Regulatory Update Boosts Wynn Resorts Stock

WYNN is looking to finish the year on a positive note

Deputy Editor
Dec 23, 2021 at 10:17 AM
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Wynn Resorts, Limited (NASDAQ:WYNN) is up 2.7% to trade at $88.20 this morning, following a regulatory update. Other notable sector peers operating in Macau such as Las Vegas Sands (LVS) and MGM Resorts (MGM) are also seeing shares pop, after a 45-day public gaming consultation seemingly resulted in no additional regulations that could put a dent in profits. 

The brokerage bunch is skeptical of WYNN, so an unwinding of pessimism among those covering the security could fuel additional gains. Of the nine analysts in question, five still carry a tepid "hold" rating. Meanwhile, the 12-month consensus target price of $105.77 is a 19% premium to the stock's current perch.

A broader look shows the options pits have been overwhelmingly bearish recently. This is per WYNN's Schaeffer's put/call open interest ratio (SOIR), which sits higher than 82% of readings in its annual range. This means near-term put open interest outweighs call open interest by a wider-than-usual margin. Should some of that pessimism begin to unwind, the shares could surge even higher. 

Wynn Resorts stock hasn't fared well on the charts of late, succumbing to pressure at the 40-day moving average in late November, though today's positive price action has helped the equity reconquer the trendline. Looking to close out the year on a positive note, WYNN is pacing for its best monthly performance since February.

 

 

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