Whales with a lot of money to spend have taken a noticeably bearish stance on Wynn Resorts.
Looking at options history for Wynn Resorts WYNN we detected 9 trades.
If we consider the specifics of each trade, it is accurate to state that 44% of the investors opened trades with bullish expectations and 55% with bearish.
From the overall spotted trades, 5 are puts, for a total amount of $159,205 and 4, calls, for a total amount of $157,766.
Expected Price Movements
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $75.0 to $83.0 for Wynn Resorts over the recent three months.
Volume & Open Interest Development
In today's trading context, the average open interest for options of Wynn Resorts stands at 494.5, with a total volume reaching 4,036.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Wynn Resorts, situated within the strike price corridor from $75.0 to $83.0, throughout the last 30 days.
Wynn Resorts 30-Day Option Volume & Interest Snapshot
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WYNN | CALL | SWEEP | BEARISH | 08/09/24 | $3.15 | $3.05 | $3.05 | $83.00 | $62.5K | 534 | 923 |
| WYNN | PUT | SWEEP | BEARISH | 01/16/26 | $8.3 | $8.15 | $8.25 | $75.00 | $47.8K | 872 | 0 |
| WYNN | CALL | TRADE | BEARISH | 12/18/26 | $21.75 | $20.0 | $20.0 | $80.00 | $40.0K | 11 | 0 |
| WYNN | PUT | SWEEP | BULLISH | 09/20/24 | $3.9 | $3.8 | $3.8 | $82.50 | $33.0K | 561 | 206 |
| WYNN | PUT | SWEEP | BULLISH | 09/20/24 | $3.8 | $3.8 | $3.8 | $82.50 | $28.1K | 561 | 683 |
About Wynn Resorts
Wynn Resorts operates luxury casinos and resorts. The company was founded in 2002 by Steve Wynn, the former CEO. The company operates four megaresorts: Wynn Macau and Encore in Macao and Wynn Las Vegas and Encore in Las Vegas. Cotai Palace opened in August 2016 in Macao, and Encore Boston Harbor in Massachusetts opened June 2019. We expect the company to continue to build nongaming attractions in Macao over the next few years. We model Wynn's managed integrated resort in the United Arab Emirates to open in 2027. The company also operates Wynn Interactive, a digital sports betting and iGaming platform. The company received 76% and 24% of its 2019 prepandemic EBITDA from Macao and the US, respectively.
After a thorough review of the options trading surrounding Wynn Resorts, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Current Position of Wynn Resorts
- Currently trading with a volume of 988,173, the WYNN's price is up by 0.53%, now at $83.92.
- RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
- Anticipated earnings release is in 19 days.
Professional Analyst Ratings for Wynn Resorts
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $117.2.
- An analyst from Jefferies has decided to maintain their Hold rating on Wynn Resorts, which currently sits at a price target of $96.
- An analyst from Morgan Stanley persists with their Equal-Weight rating on Wynn Resorts, maintaining a target price of $107.
- An analyst from Macquarie has decided to maintain their Outperform rating on Wynn Resorts, which currently sits at a price target of $126.
- Consistent in their evaluation, an analyst from Wells Fargo keeps a Overweight rating on Wynn Resorts with a target price of $126.
- Maintaining their stance, an analyst from Deutsche Bank continues to hold a Buy rating for Wynn Resorts, targeting a price of $131.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Wynn Resorts with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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