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Tilman Fertitta, a prominent investor and the sole shareholder of Fertitta Entertainment, Inc., has recently increased his stake in Wynn Resorts Ltd (NASDAQ:WYNN) through a series of transactions. According to a recent SEC filing, Fertitta acquired a total of 400,000 shares of Wynn Resorts common stock over several days, adding to his position in the $6.9 billion market cap casino operator.
The purchases were made at prices ranging from $67.62 to $70.3978 per share, resulting in a total investment of approximately $27.87 million. Following these transactions, Fertitta's total holdings in the company have increased to 13 million shares. The timing appears strategic, with the stock currently trading near its 52-week low of $66.20 and showing oversold conditions according to technical indicators.
These acquisitions were made through Fertitta's various entities, including Fertitta Entertainment, Inc., Hospitality Headquarters, and Fertitta Entertainment, LLC. As the sole shareholder of these entities, Fertitta is deemed to share beneficial ownership of the securities acquired.
The transactions highlight Fertitta's continued interest in Wynn Resorts, a major player in the hospitality and gaming industry. Investors will be closely watching how this increased stake influences the company's future direction and performance.
In other recent news, Wynn Resorts reported its fourth-quarter earnings, revealing a normalized EPS of $2.42, surpassing consensus estimates by $1.15. The company's revenues met expectations at $1.84 billion, with a slight beat of $69 million. Wynn Resorts' Las Vegas operations saw a marginal revenue increase to $700 million, while Wynn Macau (OTC:WYNMF) experienced a 6% year-over-year revenue decrease to $364 million. Conversely, Wynn Palace's revenue increased by 7% to $563 million.
In related developments, Jefferies upgraded Wynn Resorts' stock from Hold to Buy, raising the price target to $118, citing the company's long-term capital investment plans and robust core business. Stifel also raised its price target to $128, maintaining a Buy rating, following the company's earnings report. CFRA increased its price target to $113, reiterating a Strong Buy rating, while Citi adjusted its price target to $97, affirming a Buy rating. Additionally, Wynn Resorts nominated Anthony Sanfilippo to its Board of Directors, emphasizing his extensive industry experience.
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