Wynn Resorts Stock Pops After Analyst Upgrade

WYNN is down 36.6% year-over-year, though

Digital Content Manager
Apr 1, 2022 at 10:28 AM
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Wynn Resorts, Limited (NASDAQ:WYNN) is up 2.5% at $81.76 at last check, after Citi upgraded the security to "buy" from "neutral," noting its attractive valuation. Further, the company just reported smaller-than-expected annual losses for its Macau casino, with increasing clarity over regulations and licenses at the location cited as another reason for the firm's bull note.

Despite the strong results, Jefferies cut its price target to $93 from $104 earlier. The brokerage bunch is mostly skeptical towards Wynn Resorts stock, with six of the nine in question calling the equity a tepid "hold," while three say "buy" or better. Plus, short interest is up 6.9% over the most recent report period, and now makes up 6.1% of WYNN's available float.

The options pits are more bearish than usual, with puts popular in the last two weeks. Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), WYNN's 10-day put/call volume ratio sits higher than 99% of annual readings. This means puts are getting picked up at a much quicker-than-usual pace.  

Echoing this, Wynn Resorts stock's Schaeffer's put/call open interest ratio (SOIR) of 1.40 ranks higher than 98% of readings in its 12-month range, indicating short-term options traders have rarely been more put-biased.

Wynn Resorts stock has struggled on the charts over the past 12 months. The shares have experienced resistance at the $84 level, as well as the 60-day moving average in the last four weeks, both of which have contributed to its 36.6% year-over-year deficit.

 

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