This Is What Whales Are Betting On Wynn Resorts

Investors with a lot of money to spend have taken a bearish stance on Wynn Resorts WYNN.

And retail traders should know.

We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.

Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with WYNN, it often means somebody knows something is about to happen.

So how do we know what these investors just did?

Today, Benzinga's options scanner spotted 15 uncommon options trades for Wynn Resorts.

This isn't normal.

The overall sentiment of these big-money traders is split between 33% bullish and 46%, bearish.

Out of all of the special options we uncovered, 4 are puts, for a total amount of $104,838, and 11 are calls, for a total amount of $606,215.

What's The Price Target?

Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $75.0 to $105.0 for Wynn Resorts over the recent three months.

Insights into Volume & Open Interest

Looking at the volume and open interest is a powerful move while trading options. 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 trades within a strike price range from $75.0 to $105.0 in the last 30 days.

Wynn Resorts Option Volume And Open Interest Over Last 30 Days

Significant Options Trades Detected:

Symbol PUT/CALL Trade Type Sentiment Exp. Date Ask Bid Price Strike Price Total Trade Price Open Interest Volume
WYNN CALL SWEEP BEARISH 08/16/24 $6.35 $6.25 $6.25 $95.00 $93.7K 103 810
WYNN CALL SWEEP BEARISH 08/16/24 $5.0 $4.95 $4.95 $97.50 $74.2K 841 503
WYNN CALL SWEEP BEARISH 07/19/24 $2.92 $2.9 $2.9 $100.00 $72.7K 518 353
WYNN CALL TRADE BULLISH 12/20/24 $6.5 $5.85 $6.35 $105.00 $63.5K 27 102
WYNN CALL TRADE BULLISH 01/17/25 $25.8 $25.3 $25.8 $75.00 $51.6K 824 0

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.

Following our analysis of the options activities associated with Wynn Resorts, we pivot to a closer look at the company's own performance.

Current Position of Wynn Resorts

  • With a volume of 2,577,970, the price of WYNN is down -2.53% at $94.77.
  • RSI indicators hint that the underlying stock may be approaching oversold.
  • Next earnings are expected to be released in 91 days.

Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Wynn Resorts options trades with real-time alerts from Benzinga Pro.

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Posted In: OptionsMarketsBZI-UOA
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