Deep-pocketed investors have adopted a bullish 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 17 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 70% leaning bullish and 29% bearish. Among these notable options, 8 are puts, totaling $286,342, and 9 are calls, amounting to $397,441.
Expected Price Movements
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $98.0 to $105.0 for Wynn Resorts over the last 3 months.
Volume & Open Interest Development
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 $98.0 to $105.0 in the last 30 days.
Wynn Resorts Option Volume And Open Interest Over Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| WYNN | CALL | SWEEP | NEUTRAL | 03/22/24 | $99.00 | $70.6K | 2.3K | 1.0K |
| WYNN | CALL | SWEEP | NEUTRAL | 09/20/24 | $105.00 | $65.6K | 587 | 0 |
| WYNN | PUT | SWEEP | BULLISH | 07/19/24 | $100.00 | $61.1K | 6 | 581 |
| WYNN | CALL | TRADE | BEARISH | 01/17/25 | $105.00 | $57.8K | 1.8K | 6 |
| WYNN | CALL | SWEEP | BULLISH | 03/22/24 | $99.00 | $50.6K | 2.3K | 513 |
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 open a new building next to its existing Wynn Palace resort in around 2028. 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.
Current Position of Wynn Resorts
- Currently trading with a volume of 703,788, the WYNN's price is up by 0.75%, now at $100.83.
- RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
- Anticipated earnings release is in 47 days.
Expert Opinions on Wynn Resorts
1 market experts have recently issued ratings for this stock, with a consensus target price of $123.0.
- An analyst from JP Morgan persists with their Overweight rating on Wynn Resorts, maintaining a target price of $123.
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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