Wynn Resorts (NASDAQ:WYNN) Sees Unusually-High Trading Volume Following Better-Than-Expected Earnings

Shares of Wynn Resorts, Limited (NASDAQ:WYNN) saw strong trading volume on Friday following a better than expected earnings announcement. 3,423,229 shares traded hands during mid-day trading, an increase of 30% from the previous session’s volume of 2,636,404 shares.The stock last traded at $87.30 and had previously closed at $80.47.

The casino operator reported $2.42 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $1.15. Wynn Resorts had a net margin of 13.37% and a negative return on equity of 61.16%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. JPMorgan Chase & Co. boosted their price target on Wynn Resorts from $101.00 to $113.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Barclays lowered their target price on shares of Wynn Resorts from $125.00 to $119.00 and set an “overweight” rating on the stock in a report on Tuesday, November 5th. Jefferies Financial Group cut their price target on shares of Wynn Resorts from $109.00 to $105.00 and set a “hold” rating for the company in a research note on Friday, January 3rd. Mizuho boosted their price objective on shares of Wynn Resorts from $118.00 to $132.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of Wynn Resorts from $122.00 to $118.00 and set a “buy” rating for the company in a research note on Tuesday, November 5th. Three investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $118.08.

Hedge Funds Weigh In On Wynn Resorts

Large investors have recently made changes to their positions in the company. Regal Partners Ltd grew its holdings in Wynn Resorts by 24.0% in the 3rd quarter. Regal Partners Ltd now owns 898,705 shares of the casino operator’s stock valued at $86,168,000 after buying an additional 174,005 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Wynn Resorts by 90.6% in the third quarter. Wellington Management Group LLP now owns 115,707 shares of the casino operator’s stock valued at $11,094,000 after acquiring an additional 54,995 shares in the last quarter. Empirical Asset Management LLC bought a new position in Wynn Resorts during the fourth quarter worth about $903,000. Crystal Rock Capital Management bought a new stake in Wynn Resorts in the 3rd quarter valued at about $719,000. Finally, ARGA Investment Management LP bought a new position in shares of Wynn Resorts during the third quarter worth approximately $2,174,000. Institutional investors own 88.64% of the company’s stock.

Wynn Resorts Price Performance

The business’s 50-day moving average price is $85.77 and its two-hundred day moving average price is $86.78. The company has a market capitalization of $9.60 billion, a price-to-earnings ratio of 10.79, a P/E/G ratio of 2.32 and a beta of 1.76.

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.