Wynn Resorts (NASDAQ:WYNN) Shares Down 5.9% on Disappointing Earnings

Wynn Resorts, Limited (NASDAQ:WYNN) dropped 5.9% on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $88.96 and last traded at $90.02. Approximately 721,479 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 2,108,536 shares. The stock had previously closed at $95.65.

The casino operator reported $0.90 EPS for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.11). Wynn Resorts had a negative return on equity of 53.84% and a net margin of 12.22%. The company had revenue of $1.69 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the prior year, the company earned $0.99 EPS. The firm’s revenue was up 1.3% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Morgan Stanley increased their price target on Wynn Resorts from $112.00 to $115.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. JPMorgan Chase & Co. reduced their price target on Wynn Resorts from $110.00 to $101.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Wells Fargo & Company upped their price objective on Wynn Resorts from $115.00 to $125.00 and gave the company an “overweight” rating in a research note on Thursday, October 17th. StockNews.com downgraded Wynn Resorts from a “buy” rating to a “hold” rating in a research note on Tuesday, September 17th. Finally, Jefferies Financial Group dropped their target price on Wynn Resorts from $111.00 to $96.00 and set a “hold” rating for the company in a report on Thursday, July 11th. Four research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Wynn Resorts currently has an average rating of “Moderate Buy” and a consensus target price of $115.50.

Insiders Place Their Bets

In related news, Director Patricia Mulroy sold 2,650 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $78.73, for a total transaction of $208,634.50. Following the completion of the sale, the director now directly owns 5,689 shares of the company’s stock, valued at approximately $447,894.97. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.52% of the stock is currently owned by insiders.

Institutional Trading of Wynn Resorts

A number of large investors have recently added to or reduced their stakes in WYNN. International Assets Investment Management LLC purchased a new position in Wynn Resorts in the second quarter valued at approximately $25,000. Blue Trust Inc. lifted its stake in Wynn Resorts by 556.0% in the 3rd quarter. Blue Trust Inc. now owns 551 shares of the casino operator’s stock worth $49,000 after purchasing an additional 467 shares in the last quarter. Versant Capital Management Inc bought a new position in Wynn Resorts in the 2nd quarter valued at $51,000. Covestor Ltd grew its position in shares of Wynn Resorts by 421.7% during the 1st quarter. Covestor Ltd now owns 626 shares of the casino operator’s stock valued at $64,000 after purchasing an additional 506 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Wynn Resorts by 25.1% in the second quarter. GAMMA Investing LLC now owns 828 shares of the casino operator’s stock worth $74,000 after purchasing an additional 166 shares during the period. Hedge funds and other institutional investors own 68.87% of the company’s stock.

Wynn Resorts Stock Down 5.9 %

The company has a market cap of $9.99 billion, a PE ratio of 12.62, a P/E/G ratio of 2.48 and a beta of 1.80. The stock has a 50-day moving average of $89.82 and a 200-day moving average of $88.75.

About Wynn Resorts

Wynn Resorts, Limited designs, develops, and operates integrated resorts. The company operates through four segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. The Wynn Palace segment operates private gaming salons and sky casinos; a luxury hotel tower with suites, and villas, including a health club, spa, salon, and pool; food and beverage outlets; retail space; meeting and convention space; and performance lake and floral art displays.