Wynn Resorts (NASDAQ:WYNN) Hits New 12-Month Low on Analyst Downgrade

Shares of Wynn Resorts, Limited (NASDAQ:WYNNGet Rating) hit a new 52-week low on Thursday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $123.00 to $92.00. The stock traded as low as $58.60 and last traded at $58.85, with a volume of 6714623 shares. The stock had previously closed at $61.65.

Several other analysts also recently weighed in on WYNN. Jefferies Financial Group increased their target price on Wynn Resorts from $90.00 to $105.00 in a research note on Friday, January 21st. Citigroup upgraded Wynn Resorts from a “neutral” rating to a “buy” rating and decreased their target price for the company from $98.00 to $96.50 in a research note on Friday, April 1st. Morgan Stanley reduced their price objective on Wynn Resorts from $123.00 to $90.00 and set an “overweight” rating for the company in a research report on Monday, April 25th. Bank of America raised their price objective on Wynn Resorts from $90.00 to $100.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 16th. Finally, JPMorgan Chase & Co. raised their price objective on Wynn Resorts from $93.00 to $102.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 16th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $103.46.

Hedge funds have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. increased its holdings in Wynn Resorts by 118.6% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 107,487 shares of the casino operator’s stock valued at $9,109,000 after purchasing an additional 58,316 shares in the last quarter. Avantax Advisory Services Inc. increased its holdings in Wynn Resorts by 45.9% during the 4th quarter. Avantax Advisory Services Inc. now owns 6,421 shares of the casino operator’s stock valued at $546,000 after purchasing an additional 2,020 shares in the last quarter. Newman Dignan & Sheerar Inc. acquired a new stake in Wynn Resorts during the 4th quarter valued at $302,000. PM CAPITAL Ltd increased its holdings in Wynn Resorts by 14.7% during the 4th quarter. PM CAPITAL Ltd now owns 635,338 shares of the casino operator’s stock valued at $54,029,000 after purchasing an additional 81,600 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D increased its holdings in Wynn Resorts by 0.6% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 67,085 shares of the casino operator’s stock valued at $5,705,000 after purchasing an additional 404 shares in the last quarter. 62.72% of the stock is owned by hedge funds and other institutional investors.

The stock has a market capitalization of $7.68 billion, a P/E ratio of -11.57 and a beta of 2.22. The stock has a 50-day simple moving average of $73.58 and a 200 day simple moving average of $83.03.

Wynn Resorts (NASDAQ:WYNNGet Rating) last announced its quarterly earnings data on Tuesday, May 10th. The casino operator reported ($1.21) EPS for the quarter, missing analysts’ consensus estimates of ($1.15) by ($0.06). The business had revenue of $953.40 million during the quarter, compared to analysts’ expectations of $986.35 million. The business’s revenue was up 31.4% on a year-over-year basis. During the same quarter last year, the firm earned ($2.41) EPS. As a group, equities analysts forecast that Wynn Resorts, Limited will post -1.39 EPS for the current year.

About Wynn Resorts (NASDAQ:WYNN)

Wynn Resorts, Limited designs, develops, and operates integrated resorts. Its Wynn Palace segment operates 424,000 square feet of casino space with 323 table games, 1,035 slot machines, private gaming salons, and sky casinos; a luxury hotel tower with 1,706 guest rooms, suites, and villas, including a health club, spa, salon, and pool; 14 food and beverage outlets; 107,000 square feet of retail space; 37,000 square feet of meeting and convention space; and performance lake and floral art displays.

Further Reading

Receive News & Ratings for Wynn Resorts Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Wynn Resorts and related companies with MarketBeat.com's FREE daily email newsletter.