Investors with a lot of money to spend have taken a bullish stance on Wynn Resorts WYNN.
And retail traders should know.
We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with WYNN, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 14 options trades for Wynn Resorts.
This isn't normal.
The overall sentiment of these big-money traders is split between 57% bullish and 42%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $46,343, and 13, calls, for a total amount of $824,454.
Projected Price Targets
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $85.0 to $100.0 for Wynn Resorts during the past quarter.
Volume & Open Interest Trends
In terms of liquidity and interest, the mean open interest for Wynn Resorts options trades today is 1557.83 with a total volume of 4,983.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Wynn Resorts's big money trades within a strike price range of $85.0 to $100.0 over the last 30 days.
Wynn Resorts Option Volume And Open Interest Over Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| WYNN | CALL | SWEEP | BULLISH | 01/17/25 | $85.00 | $343.9K | 448 | 167 |
| WYNN | CALL | SWEEP | BEARISH | 02/16/24 | $90.00 | $88.0K | 1.3K | 282 |
| WYNN | CALL | SWEEP | BEARISH | 02/16/24 | $90.00 | $63.2K | 1.3K | 2 |
| WYNN | PUT | SWEEP | BEARISH | 06/21/24 | $87.50 | $46.3K | 480 | 106 |
| WYNN | CALL | SWEEP | NEUTRAL | 02/02/24 | $100.00 | $41.2K | 1.9K | 702 |
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 open a new building next to its existing Wynn Palace resort in around 2028. 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 Las Vegas, respectively.
Current Position of Wynn Resorts
- With a volume of 1,337,679, the price of WYNN is up 1.96% at $96.14.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 13 days.
What Analysts Are Saying About Wynn Resorts
A total of 1 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $122.0.
- In a positive move, an analyst from Macquarie has upgraded their rating to Outperform and adjusted the price target to $122.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Wynn Resorts options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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