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

Shares of Wynn Resorts, Limited (NASDAQ:WYNNGet Free Report) 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.

Check Out Our Latest Report on WYNN

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

(Get Free Report)

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.

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