Deep-pocketed investors have adopted a bearish approach towards Wynn Resorts WYNN, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in WYNN usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 15 extraordinary options activities for Wynn Resorts. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 26% leaning bullish and 66% bearish. Among these notable options, 4 are puts, totaling $159,550, and 11 are calls, amounting to $1,921,860.
Predicted Price Range
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $85.0 and $110.0 for Wynn Resorts, spanning the last three months.
Insights into Volume & Open Interest
In today's trading context, the average open interest for options of Wynn Resorts stands at 3373.11, with a total volume reaching 6,282.00. 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 $85.0 to $110.0, throughout 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 | TRADE | BEARISH | 10/18/24 | $12.45 | $12.15 | $12.1 | $85.00 | $1.0M | 11.7K | 1.1K |
| WYNN | CALL | SWEEP | BEARISH | 10/18/24 | $12.6 | $12.05 | $12.25 | $85.00 | $245.0K | 11.7K | 200 |
| WYNN | CALL | TRADE | BULLISH | 01/17/25 | $7.0 | $6.8 | $7.0 | $100.00 | $121.1K | 3.1K | 1.3K |
| WYNN | CALL | TRADE | BEARISH | 01/17/25 | $6.4 | $6.25 | $6.25 | $100.00 | $97.5K | 3.1K | 619 |
| WYNN | CALL | TRADE | BEARISH | 01/17/25 | $3.95 | $3.85 | $3.85 | $110.00 | $83.9K | 4.8K | 725 |
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.
Having examined the options trading patterns of Wynn Resorts, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Wynn Resorts's Current Market Status
- With a volume of 1,366,677, the price of WYNN is down -0.25% at $97.38.
- RSI indicators hint that the underlying stock may be overbought.
- Next earnings are expected to be released in 38 days.
Professional Analyst Ratings for Wynn Resorts
In the last month, 3 experts released ratings on this stock with an average target price of $101.33333333333333.
Unusual Options Activity Detected: Smart Money on the Move
Benzinga Edge's Unusual Options board spots potential market movers before they happen. See what positions big money is taking on your favorite stocks. Click here for access. * Showing optimism, an analyst from Morgan Stanley upgrades its rating to Overweight with a revised price target of $104. * An analyst from Stifel has decided to maintain their Buy rating on Wynn Resorts, which currently sits at a price target of $103. * Maintaining their stance, an analyst from Morgan Stanley continues to hold a Equal-Weight rating for Wynn Resorts, targeting a price of $97.
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.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
