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

Wynn Resorts, Limited (NASDAQ:WYNN)’s stock price was down 5.9% on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $88.96 and last traded at $90.02. Approximately 721,479 shares traded 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 earnings per share (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 firm posted $0.99 earnings per share. The business’s revenue was up 1.3% on a year-over-year basis.

Analyst Ratings Changes

WYNN has been the subject of a number of research analyst reports. Stifel Nicolaus dropped their price objective on shares of Wynn Resorts from $121.00 to $103.00 and set a “buy” rating for the company in a report on Friday, September 13th. Macquarie reaffirmed an “outperform” rating and set a $120.00 price objective on shares of Wynn Resorts in a report on Tuesday. JPMorgan Chase & Co. lifted their price objective on shares of Wynn Resorts from $101.00 to $113.00 and gave the stock an “overweight” rating in a report on Tuesday. Wells Fargo & Company dropped their price objective on shares of Wynn Resorts from $125.00 to $122.00 and set an “overweight” rating for the company in a report on Tuesday. Finally, UBS Group raised 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 assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently 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 business’s 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 transaction, the director now owns 5,689 shares in the company, valued at approximately $447,894.97. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.52% of the company’s stock.

Hedge Funds Weigh In On Wynn Resorts

Hedge funds have recently modified their holdings of the company. International Assets Investment Management LLC purchased a new position in shares of Wynn Resorts in the second quarter valued at about $25,000. Blue Trust Inc. boosted its stake in shares of Wynn Resorts by 556.0% during the 3rd quarter. Blue Trust Inc. now owns 551 shares of the casino operator’s stock valued at $49,000 after purchasing an additional 467 shares in the last quarter. Versant Capital Management Inc bought a new stake in shares of Wynn Resorts during the 2nd quarter valued at about $51,000. Covestor Ltd boosted its stake 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 boosted its stake in shares of Wynn Resorts by 25.1% during the 2nd quarter. GAMMA Investing LLC now owns 828 shares of the casino operator’s stock valued at $74,000 after purchasing an additional 166 shares in the last quarter. Hedge funds and other institutional investors own 68.87% of the company’s stock.

Wynn Resorts Trading Down 9.3 %

The business’s 50 day moving average price is $90.19 and its two-hundred day moving average price is $88.75. The stock has a market cap of $9.63 billion, a P/E ratio of 10.79, a price-to-earnings-growth 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.