Wynn Resorts (NASDAQ:WYNN) Rating Lowered to “Strong Sell” at Zacks Research

Wynn Resorts (NASDAQ:WYNN) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday, Zacks reports.

Several other research firms have also commented on WYNN. Wall Street Zen lowered Wynn Resorts from a “hold” rating to a “sell” rating in a research report on Saturday, November 7th. Mizuho lowered their price objective on shares of Wynn Resorts from $133.00 to $125.00 and set an “outperform” rating for the company in a research report on Tuesday, July 28th. Wells Fargo & Company lowered their price objective on shares of Wynn Resorts from $125.00 to $122.00 and set an “overweight” rating for the company in a research report on Friday, November 6th. Truist Financial reduced their target price on shares of Wynn Resorts from $125.00 to $110.00 and set a “buy” rating on the stock in a research report on Tuesday, October 20th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Wynn Resorts in a research report on Monday, September 21st. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $120.88.

Wynn Resorts Price Performance

NASDAQ:WYNN opened at $85.38 on Tuesday. The business’s 50-day moving average is $80.32 and its two-hundred day moving average is $97.27. The firm has a market capitalization of $8.76 billion, a PE ratio of 25.49, a price-to-earnings-growth ratio of 1.31 and a beta of 0.96. Wynn Resorts has a 12 month low of $70.79 and a 12 month high of $134.72.

Wynn Resorts (NASDAQ:WYNN) last issued its earnings results on Thursday, November 5th. The casino operator reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.19). Wynn Resorts had a negative return on equity of 42.73% and a net margin of 5.20%. The company had revenue of $1.69 billion during the quarter, compared to analysts’ expectations of $1.75 billion. During the same period in the previous year, the company earned $0.86 EPS. Wynn Resorts’s quarterly revenue was down 7.9% on a year-over-year basis. Equities analysts anticipate that Wynn Resorts will post 3.99 EPS for the current year.

Institutional Investors Weigh In On Wynn Resorts

Hedge funds and other institutional investors have recently bought and sold shares of the business. Operose Advisors LLC raised its position in shares of Wynn Resorts by 400.0% in the 2nd quarter. Operose Advisors LLC now owns 500 shares of the casino operator’s stock valued at $49,000 after purchasing an additional 400 shares in the last quarter. Parallel Advisors LLC boosted its stake in shares of Wynn Resorts by 18.5% during the 1st quarter. Parallel Advisors LLC now owns 756 shares of the casino operator’s stock valued at $77,000 after buying an additional 118 shares during the last quarter. Optiver Holding B.V. purchased a new position in shares of Wynn Resorts during the 1st quarter valued at approximately $90,000. GKV Capital Management Co. Inc. acquired a new stake in shares of Wynn Resorts during the first quarter worth approximately $102,000. Finally, Allworth Financial LP acquired a new stake in shares of Wynn Resorts during the second quarter worth approximately $108,000. 88.64% of the stock is currently owned by hedge funds and other institutional investors.

Key Wynn Resorts News

These are some of the WYNN news items that stood out recently:

• Positive Sentiment: Wynn’s planned UAE casino could strengthen finances over time and potentially support a credit-rating upgrade, according to coverage of the project. Wynn UAE Casino Could Boost Finances, Spur Credit Upgrade
• Neutral Sentiment: A CNBC options strategy article notes that Wynn trades near its five-year valuation averages and that implied volatility is high, while the next earnings report is not expected until February. This is trading commentary, not a change in the company’s outlook. Bouncing Wynn Shares might be primed for the wheel strategy
• Negative Sentiment: Analyst sentiment was also cautious, with Citigroup lowering its expectations for WYNN’s stock price and Wall Street Zen cutting its rating to Sell. Citigroup Has Lowered Expectations for Wynn Resorts Stock Price Wynn Resorts Cut to Sell at Wall Street Zen

About Wynn Resorts

Wynn Resorts, Limited develops and operates luxury hotels and casino resorts. Its properties offer gaming, hotel accommodations, restaurants, retail, entertainment, and convention and meeting facilities. The company’s portfolio includes Wynn Las Vegas and Encore in Nevada, Encore Boston Harbor in Massachusetts, and Wynn Macau and Wynn Palace in Macau. Its operations therefore span the United States and Macau, a special administrative region of China. Founded in 2002, Wynn Resorts opened Wynn Las Vegas in 2005.