Q2 STOCKS TO BUY

The Worst Casino Stock to Own This Month

WYNN is already trading at one-year lows

Deputy Editor
Aug 1, 2024 at 12:28 PM
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Shares of Wynn Resorts, Limited (NASDAQ:WYNN) are 4.4% lower at $79.22 at last check, pulling back from yesterday's bounce that followed the casino operators better-than-expected results for the second quarter.

On the charts, WYNN's 20-day moving average has steadily guided it lower since it touched an annual high of $110.38 on April 4. The security is now trading at its lowest levels since November 2022, down 13.1% in 2024. Plus, seasonality suggests the shares are going to drop even more.

WYNN Chart August 12024

According to data from Schaeffer's Senior Quantitative Analyst Rocky White, Wynn Resorts is one of the worst S&P 500 Index (SPX) stocks to own in August, looking back over the past 10 years. The shares averaged a loss of 5.2% for the month over the last decade, and finished the month lower seven times. A move of comparable magnitude would put the shares just above $75.

Worst of August 2024

There's plenty of optimism to unwind amongst options traders and analysts as well. Of the 14 analysts in coverage, 11 recommend a "strong buy" rating, while its 12-month consensus price target of $123.67 is a 55.9% premium to current levels.

At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Wynn Resorts stock sports a 50-day call/put volume ratio of 3.68, which ranks higher than 88% of readings from the past 12 months. 

 
 

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