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

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

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. JPMorgan Chase & Co. lifted their price target on shares of Wynn Resorts from $101.00 to $113.00 and gave the stock an “overweight” rating in a report on Tuesday. Jefferies Financial Group dropped their target price on shares of Wynn Resorts from $111.00 to $96.00 and set a “hold” rating on the stock in a report on Thursday, July 11th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Wynn Resorts from $122.00 to $118.00 and set a “buy” rating on the stock in a report on Tuesday. Wells Fargo & Company dropped their target price on shares of Wynn Resorts from $125.00 to $122.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, UBS Group upgraded shares of Wynn Resorts to a “hold” rating in a report on Friday, August 23rd. Four investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Wynn Resorts presently has an average rating of “Moderate Buy” and a consensus target price of $115.71.

Insider Buying and Selling at Wynn Resorts

In other Wynn Resorts news, Director Patricia Mulroy sold 2,650 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $78.73, for a total value of $208,634.50. Following the completion of the sale, the director now owns 5,689 shares in the company, valued at approximately $447,894.97. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.52% of the company’s stock.

Institutional Investors Weigh In On Wynn Resorts

Several institutional investors and hedge funds have recently added to or reduced their stakes in WYNN. Interval Partners LP increased its stake in shares of Wynn Resorts by 999.0% during the 1st quarter. Interval Partners LP now owns 400,911 shares of the casino operator’s stock worth $40,985,000 after purchasing an additional 364,432 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Wynn Resorts by 29.1% during the 2nd quarter. Renaissance Technologies LLC now owns 1,345,100 shares of the casino operator’s stock worth $120,386,000 after purchasing an additional 303,033 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in shares of Wynn Resorts by 6,720.4% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 257,537 shares of the casino operator’s stock worth $23,050,000 after purchasing an additional 253,761 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of Wynn Resorts by 22.2% during the 1st quarter. Janus Henderson Group PLC now owns 1,125,718 shares of the casino operator’s stock worth $115,082,000 after purchasing an additional 204,852 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Wynn Resorts by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 11,028,618 shares of the casino operator’s stock worth $1,127,456,000 after buying an additional 166,594 shares during the period. Hedge funds and other institutional investors own 68.87% of the company’s stock.

Wynn Resorts Trading Down 9.3 %

The company’s fifty day moving average is $90.19 and its 200 day moving average is $88.75. The company has a market capitalization of $9.63 billion, a P/E ratio of 10.79, a P/E/G ratio of 2.48 and a beta of 1.80.

Wynn Resorts Company Profile

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.