Stock Traders Purchase Large Volume of Wynn Resorts Call Options (NASDAQ:WYNN)

Wynn Resorts, Limited (NASDAQ:WYNN) saw unusually large options trading activity on Wednesday. Stock investors bought 56,562 call options on the stock. This is an increase of approximately 240% compared to the average daily volume of 16,655 call options.

Wynn Resorts Trading Down 0.4 %

NASDAQ WYNN traded down $0.29 during trading hours on Wednesday, reaching $76.00. The company had a trading volume of 1,982,413 shares, compared to its average volume of 1,875,882. The stock has a 50-day moving average of $86.75 and a 200 day moving average of $95.15. Wynn Resorts has a 1-year low of $71.63 and a 1-year high of $110.38. The stock has a market capitalization of $8.52 billion, a P/E ratio of 10.36 and a beta of 1.82.

Wynn Resorts (NASDAQ:WYNN) last issued its quarterly earnings results on Tuesday, August 6th. The casino operator reported $1.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.14 by ($0.02). The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.74 billion. Wynn Resorts had a negative return on equity of 46.04% and a net margin of 12.36%. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.91 EPS. As a group, sell-side analysts predict that Wynn Resorts will post 5.62 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have issued reports on WYNN. Stifel Nicolaus lifted their target price on shares of Wynn Resorts from $135.00 to $138.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Citigroup lifted their target price on shares of Wynn Resorts from $132.00 to $138.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Macquarie reaffirmed an “outperform” rating and set a $126.00 target price on shares of Wynn Resorts in a research note on Wednesday. Seaport Res Ptn raised shares of Wynn Resorts from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 30th. Finally, Jefferies Financial Group lowered their price target on shares of Wynn Resorts from $111.00 to $96.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Wynn Resorts presently has a consensus rating of “Moderate Buy” and an average target price of $118.80.

Insider Buying and Selling

In related news, Director Betsy S. Atkins sold 2,446 shares of the business’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $94.39, for a total value of $230,877.94. Following the completion of the sale, the director now owns 9,226 shares of the company’s stock, valued at approximately $870,842.14. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.52% of the stock is owned by insiders.

Institutional Trading of Wynn Resorts

Hedge funds have recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new stake in Wynn Resorts in the second quarter valued at approximately $25,000. ICA Group Wealth Management LLC acquired a new stake in Wynn Resorts in the fourth quarter valued at approximately $27,000. Register Financial Advisors LLC acquired a new stake in Wynn Resorts during the first quarter worth approximately $37,000. GAMMA Investing LLC acquired a new stake in Wynn Resorts during the fourth quarter worth approximately $38,000. Finally, Federated Hermes Inc. raised its holdings in Wynn Resorts by 47.5% during the fourth quarter. Federated Hermes Inc. now owns 435 shares of the casino operator’s stock worth $40,000 after purchasing an additional 140 shares in the last quarter. Institutional investors and hedge funds own 68.87% of the company’s stock.

Wynn Resorts Company Profile

Wynn Resorts, Limited designs, develops, and operates integrated resorts. The company operates through four segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. The Wynn Palace segment operates private gaming salons and sky casinos; a luxury hotel tower with suites, and villas, including a health club, spa, salon, and pool; food and beverage outlets; retail space; meeting and convention space; and performance lake and floral art displays.