Last Updated on: 22nd January 2025, 01:47 pm
A number of hedge funds and other institutional investors have obtained a position in companies that own and operate luxury resorts and casinos, according to recent 13F-HR forms filed with the Securities and Exchange Commission.
Global value-oriented and event-driven hedge fund Armistice Capital’s 13F filing for the Sept. 30 reporting period, for instance, lists its ownership of Wyndham Hotels & Resorts Inc.’s stock as 96,676 shares.
Wyndham’s 9,100 hotels, spread across 95 countries and six continents. include economy, midscale and other lodging options that operate under the Super 8, Days Inn, Ramada, La Quinta, Baymont, Hawthorn Suites, Wyndham and other brands.
Other institutional investors, such as Assetmark Inc. and Brooklyn Investment Group, also added the hotel franchising company’s stock in the third quarter of 2024. Assetmark acquired a new stake in Wyndham Hotels & Resorts that MarketBeat said was worth approximately $30,000; Brooklyn Investment Group acquired a new position in the company with a roughly $49,000 value. More than 93% of Wyndham Hotels & Resorts’ stock is reportedly owned by institutional investors.
On Jan. 2 of this year, MarketBeat said equities researchers at Jefferies Financial Group had raised their price target for Wyndham Hotels & Resorts from $107 to $120; the brokerage has also given the company’s stock a buy rating.
In a research note published in October 2024, Robert W. Baird increased its price objective for Wyndham Hotels & Resorts from $92 to $97 and gave the company an outperform rating.
Truist Financial also raised its price target for the company’s stock, upping it from $103 to $105 and giving the stock a buy rating in an October research report. JPMorgan Chase & Co. upped its price target for Wyndham Hotels & Resorts’ stock from $99 to $113 in a December report; in the same month, Barclays raised its objective for the company’s stock to $115 from $100.
A Hotel and Entertainment Investment
Several institutional investors have also obtained ownership in Wynn Resorts recently.
The casino and resort operator was founded in 2022 by former CEO Steve Wynn. Its portfolio includes Wynn Macau and Encore in Macao; Wynn Las Vegas and Encore in Las Vegas; and Encore Boston Harbor in Massachusetts. The company also operates Wynn Interactive, a digital sports betting and iGaming platform.
Eleven analysts have given Wynn Resorts’ stock a buy rating in recent months, according to MarketBeat — including Morgan Stanley, which increased its price objective for Wynn Resorts from $112 to $115 in an Oct. 22 research report, and Susquehanna, which raised its price target for the company’s stock to $122 from $92 in an Oct. 11 report.
Deutsche Bank also upped its price target for the company from $118 to $128 and gave Wynn Resorts a buy rating, Markets Insider reported in mid-December.
In addition to MML Investors Services LLC, which increased its position in Wynn Resorts by more than 135% in the third quarter of 2024, Fisher Asset Management LLC added 1,644,965 shares of the company’s stock, bringing its total to 3,971,846 shares — a 70.7% increase, according to MarketBeat.
Holocene Advisors LP owns 757,946 shares of Wynn’s stock after purchasing an additional 174,005 shares in third quarter, a 27,868.5% increase; and Regal Partners Ltd has 898,705 shares of the company’s stock, a 24% rise from its previous holdings.
Armistice Capital acquired a new position in Wynn Resorts in the third quarter when it purchased 100,887 shares of the company’s stock, according to the fund’s Sept. 30 13F form filing.
A Hotel-Adjacent Option
Armistice Capital also acquired a new stake in Booking Holdings Inc. — which provides online services relating to travel and dining in more than 220 countries and territories — in the third quarter of 2024. Booking Holdings’ brands include Priceline, Booking.com, Agoda, KAYAK, and OpenTable.
Armistice Capital purchased 101 shares of the company’s stock in the third quarter, according to its 13F filing. West Financial Advisors LLC also purchased a new stake in Booking Holdings during the same quarter, which MarketBeat estimates has a value of approximately $29,000.
Several research analysts have given Booking Holdings’ stock a buy rating, according to MarketBeat — including DA Davidson, which in an Oct. 31 report also raised its price target for the company from $4,100 to $5,005.
The Goldman Sachs Group increased its price objective for Bookings Holdings’ stock from $3,940 to $4,510 in a Nov. 1 report; the Royal Bank of Canada increased its price objective for shares of Booking Holdings from $3,900 to $5,250 in a Nov. 1 research note — and Tigress Financial raised its target for shares of Booking Holdings from $4,580 to $5,600, in addition to identifying a strong-buy rating for its stock, on Nov. 18.
Trading and hedge fund news website Insider Monkey recently ranked Booking Holdings as the top leisure and recreation service stock to buy, citing the company’s financial health — including its strong third-quarter performance — as a factor.
