiders to Buy
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