Market Runner: What’s in Wynn Resorts, Limited After Today’s Gap Up?

Market Runner: What's in Wynn Resorts, Limited After Today's Gap Up?

The stock of Wynn Resorts, Limited (NASDAQ:WYNN) gapped up by $0.48 today and has $157.86 target or 59.00% above today’s $99.28 share price. The 6 months technical chart setup indicates low risk for the $9.79 billion company. The gap was reported on Oct, 4 by Barchart.com. If the $157.86 price target is reached, the company will be worth $5.78B more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. The stock increased 1.91% or $1.86 during the last trading session, hitting $99.28. About 4.23M shares traded hands or 9.02% up from the average. Wynn Resorts, Limited (NASDAQ:WYNN) has risen 17.48% since March 1, 2016 and is uptrending. It has outperformed by 5.26% the S&P500.

Analysts await Wynn Resorts, Limited (NASDAQ:WYNN) to report earnings on October, 20. They expect $0.81 EPS, down 5.81% or $0.05 from last year’s $0.86 per share. WYNN’s profit will be $79.87 million for 30.64 P/E if the $0.81 EPS becomes a reality. After $1.07 actual EPS 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 company was downgraded on Wednesday, July 20 by UBS. The rating was downgraded by JP Morgan on Thursday, July 14 to “Neutral”. UBS maintained Wynn Resorts, Limited (NASDAQ:WYNN) on Friday, July 8 with “Buy” rating. The stock of Wynn Resorts, Limited (NASDAQ:WYNN) earned “Buy” rating by Credit Agricole on Wednesday, September 2. The rating was upgraded by Jefferies on Monday, October 19 to “Hold”. Telsey Advisory Group upgraded the stock to “Outperform” rating in Thursday, April 7 report. CLSA downgraded the stock to “Underperform” rating in Friday, July 29 report. Vetr downgraded the stock to “Hold” rating in Thursday, September 17 report. The rating was maintained by Telsey Advisory Group with “Underperform” on Friday, September 25. The company was downgraded on Friday, April 29 by Credit Agricole.

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 Q2 2016. Its down 0.37, from 1.38 in 2016Q1. The ratio dived, 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.
Norinchukin Retail Bank The holds 0.01% or 4,271 shares in its portfolio. Kornitzer Ks has 48,480 shares for 0.08% of their US portfolio. The New York-based Pinnacle Associates has invested 0.02% in Wynn Resorts, Limited (NASDAQ:WYNN). Alliancebernstein Limited Partnership holds 0.01% or 144,799 shares in its portfolio. The Pennsylvania-based Cookson Peirce Inc has invested 0.04% in Wynn Resorts, Limited (NASDAQ:WYNN). Aviva Public Ltd has 49,781 shares for 0.03% of their US portfolio. Kanaly Tru, a Texas-based fund reported 42 shares. Independent Consultants, a Florida-based fund reported 501 shares. Moreover, First New York Ny has 0% invested in Wynn Resorts, Limited (NASDAQ:WYNN) for 40 shares. Euclid Advsrs Ltd Llc owns 220,926 shares or 0.87% of their US portfolio. Mackenzie Finance accumulated 0.01% or 16,915 shares. Exxonmobil Investment Inc Tx owns 21,079 shares or 0.04% of their US portfolio. South Dakota Inv Council last reported 0.05% of its portfolio in the stock. Wellington Management Gru Limited Liability Partnership holds 0.02% or 812,544 shares in its portfolio. Pacific Heights Asset Mgmt Ltd accumulated 1.28% or 155,000 shares.

More important recent Wynn Resorts, Limited (NASDAQ:WYNN) news were published by: Fool.com which released: “3 Stocks With Better Dividends Than Wynn Resorts, Limited” on September 20, 2016, also Investorplace.com published article titled: “Why CalAmp Corp. (CAMP), Cognizant Technology Solutions Corp (CTSH) and Wynn …”, Fool.com published: “Wynn Resorts, Limited’s Best Moves in 2016 So Far” on September 08, 2016. More interesting news about Wynn Resorts, Limited (NASDAQ:WYNN) was released by: Schaeffersresearch.com and their article: “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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