MGM Resorts International (MGM) operates luxury resorts and casinos in Las Vegas, U.S. regional markets, and Macau, alongside BetMGM, its online sports betting joint venture.

Positioning Dynamics

S3’s Long Interest dataset delivers predictive weekly visibility into Active, Passive, and Hedge Fund holdings ahead of regulatory filings. Alongside S3 Short Interest data, this provides a comprehensive view of institutional positioning. In MGM, this dynamic has meant steady long buying colliding with a surge in shorts — making positioning the key driver of the stock in 2025.

Active Long Interest: Increased from 63M shares at the start of 2025 to 67M by late September (+4M shares, +6.5% YTD), reflecting steady institutional conviction, however hedge fund flow noted below adds beneath the surface depth.

Hedge Fund Long Interest: Rose from 32M to 46M shares YTD (+44%), led by Fundamental, Quant, and Multi-Manager cohorts rebuilding positions.

Short Interest: Climbed from 16M to 26M shares YTD (+60%), representing ~12% of float, highlighting increasing bearish positioning.

The combined rise in long holdings and sharp build in shorts compressed MGM’s Long-to-Short (LTS) ratio by nearly 40% YTD. The ratio, which bottomed on July 1st, highlights how positioning pressure and crowding dynamics have been central drivers of performance.

By leveraging S3’s MAP analytics to classify Q2 2025 13F disclosures, a compelling picture emerges — with Fundamentals, Quants, and Multi-Managers building exposure while other cohorts stayed marginal.

In 2025, positioning has defined MGM’s tape. While institutional long holdings rose modestly, short interest expanded much more aggressively, compressing S3’s Long-to-Short (LTS) ratio by nearly 40% YTD. The ratio was headed toward S3’s Battleground Stock zone (LTS 0.65–1.35) in early 2025 before renewed active long buying, led by hedge funds, pushed it off the lows in Q3. The chart shows how this compression and subsequent rebound tracked closely with MGM’s ~7% YTD decline, underscoring how S3’s active long and short selling sentiment data provided a forward-looking warning ahead of realized weakness.

The chart shows MGM’s Long-to-Short (LTS) ratio compressing nearly 40% YTD as short interest grew faster than long holdings. While MGM’s share price is up ~7% YTD, the sharp drop in LTS highlights building crowding pressure beneath the surface — an early warning from S3’s real-time long and short interest analytics that positioning risk has increased. That trend appears to have stabilized with hedge fund buying YTD, but rising short interest has kept risk elevated.

Takeaway: MGM has seen an increase in hedge fund longs from Fundamentals, Quants, and Multi-Managers. Seeing broad support from different hedge fund cohorts is a notable signal, one we flagged for Tapestry (TPR) in mid-June, the stock is up 35% since then, with significant volatility. That long support for MGM is offset by persistent shorts (12% of float), creating an environment prone to volatility, squeezes, and drawdowns. S3’s Crowding and Squeeze Risk scores have held above 50, signaling emerging crowding pressures, but remain below key thresholds for extreme risk.

Talk to S3 about integrating real-time Long and Short Interest data into your workflow — so you see positioning risk and short squeeze signals before the market does.

Want to know more? Access this data in real time using S3’s BLACK APP & BLACK MAP

The information herein (some of which has been obtained from third party sources without verification) is believed by S3 Partners, LLC (“S3 Partners”) to be reliable and accurate. Neither S3 Partners nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein or accepts liability arising from its use. Prior to making any decisions based on the information herein, you should determine, without reliance upon S3 Partners, the economic risks, and merits, as well as the legal, tax, accounting, and investment consequences, of such decisions.

Battleground

Stocks