Wynn Resorts Ltd (NASDAQ:WYNN) has reached a new 52-week low, with shares trading at $81.65. This marks a significant downturn for the company, which has seen its stock price steadily decline over the past year. The 52-week low of $81.65 is a stark contrast to the company's previous performance, indicating a challenging period for the resort and casino operator. Over the past year, Wynn Resorts Ltd has experienced a -24.94% change in its stock price, further emphasizing the company's current financial struggles. Despite this, investors and market watchers will be keenly observing how Wynn Resorts navigates this period of low performance and strategizes for a potential rebound.
In other recent news, Wynn Resorts has seen a flurry of activity with regards to its financial performance and future projections. The company reported a record-breaking property EBITDAR of $647 million in the first quarter of 2024, drawing attention from several analysts. Mizuho Securities adjusted its outlook on Wynn Resorts, reducing the price target on the company's shares to $124 from $131, despite maintaining an Outperform rating. This adjustment was due to revised estimates for the company's second-quarter performance, particularly in Las Vegas and Macau.
Similarly, JPMorgan (NYSE:JPM) reduced its price target for Wynn Resorts from $122 to $110, following a revision of the second-quarter EBITDAR for its Macau properties. However, the firm retains an Overweight rating on the stock, citing strong fundamentals in Wynn's Las Vegas operations. Seaport Global Securities and Argus both upgraded Wynn Resorts' stock from Neutral to Buy, with respective price targets of $116 and $110, reflecting strong performance in the Macau and Las Vegas markets.
In addition to these financial adjustments, Wynn Resorts has also announced plans for global expansion, including potential developments in New York City and Thailand. However, a development project in Boston has been halted due to disagreements with local authorities. These recent developments provide a snapshot of Wynn Resorts' current financial health and strategic positioning in the competitive gaming and hospitality industry.
InvestingPro Insights
As Wynn Resorts Ltd (WYNN) touches a new 52-week low, an analysis of real-time data and InvestingPro Tips sheds light on some of the factors investors may consider. The company's market capitalization stands at $9.08 billion, with an impressive gross profit margin of 68.8% over the last twelve months as of Q1 2024. This indicates that despite the stock's current low, the company's ability to retain earnings from sales remains strong. Additionally, Wynn Resorts has been identified to have a high shareholder yield, which could be an attractive point for investors seeking companies with potential for income in addition to capital gains.
An InvestingPro Tip highlights that the company's liquid assets exceed its short-term obligations, suggesting a solid financial position for handling immediate liabilities. Moreover, analysts predict Wynn Resorts will be profitable this year, which could signal a turnaround from its current stock performance. For investors interested in further analysis and tips, there are 5 additional InvestingPro Tips available for Wynn Resorts, which can be accessed at https://www.investing.com/pro/WYNN. To delve deeper into the company's financial health and stock potential, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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