Sometimes stock price fluctuations can leave investors scratching their heads. Is today’s rise in the share price of Wynn Resorts, Limited (NASDAQ:WYNN) such and example?
Shares of one of the world’s largest Casino companies are up significantly despite two recent reports indicating a massive slowdown within the casino industry. For example revenue figures released by the Macao Gaming Inspection Coordination Bureau indicate that gaming revenue has dropped 32% this November in Macau when compared to the same month last year. Additionally it was reported that revenue on the Las Vegas Strip fell 5.1% in October.
Perhaps investors believe that Wynn Resorts, Limited (NASDAQ:WYNN) has hit a bottom and may not be on a rebound.The stock is up 6.28% or $3.94 after the news, hitting $66.71 per share. About 1.64M shares traded hands. WYNN has declined 51.89% since April 28, 2015 and is downtrending. It has underperformed by 50.27% the S&P500.
Out of 13 analysts covering Wynn Resorts (NASDAQ:WYNN), 6 rate it “Buy”, 0 “Sell”, while 7 “Hold”. This means 46% are positive. $128 is the highest target while $54 is the lowest. The $84.17 average target is 26.17% above today’s ($66.71) stock price. Wynn Resorts was the topic in 16 analyst reports since July 31, 2015 according to StockzIntelligence Inc. Telsey Advisory Group maintained the stock on November 19 with “Market Perform” rating. Taglich upgraded it to “Market Perform” rating and $68 target price in an October 5 report. Jefferies upgraded the shares of WYNN in a report on October 19 to “Hold” rating. Vetr downgraded the firm’s rating on September 17. Vetr has “Hold” rating and $76.65 price target. Finally, JP Morgan maintained the stock with “Overweight” rating in an October 8 report.
The institutional sentiment increased to 1.09 in Q2 2015. Its up 0.40, from 0.69 in 2015Q1. The ratio improved, as 69 funds sold all Wynn Resorts, Limited shares owned while 125 reduced positions. 68 funds bought stakes while 144 increased positions. They now own 81.24 million shares or 7.66% more from 75.46 million shares in 2015Q1.
Northern Cross Llc holds 14.22% of its portfolio in Wynn Resorts, Limited for 6.81 million shares. Southeastern Asset Management Inc Tn owns 7.11 million shares or 4.69% of their US portfolio. Moreover, Lateef Investment Management L.P. has 4.57% invested in the company for 1.97 million shares. The New York-based Moon Capital Management Lp has invested 3.49% in the stock. Pomelo Capital Llc, a New York-based fund reported 40,000 shares.
Since August 4, 2015, the stock had 1 buying transaction, and 1 sale for $1.67 million net activity. Irani Ray R bought 40,000 shares worth $2.72M. Strzemp John sold 10,000 shares worth $1.05 million.
Wynn Resorts, Limited is a developer, owner and operator of destination casino resorts which integrate accommodations and amenities, including fine dining, premium retail offerings, distinctive entertainment and convention facilities. The company has a market cap of $6.59 billion. The Firm owns 72% of Wynn Macau, Limited, which operates an integrated resort in the Macau Special Administrative Region of the People’s Republic of China . It has 34.84 P/E ratio. Wynn Resorts also owns 100% of and operates an integrated resort in Las Vegas, Nevada.