JPMorgan Chase & Co. Issues Pessimistic Forecast for Wynn Resorts (NASDAQ:WYNN) Stock Price

Wynn Resorts (NASDAQ:WYNN) had its price objective lowered by analysts at JPMorgan Chase & Co. from $115.00 to $112.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the casino operator’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 34.76% from the stock’s previous close.

Several other analysts have also recently commented on WYNN. Weiss Ratings restated a “hold (c)” rating on shares of Wynn Resorts in a research note on Monday, September 21st. Barclays cut their price objective on shares of Wynn Resorts from $128.00 to $120.00 and set an “overweight” rating on the stock in a research note on Friday. Truist Financial cut their price objective on shares of Wynn Resorts from $125.00 to $110.00 and set a “buy” rating on the stock in a research note on Tuesday, October 20th. Wall Street Zen cut shares of Wynn Resorts from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Susquehanna restated a “positive” rating and set a $95.00 target price on shares of Wynn Resorts in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $121.06.

Wynn Resorts Stock Performance

Shares of WYNN stock opened at $83.11 on Friday. The stock’s 50-day simple moving average is $80.68 and its 200-day simple moving average is $97.68. The firm has a market capitalization of $8.56 billion, a PE ratio of 24.81, a P/E/G ratio of 1.02 and a beta of 0.96. Wynn Resorts has a fifty-two week low of $70.79 and a fifty-two week high of $134.72.

Wynn Resorts (NASDAQ:WYNN) last issued its quarterly earnings results on Thursday, November 5th. The casino operator reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.19). Wynn Resorts had a negative return on equity of 42.73% and a net margin of 5.20%. The business had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.75 billion. During the same quarter last year, the company posted $0.86 EPS. Wynn Resorts’s quarterly revenue was down 7.9% compared to the same quarter last year. Sell-side analysts forecast that Wynn Resorts will post 4.24 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. QRG Capital Management Inc. boosted its stake in shares of Wynn Resorts by 4.9% during the 1st quarter. QRG Capital Management Inc. now owns 2,071 shares of the casino operator’s stock worth $210,000 after acquiring an additional 96 shares in the last quarter. Parallel Advisors LLC grew its position in shares of Wynn Resorts by 18.5% during the 1st quarter. Parallel Advisors LLC now owns 756 shares of the casino operator’s stock valued at $77,000 after acquiring an additional 118 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Wynn Resorts by 1.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 11,093 shares of the casino operator’s stock valued at $1,127,000 after purchasing an additional 150 shares in the last quarter. Wedmont Private Capital increased its stake in shares of Wynn Resorts by 5.7% in the 2nd quarter. Wedmont Private Capital now owns 2,845 shares of the casino operator’s stock valued at $284,000 after purchasing an additional 154 shares in the last quarter. Finally, Mufg Securities Americas Inc. increased its stake in shares of Wynn Resorts by 8.1% in the 2nd quarter. Mufg Securities Americas Inc. now owns 2,526 shares of the casino operator’s stock valued at $245,000 after purchasing an additional 190 shares in the last quarter. Institutional investors and hedge funds own 88.64% of the company’s stock.

Wynn Resorts Company Profile

Wynn Resorts, Limited develops and operates luxury hotels and casino resorts. Its properties offer gaming, hotel accommodations, restaurants, retail, entertainment, and convention and meeting facilities.

The company’s portfolio includes Wynn Las Vegas and Encore in Nevada, Encore Boston Harbor in Massachusetts, and Wynn Macau and Wynn Palace in Macau. Its operations therefore span the United States and Macau, a special administrative region of China.

Founded in 2002, Wynn Resorts opened Wynn Las Vegas in 2005.