Wynn Resorts (NASDAQ:WYNN) had its target price cut by equities researchers at Morgan Stanley from $138.00 to $113.00 in a research report issued to clients and investors on Monday, The Fly reports. The firm currently has an "overweight" rating on the casino operator's stock. Morgan Stanley's target price suggests a potential upside of 35.67% from the company's current price.
Other analysts also recently issued reports about the stock. The Goldman Sachs Group decreased their price objective on shares of Wynn Resorts from $116.00 to $110.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 28th. Citigroup upgraded shares of Wynn Resorts from a "neutral" rating to a "buy" rating and set a $120.00 price objective on the stock in a research report on Thursday, August 5th. Bank of America downgraded shares of Wynn Resorts from a "buy" rating to a "neutral" rating in a research report on Monday, August 9th. JPMorgan Chase & Co. downgraded shares of Wynn Resorts from an "overweight" rating to a "neutral" rating and decreased their price objective for the company from $122.00 to $89.00 in a research report on Thursday. Finally, Wells Fargo & Company assumed coverage on shares of Wynn Resorts in a report on Tuesday, September 14th. They issued an "equal weight" rating and a $112.00 price target on the stock. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, Wynn Resorts has an average rating of "Hold" and a consensus price target of $112.40.
Shares of Wynn Resorts stock opened at $83.29 on Monday. The company's fifty day simple moving average is $99.44 and its 200-day simple moving average is $117.76. The stock has a market capitalization of $9.63 billion, a PE ratio of -6.26 and a beta of 2.40. Wynn Resorts has a 1-year low of $67.70 and a 1-year high of $143.88.
Wynn Resorts (NASDAQ:WYNN) last issued its quarterly earnings results on Wednesday, August 4th. The casino operator reported ($1.12) earnings per share for the quarter, topping the Thomson Reuters' consensus estimate of ($1.41) by $0.29. The business had revenue of $990.10 million for the quarter, compared to analysts' expectations of $915.70 million. The company's revenue was up 1055.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($6.14) EPS. On average, equities research analysts expect that Wynn Resorts will post -5.56 EPS for the current fiscal year.
In related news, Director Patricia Mulroy sold 400 shares of Wynn Resorts stock in a transaction dated Wednesday, August 11th. The shares were 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 of the company's stock, valued at approximately $787,432.91. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.62% of the company's stock.
Several hedge funds have recently added to or reduced their stakes in the stock. Capital International Investors boosted its stake in shares of Wynn Resorts by 1.0% during the 2nd quarter. Capital International Investors now owns 8,866,726 shares of the casino operator's stock worth $1,084,381,000 after purchasing an additional 83,725 shares during the period. BlackRock Inc. boosted its stake in shares of Wynn Resorts by 11.4% during the 2nd quarter. BlackRock Inc. now owns 8,482,764 shares of the casino operator's stock worth $1,037,444,000 after purchasing an additional 867,116 shares during the period. State Street Corp boosted its stake in shares of Wynn Resorts by 1.7% during the 2nd quarter. State Street Corp now owns 3,947,511 shares of the casino operator's stock worth $482,781,000 after purchasing an additional 66,705 shares during the period. Geode Capital Management LLC boosted its position in Wynn Resorts by 10.3% in the 1st quarter. Geode Capital Management LLC now owns 1,898,640 shares of the casino operator's stock valued at $237,431,000 after buying an additional 177,949 shares during the period. Finally, Soma Equity Partners LP boosted its position in Wynn Resorts by 5.7% in the 1st quarter. Soma Equity Partners LP now owns 1,850,000 shares of the casino operator's stock valued at $231,935,000 after buying an additional 100,000 shares during the period. 68.06% of the stock is owned by hedge funds and other institutional investors.
About Wynn Resorts
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.
Read More: Find a Trading Strategy That Works
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Before you consider Wynn Resorts, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Wynn Resorts wasn't on the list.
While Wynn Resorts currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The 5 Stocks Here