Wynn Resorts (NASDAQ:WYNN) Downgraded to Sell at Zacks Investment Research

Wynn Resorts (NASDAQ:WYNNGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday, Zacks.com reports. They presently have a $68.00 price objective on the casino operator’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 4.55% from the company’s current price.

According to Zacks, “Shares of Wynn Resorts have outperformed the industry so far this year. The company reported first-quarter 2022 results, with earnings and revenues missing the Zacks Consensus Estimate. However, the top and the bottom line increased on a year-over-year basis. The company is benefiting from improved non-gaming revenues and expansion in domestic markets. Also, focus on WynnBET bodes well. However, coronavirus-related woes persist. Travel restrictions, quarantine measures, testing requirements and capacity limitations remain in effect at its Macau Operations. Given the uncertainties revolving around the crisis, the company expects the pandemic to keep affecting operations for some time. Earnings estimates for 2023 have declined in the past 30 days, depicting analysts’ concern regarding the stock’s growth potential.”

Several other analysts also recently commented on the company. Bank of America upped their price objective on Wynn Resorts from $90.00 to $100.00 and gave the company a “neutral” rating in a research note on Wednesday, February 16th. Citigroup raised Wynn Resorts from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $98.00 to $96.50 in a research note on Friday, April 1st. Wells Fargo & Company reduced their price objective on Wynn Resorts from $97.00 to $79.00 in a research note on Wednesday, May 11th. UBS Group cut their target price on Wynn Resorts to $71.00 and set a “na” rating for the company in a research note on Wednesday, May 18th. Finally, StockNews.com began coverage on Wynn Resorts in a research note on Thursday, March 31st. They set a “sell” rating for the company. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Wynn Resorts currently has a consensus rating of “Hold” and a consensus price target of $98.35.

Shares of NASDAQ WYNN traded up $0.61 during trading hours on Friday, reaching $65.04. The stock had a trading volume of 43,768 shares, compared to its average volume of 3,326,874. The firm has a market cap of $7.54 billion, a price-to-earnings ratio of -11.35 and a beta of 2.22. Wynn Resorts has a fifty-two week low of $56.36 and a fifty-two week high of $136.83. The firm has a 50-day moving average of $71.53 and a 200-day moving average of $81.18.

Wynn Resorts (NASDAQ:WYNNGet Rating) last posted its quarterly earnings data on Tuesday, May 10th. The casino operator reported ($1.21) EPS for the quarter, missing the consensus estimate 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 firm’s revenue was up 31.4% compared to the same quarter last year. During the same period in the previous year, the company posted ($2.41) earnings per share. Equities analysts anticipate that Wynn Resorts will post -2.95 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in WYNN. Capital Advisory Group Advisory Services LLC acquired a new stake in shares of Wynn Resorts in the 1st quarter worth approximately $25,000. First Horizon Advisors Inc. grew its holdings in Wynn Resorts by 1,986.7% during the 1st quarter. First Horizon Advisors Inc. now owns 313 shares of the casino operator’s stock valued at $25,000 after buying an additional 298 shares during the last quarter. Ancora Advisors LLC acquired a new stake in Wynn Resorts during the 3rd quarter valued at $34,000. MCF Advisors LLC grew its holdings in Wynn Resorts by 65.2% during the 3rd quarter. MCF Advisors LLC now owns 408 shares of the casino operator’s stock valued at $35,000 after buying an additional 161 shares during the last quarter. Finally, UMB Bank N A MO acquired a new stake in Wynn Resorts during the 4th quarter valued at $39,000. Institutional investors and hedge funds own 62.72% of the company’s stock.

About Wynn Resorts (Get Rating)

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.

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