Last updated on September 24th, 2023 at 04:23 am
A cybersecurity attack is a nightmare for publicly traded companies. Thus, it is unsurprising that a cyber attack negatively impacted MGM and Caesars stocks. The hackers found customers’ social security numbers and credit card information.
Speculating about other details uncovered, like betting patterns and debtor identities, is inevitable. How comfortable are you with hackers accessing details like check-in and check-out times?
According to pay per head reviews and news sites, investors are already selling their shares of Caesars and MGM Resorts as they evaluate the tale and consider whether they would feel more comfortable selling if they knew more. Stocks are already in “get out now” mode, regardless of any lessons learned from the attacks.
MGM and Caesars Stocks
Caesars stock has fallen from its all-time high of just above $60 in late July to its current price of $46. Also, it was a decline of 23 percent in only two months. In addition to falling below its 50-day moving average, the price has also dropped below its longer-term 200-day moving average. According to bookie pay per head sources, both are bottoming out and starting new downward trends.
According to sports betting news reports, the Las Vegas casino and resort company’s stock price hit a high of $120 in September 2021. Also, it has been falling steadily since then. As a result of the latest drop, it is now trading below a 50-week moving average that had been trending back up until recently. Since April/May 2022, Caesars’ stock price has been consistently below its 200-week moving average.
The daily chart for MGM stock indicates that it has fallen from its high of $51 in late July to its current price of $36.54. The 50-day moving average has made a bearish crossover, and the stock trades considerably below both significant moving averages. The volume of sales increases in early August and again in mid-September and continues to the present day.
The impact of the cybersecurity incident is evident in the weekly price chart for MGM, which shows that the stock just broke over its top in October/November 2021 before dropping off heavily. This chart does not seem quite as catastrophic as the one for Caesars. However, the recent dive below the 50-week moving average is cause for concern.
