Wynn Resorts Shares Rise After Largest Shareholder Boosts Stake: Retail Traders Excited About Company's Prospects
Synopsis
According to a securities filing, Fertitta purchased 16,500 shares of Wynn on March 21 and March 24, with a price range of $80.99 to $84.93 per share, totaling approximately $1.38 million.
Wynn Resorts Ltd (WYNN) ended 1.4% higher on Tuesday and gained some more in post-market trading after billionaire Tilman Fertitta, the hotel and casino operator's largest shareholder, expanded his stake in the company.
The move prompted several bullish comments and a lift in the sentiment for WYNN on Stocktwits.
According to a securities filing, Fertitta purchased 16,500 shares of Wynn on March 21 and March 24, with a price range of $80.99 to $84.93 per share, totaling approximately $1.38 million.
In addition, Hospitality Headquarters, part of Fertitta-owned Fertitta Entertainment, bought 1.68 million shares for $85.73 a piece on March 24, valued at about $143.3 million.
Fertitta, who also owns a stake in Golden Nugget casinos, became the largest shareholder in Wynn in November 2024 when he increased his stake to nearly 10%.
Insiders and shareholders bumping up their stakes typically shows their confidence in the business and is positive for the company.
Wynn Resorts is a luxury hotel and casino operator with strong holdings in Las Vegas and Macau.
The U.S. hospitality sector has shown robust post-pandemic recovery, driven by high leisure and business travel demand, though rising operational costs and economic uncertainty pose challenges.
On Stocktwits, retail sentiment bounced to 'bullish' from 'neutral' a day prior. Chatter around WYNN jumped a whopping 1,900% day on day.
Several users posted bullish commentary, with one saying that the stock was "grossly undervalued" and could go up to $150.
Last week, Morgan Stanley lowered its price target on WYNN to $100 from $103, but maintained an 'overweight' rating.
Shares ended at $83.03 on Tuesday and are at the same level as the start of the year.
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