MGM Resorts Stock Falls Victim to Data Breach

MGM has had a difficult start to February

Mere days off news its CEO Jim Murren has stepped down, MGM Resorts International (NYSE:MGM) is now buzzing after revealing it fell victim to a data breach in 2019. Reportedly the information of 10.6 million guests was compromised, though major financial systems were not affected. In response, MGM is down 0.2% at $32.11, at last check.

MGM Resorts stock has been running wild on the charts. At the end of 2018, MGM hit a bottom of $21.62, and since has traveled in a series of higher lows, touching a peak of $34.63 mid-January. The equity has also continually ran into the overhead resistance at the 30-day moving average, which has capped multiple breakout attempts since its loss of support following the aforementioned peak.

Short interest on MGM has been on a rapid growth. During the most recent reporting period, short interest grew 21.5%. However, this accounts for just over 2% of the stock's total available float, or 2.4 days' worth of pent-up buying power.

Regardless of MGM's performance on the charts, volatility expectations look attractive for premium buyers, too. This is based on the Schaeffer's Volatility Index (SVI) of 26%, which ranks in the 30th annual percentile.