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 trades showed up on publicly available options history that we track here at Benzinga.
Whether this is an institution or just a wealthy individual, 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 8 options trades for Wynn Resorts.
This isn't normal.
The overall sentiment of these big-money traders is split between 62% bullish and 37%, bearish.
Out of all of the options we uncovered, 7 are puts, for a total amount of $779,320, and there was 1 call, for a total amount of $30,800.
Expected Price Movements
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $72.5 and $87.5 for Wynn Resorts, spanning the last three months.
Analyzing Volume & Open Interest
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in Wynn Resorts's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to Wynn Resorts's substantial trades, within a strike price spectrum from $72.5 to $87.5 over the preceding 30 days.
Wynn Resorts Option Activity Analysis: Last 30 Days
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WYNN | PUT | TRADE | BEARISH | 09/20/24 | $13.85 | $11.55 | $13.4 | $87.50 | $515.9K | 2.9K | 385 |
| WYNN | PUT | SWEEP | BEARISH | 01/17/25 | $12.5 | $12.4 | $12.45 | $85.00 | $64.7K | 1.4K | 53 |
| WYNN | PUT | SWEEP | BULLISH | 01/17/25 | $8.15 | $8.05 | $8.1 | $77.50 | $46.9K | 1.3K | 107 |
| WYNN | PUT | SWEEP | BULLISH | 11/15/24 | $7.95 | $7.9 | $7.95 | $80.00 | $42.1K | 382 | 3 |
| WYNN | PUT | SWEEP | BULLISH | 01/17/25 | $8.2 | $8.15 | $8.15 | $77.50 | $39.9K | 1.3K | 49 |
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
- With a trading volume of 711,163, the price of WYNN is up by 0.12%, reaching $74.72.
- Current RSI values indicate that the stock is may be oversold.
- Next earnings report is scheduled for 87 days from now.
What Analysts Are Saying About Wynn Resorts
In the last month, 4 experts released ratings on this stock with an average target price of $116.0.
- An analyst from Wells Fargo persists with their Overweight rating on Wynn Resorts, maintaining a target price of $115.
- Consistent in their evaluation, an analyst from JP Morgan keeps a Overweight rating on Wynn Resorts with a target price of $101.
- An analyst from Macquarie persists with their Outperform rating on Wynn Resorts, maintaining 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 $122.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Wynn Resorts, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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