High-rolling investors have positioned themselves bullish on Wynn Resorts WYNN, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in WYNN often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 8 options trades for Wynn Resorts. This is not a typical pattern.
The sentiment among these major traders is split, with 75% bullish and 25% bearish. Among all the options we identified, there was one put, amounting to $30,940, and 7 calls, totaling $563,410.
Expected Price Movements
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $75.0 to $87.5 for Wynn Resorts during the past quarter.
Volume & Open Interest Trends
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Wynn Resorts's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Wynn Resorts's whale activity within a strike price range from $75.0 to $87.5 in 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 | BULLISH | 11/15/24 | $5.1 | $4.85 | $5.05 | $77.50 | $155.5K | 326 | 399 |
| WYNN | CALL | TRADE | BULLISH | 12/20/24 | $7.35 | $7.25 | $7.35 | $75.00 | $128.6K | 513 | 175 |
| WYNN | CALL | TRADE | BEARISH | 11/15/24 | $5.25 | $5.15 | $5.15 | $77.50 | $110.7K | 326 | 425 |
| WYNN | CALL | SWEEP | BULLISH | 11/15/24 | $5.25 | $5.1 | $5.25 | $77.50 | $69.8K | 326 | 927 |
| WYNN | CALL | SWEEP | BULLISH | 11/15/24 | $5.15 | $5.0 | $5.15 | $77.50 | $38.1K | 326 | 714 |
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.
Where Is Wynn Resorts Standing Right Now?
- Currently trading with a volume of 196,639, the WYNN's price is down by -0.01%, now at $75.8.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 64 days.
Professional Analyst Ratings for Wynn Resorts
5 market experts have recently issued ratings for this stock, with a consensus target price of $112.2.
- An analyst from Morgan Stanley persists with their Equal-Weight rating on Wynn Resorts, maintaining a target price of $97.
- 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 Wells Fargo has decided to maintain their Overweight rating on Wynn Resorts, which currently sits at a price target of $115.
- 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 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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