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 8 options trades for Wynn Resorts.
This isn't normal.
The overall sentiment of these big-money traders is split between 37% bullish and 37%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $27,720, and 7, calls, for a total amount of $251,848.
Expected Price Movements
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $73.0 to $92.5 for Wynn Resorts over the recent three months.
Analyzing Volume & Open Interest
In terms of liquidity and interest, the mean open interest for Wynn Resorts options trades today is 998.0 with a total volume of 1,325.00.
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 $73.0 to $92.5 over the last 30 days.
Wynn Resorts Option Volume And Open Interest Over Last 30 Days
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 | NEUTRAL | 09/06/24 | $3.5 | $3.35 | $3.41 | $73.00 | $58.1K | 556 | 45 |
| WYNN | CALL | SWEEP | BEARISH | 09/20/24 | $3.0 | $2.97 | $3.0 | $75.00 | $39.6K | 856 | 508 |
| WYNN | CALL | SWEEP | BULLISH | 01/16/26 | $6.95 | $6.8 | $6.95 | $92.50 | $36.1K | 86 | 72 |
| WYNN | CALL | SWEEP | NEUTRAL | 09/06/24 | $3.8 | $3.65 | $3.71 | $73.00 | $34.9K | 556 | 221 |
| WYNN | CALL | SWEEP | BEARISH | 09/20/24 | $3.05 | $2.97 | $3.0 | $75.00 | $27.9K | 856 | 258 |
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.
Following our analysis of the options activities associated with Wynn Resorts, we pivot to a closer look at the company's own performance.
Where Is Wynn Resorts Standing Right Now?
- With a trading volume of 1,644,903, the price of WYNN is up by 0.32%, reaching $75.54.
- Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
- Next earnings report is scheduled for 70 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 has decided to maintain their Overweight rating on Wynn Resorts, which currently sits at a price target of $115.
- Maintaining their stance, an analyst from JP Morgan continues to hold a Overweight rating for Wynn Resorts, targeting a price of $101.
- An analyst from Deutsche Bank persists with their Buy rating on Wynn Resorts, maintaining a target price of $122.
- Maintaining their stance, an analyst from Macquarie continues to hold a Outperform rating for Wynn Resorts, targeting a price of $126.
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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