Wynn Resorts (NASDAQ:WYNN) Sees Large Volume Increase

Wynn Resorts, Limited (NASDAQ:WYNN) saw strong trading volume on Friday . 67,164 shares changed hands during trading, a decline of 98% from the previous session’s volume of 3,230,182 shares.The stock last traded at $84.64 and had previously closed at $83.83.

Several analysts have weighed in on the company. Bank of America downgraded Wynn Resorts from a “buy” rating to a “neutral” rating in a research note on Monday, August 9th. Argus downgraded Wynn Resorts from a “buy” rating to a “hold” rating in a research note on Friday, September 17th. The Goldman Sachs Group lowered their target price on Wynn Resorts from $116.00 to $110.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 28th. JPMorgan Chase & Co. downgraded Wynn Resorts from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $122.00 to $89.00 in a research note on Thursday, September 16th. Finally, Wells Fargo & Company began coverage on Wynn Resorts in a report on Tuesday, September 14th. They issued an “equal weight” rating and a $112.00 price target for the company. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Wynn Resorts currently has a consensus rating of “Hold” and an average price target of $112.40.

The company has a market capitalization of $9.59 billion, a PE ratio of -6.23 and a beta of 2.40. The firm has a 50-day moving average of $96.63 and a two-hundred day moving average of $116.05.

Wynn Resorts (NASDAQ:WYNN) last issued its quarterly earnings data on Wednesday, August 4th. The casino operator reported ($1.12) earnings per share for the quarter, topping the consensus estimate of ($1.41) by $0.29. The business had revenue of $990.10 million during the quarter, compared to analysts’ expectations of $915.70 million. The company’s revenue was up 1055.3% on a year-over-year basis. During the same quarter in the previous year, the company posted ($6.14) earnings per share. As a group, sell-side analysts forecast that Wynn Resorts, Limited will post -5.56 earnings per share for the current fiscal year.

In other news, Director Patricia Mulroy sold 400 shares of the firm’s stock in a transaction on Wednesday, August 11th. The stock was sold at an average price of $97.13, for a total transaction of $38,852.00. Following the completion of the transaction, the director now directly owns 8,107 shares in the company, valued at $787,432.91. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.62% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ameritas Investment Company LLC purchased a new position in shares of Wynn Resorts during the first quarter worth $25,000. Harvest Fund Management Co. Ltd purchased a new position in Wynn Resorts in the first quarter valued at $31,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Wynn Resorts in the second quarter valued at $34,000. Bessemer Group Inc. boosted its holdings in Wynn Resorts by 350.8% in the second quarter. Bessemer Group Inc. now owns 293 shares of the casino operator’s stock valued at $36,000 after purchasing an additional 228 shares during the period. Finally, Kelly Lawrence W & Associates Inc. CA purchased a new position in Wynn Resorts in the first quarter valued at $38,000. Institutional investors and hedge funds own 68.06% of the company’s stock.

Wynn Resorts Company Profile (NASDAQ:WYNN)

Wynn Resorts Ltd. is a holding company, which engages in the design, development, and operation of destination casino resorts. It operates through the following segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. The company was founded by Stephen Alan Wynn, Elaine P. Wynn, and Kazuo Okada in 2002 and is headquartered in Las Vegas, NV.

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