Wynn Resorts (NASDAQ:WYNN) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research downgraded Wynn Resorts from “hold” to “strong sell.” Despite the downgrade, analysts overall rated the stock “Moderate Buy,” with an average price target of $120.88.
• Wynn missed quarterly expectations, reporting earnings per share of $0.33 versus the $0.52 consensus and revenue of $1.69 billion versus $1.75 billion expected. Revenue fell 7.9% year over year.
• Shares opened at $85.38 and were down 2.2%; the stock’s reported 52-week range was $70.79 to $134.72.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) was downgraded by investment analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a research note issued to investors on Tuesday, Zacks reports.

WYNN has been the subject of several other reports. Argus boosted their price objective on shares of Wynn Resorts from $115.00 to $130.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Morgan Stanley reduced their target price on Wynn Resorts from $128.00 to $120.00 and set an "overweight" rating on the stock in a report on Monday, October 19th. Wolfe Research assumed coverage on Wynn Resorts in a research report on Wednesday, September 2nd. They set an "outperform" rating and a $128.00 price target for the company. Stifel Nicolaus set a $110.00 price target on Wynn Resorts in a research report on Friday, November 6th. Finally, Wall Street Zen downgraded Wynn Resorts from a "hold" rating to a "sell" rating in a report on Saturday, November 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Wynn Resorts has an average rating of "Moderate Buy" and an average price target of $120.88.

Wynn Resorts Stock Down 2.2%

Shares of NASDAQ:WYNN opened at $85.38 on Tuesday. The company has a market cap of $8.76 billion, a P/E ratio of 25.49, a P/E/G ratio of 1.31 and a beta of 0.96. Wynn Resorts has a 52 week low of $70.79 and a 52 week high of $134.72. The business has a fifty day simple moving average of $80.32 and a 200-day simple moving average of $97.27.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last released 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). The business had revenue of $1.69 billion for the quarter, compared to analysts' expectations of $1.75 billion. Wynn Resorts had a negative return on equity of 42.73% and a net margin of 5.20%. The business's quarterly revenue was down 7.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.86 earnings per share. Sell-side analysts expect that Wynn Resorts will post 3.99 earnings per share for the current fiscal year.

Institutional Trading of Wynn Resorts

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in Wynn Resorts in the second quarter worth approximately $609,566,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in shares of Wynn Resorts during the 2nd quarter worth about $321,402,000. State Street Corp lifted its holdings in shares of Wynn Resorts by 2.6% during the second quarter. State Street Corp now owns 3,047,930 shares of the casino operator's stock worth $295,924,000 after buying an additional 77,416 shares during the last quarter. Renaissance Technologies LLC lifted its holdings in shares of Wynn Resorts by 17.4% during the first quarter. Renaissance Technologies LLC now owns 1,239,956 shares of the casino operator's stock worth $125,918,000 after buying an additional 184,000 shares during the last quarter. Finally, Alyeska Investment Group L.P. bought a new stake in shares of Wynn Resorts in the second quarter valued at approximately $99,277,000. 88.64% of the stock is owned by institutional investors.

Recent Wynn Resorts Headlines

Investors following WYNN have been watching these headlines:

• 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

Wynn Resorts Company Profile

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.

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