Wynn Resorts (NASDAQ:WYNN) Stock Dropped to Strong Sell by 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 report released on Tuesday, Zacks reports.

A number of other equities analysts have also recently issued reports on the company. Mizuho dropped their target price on Wynn Resorts from $133.00 to $125.00 and set an “outperform” rating for the company in a report on Tuesday, July 28th. Stifel Nicolaus set a $110.00 price objective on Wynn Resorts in a report on Friday, November 6th. Wells Fargo & Company lowered their target price on shares of Wynn Resorts from $125.00 to $122.00 and set an “overweight” rating on the stock in a report on Friday, November 6th. The Goldman Sachs Group reiterated a “buy” rating and set a $93.00 target price on shares of Wynn Resorts in a research report on Friday, November 6th. Finally, Citigroup dropped their target price on shares of Wynn Resorts from $103.00 to $100.00 and set a “buy” rating for the company in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Wynn Resorts has an average rating of “Moderate Buy” and an average price target of $120.88.

Wynn Resorts Trading Down 2.2%

Shares of NASDAQ:WYNN opened at $85.38 on Tuesday. The firm has a market capitalization of $8.76 billion, a PE ratio of 25.49, a PEG ratio of 1.31 and a beta of 0.96. Wynn Resorts has a 1-year low of $70.79 and a 1-year high of $134.72. The business’s 50 day moving average is $80.32 and its 200-day moving average is $97.27.

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

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Operose Advisors LLC raised its position in shares of Wynn Resorts by 400.0% during the second quarter. Operose Advisors LLC now owns 500 shares of the casino operator’s stock worth $49,000 after acquiring an additional 400 shares during the last quarter. Parallel Advisors LLC grew its position 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 worth $77,000 after buying an additional 118 shares during the period. Optiver Holding B.V. acquired a new stake in shares of Wynn Resorts during the 1st quarter worth approximately $90,000. GKV Capital Management Co. Inc. bought a new stake in shares of Wynn Resorts during the first quarter worth approximately $102,000. Finally, Allworth Financial LP bought 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 institutional investors.

Key Stories Impacting Wynn Resorts

Investors following WYNN have been watching these stories:

• Neutral Sentiment: Wynn is considering what to do with an undeveloped 38-acre Las Vegas Strip parcel across from Encore. Any value from a future project would depend on plans that have not yet been detailed. Wynn Eyes Its Empty 38-Acre Strip Lot Across From Encore Las Vegas
• Negative Sentiment: Wynn’s third-quarter results missed expectations: EPS was $0.33 versus a $0.52 consensus, and revenue of $1.69 billion fell short of estimates and declined 7.9% year over year. The shortfall adds to concern about weaker earnings. Wynn Resorts stock faces sharp profit decline after weak Q3
• 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.