The stock of Wynn Resorts, Limited (NASDAQ:WYNN) gapped down by $1.55 today and has $92.55 target or 5.00% below today’s $97.42 share price. The 8 months technical chart setup indicates high risk for the $9.81 billion company. The gap down was reported on Oct, 1 by Barchart.com. If the $92.55 price target is reached, the company will be worth $490.50 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. The stock decreased 3.15% or $3.17 on September 30, hitting $97.42. Wynn Resorts, Limited (NASDAQ:WYNN) has risen 18.11% since February 29, 2016 and is uptrending. It has outperformed by 7.69% the S&P500.
Analysts await Wynn Resorts, Limited (NASDAQ:WYNN) to report earnings on October, 20. They expect $0.81 earnings per share, down 5.81% or $0.05 from last year’s $0.86 per share. WYNN’s profit will be $81.57 million for 30.07 P/E if the $0.81 EPS becomes a reality. After $1.07 actual earnings per share reported by Wynn Resorts, Limited for the previous quarter, Wall Street now forecasts -24.30% negative EPS growth.
Wynn Resorts, Limited (NASDAQ:WYNN) Ratings Coverage
Out of 18 analysts covering Wynn Resorts (NASDAQ:WYNN), 8 rate it a “Buy”, 2 “Sell”, while 8 “Hold”. This means 44% are positive. Wynn Resorts has been the topic of 35 analyst reports since July 31, 2015 according to StockzIntelligence Inc. The firm has “Underperform” rating by Telsey Advisory Group given on Friday, September 25. The rating was downgraded by Nomura on Friday, July 29 to “Reduce”. The stock of Wynn Resorts, Limited (NASDAQ:WYNN) earned “Neutral” rating by JP Morgan on Thursday, July 14. The stock has “Overweight” rating given by Morgan Stanley on Tuesday, March 22. Credit Suisse maintained it with “Outperform” rating and $76 target price in Friday, October 16 report. The firm earned “Buy” rating on Friday, March 18 by Deutsche Bank. The stock has “Hold” rating given by Deutsche Bank on Wednesday, April 13. CLSA downgraded the stock to “Outperform” rating in Friday, April 29 report. The firm earned “Outperform” rating on Friday, July 29 by Telsey Advisory Group. Goldman Sachs maintained it with “Buy” rating and $103 target price in Friday, April 1 report.
According to Zacks Investment Research, “Wynn Resorts Limited and its wholly-owned subsidiaries Wynn Las Vegas and Wynn Capital will own and operate Le Reve, which they’ve designed to be the preeminent luxury hotel and destination casino resort in Las Vegas. Le Reve will be situated at the site of the former Desert Inn & Casino on the Las Vegas Strip in Las Vegas, Nevada.”
Insitutional Activity: The institutional sentiment decreased to 1.01 in 2016 Q2. Its down 0.37, from 1.38 in 2016Q1. The ratio worsened, as 45 funds sold all Wynn Resorts, Limited shares owned while 135 reduced positions. 50 funds bought stakes while 131 increased positions. They now own 75.05 million shares or 4.08% less from 78.24 million shares in 2016Q1.
Nicholas Invest Prtn Limited Partnership has 1.89% invested in the company for 300,000 shares. Asset Management Inc holds 39,577 shares or 0.06% of its portfolio. Voya Invest Ltd Com has 0.01% invested in the company for 54,531 shares. Archon Prns Limited Liability Company holds 11,900 shares or 0.29% of its portfolio. Discovery Management Limited Company Ct last reported 253,000 shares in the company. Fjarde Ap accumulated 18,758 shares or 0.04% of the stock. Par Cap Management last reported 0.46% of its portfolio in the stock. Utah Retirement has invested 0.04% of its portfolio in Wynn Resorts, Limited (NASDAQ:WYNN). First Mercantile Tru holds 0.17% or 14,650 shares in its portfolio. Tarbox Group holds 42 shares or 0% of its portfolio. Pictet Cie (Europe) Sa holds 0.13% of its portfolio in Wynn Resorts, Limited (NASDAQ:WYNN) for 6,804 shares. North Star Inv Mgmt last reported 0% of its portfolio in the stock. National Bank & Trust Of America De accumulated 200,587 shares or 0% of the stock. California State Teachers Retirement Systems holds 0.03% or 169,575 shares in its portfolio. The New York-based Blackrock has invested 0.02% in Wynn Resorts, Limited (NASDAQ:WYNN).
More notable recent Wynn Resorts, Limited (NASDAQ:WYNN) news were published by: Investorplace.com which released: “Why CalAmp Corp. (CAMP), Cognizant Technology Solutions Corp (CTSH) and Wynn …” on September 30, 2016, also Schaeffersresearch.com with their article: “3 Levels to Watch On Wynn Resorts, Limited (WYNN)” published on September 30, 2016, Fool.com published: “3 Stocks With Better Dividends Than Wynn Resorts, Limited” on September 20, 2016. More interesting news about Wynn Resorts, Limited (NASDAQ:WYNN) were released by: Fool.com and their article: “Wynn Resorts, Limited’s Best Moves in 2016 So Far” published on September 08, 2016 as well as Schaeffersresearch.com‘s news article titled: “Call Buyers Blast Booming Wynn Resorts, Limited (WYNN)” with publication date: September 14, 2016.
WYNN Company Profile
Wynn Resorts, Limited (Wynn Resorts), incorporated on June 3, 2002, is a developer, owner and operator of destination casino resorts that integrate accommodations and a range of amenities, including dining outlets, retail offerings, entertainment theaters and meeting complexes. The Firm operates through two divisions: Macau Operations and Las Vegas Operations. In Macau, it owns interest in Wynn Macau, Limited and operates Wynn Macau and Encore at Wynn Macau. In Las Vegas, Nevada, it owns and operates Wynn Las Vegas and Encore at Wynn Las Vegas. In addition, the Company is developing an integrated casino resort in Everett, Massachusetts.
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