Caesars Entertainment Sees Unusually Large Options Volume (NASDAQ:CZR)

Caesars Entertainment, Inc. (NASDAQ:CZR) saw unusually large options trading on Tuesday. Investors purchased 22,750 put options on the stock. This is an increase of approximately 41% compared to the average volume of 16,091 put options.

Caesars Entertainment Stock Down 2.2 %

CZR stock opened at $38.79 on Wednesday. Caesars Entertainment has a one year low of $31.74 and a one year high of $50.51. The company has a debt-to-equity ratio of 2.84, a quick ratio of 0.82 and a current ratio of 0.84. The firm’s 50 day moving average price is $41.14 and its 200-day moving average price is $38.18. The firm has a market cap of $8.24 billion, a PE ratio of -23.23 and a beta of 2.96.

Caesars Entertainment (NASDAQ:CZR) last posted its quarterly earnings results on Tuesday, October 29th. The company reported ($0.04) EPS for the quarter, missing the consensus estimate of $0.21 by ($0.25). The business had revenue of $2.87 billion during the quarter, compared to analyst estimates of $2.93 billion. Caesars Entertainment had a negative return on equity of 4.44% and a negative net margin of 3.20%. The business’s revenue was down 4.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.34 EPS. On average, equities research analysts anticipate that Caesars Entertainment will post -0.44 EPS for the current year.

Hedge Funds Weigh In On Caesars Entertainment

A number of institutional investors and hedge funds have recently modified their holdings of CZR. Vanguard Group Inc. raised its holdings in shares of Caesars Entertainment by 0.3% in the first quarter. Vanguard Group Inc. now owns 23,635,788 shares of the company’s stock valued at $1,033,829,000 after buying an additional 75,898 shares during the last quarter. Capital Research Global Investors boosted its stake in shares of Caesars Entertainment by 26.9% during the 1st quarter. Capital Research Global Investors now owns 15,505,033 shares of the company’s stock worth $678,190,000 after purchasing an additional 3,289,748 shares during the last quarter. Janus Henderson Group PLC raised its holdings in Caesars Entertainment by 2.5% in the 1st quarter. Janus Henderson Group PLC now owns 9,616,712 shares of the company’s stock valued at $420,633,000 after acquiring an additional 233,250 shares during the last quarter. EdgePoint Investment Group Inc. increased its stake in Caesars Entertainment by 1.0% in the second quarter. EdgePoint Investment Group Inc. now owns 5,859,251 shares of the company’s stock valued at $232,847,000 after purchasing an additional 60,184 shares during the last quarter. Finally, Nut Tree Capital Management LP increased its stake in shares of Caesars Entertainment by 340.0% during the 1st quarter. Nut Tree Capital Management LP now owns 2,200,000 shares of the company’s stock valued at $96,228,000 after acquiring an additional 1,700,000 shares during the last quarter. Institutional investors and hedge funds own 91.79% of the company’s stock.

Wall Street Analysts Forecast Growth

CZR has been the topic of several research analyst reports. JPMorgan Chase & Co. increased their price objective on Caesars Entertainment from $54.00 to $58.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Barclays reduced their target price on Caesars Entertainment from $59.00 to $57.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. JMP Securities restated a “market outperform” rating and issued a $59.00 target price on shares of Caesars Entertainment in a research note on Monday, October 14th. Morgan Stanley increased their price target on Caesars Entertainment from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 22nd. Finally, Jefferies Financial Group cut their price target on Caesars Entertainment from $62.00 to $60.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, two have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Caesars Entertainment has an average rating of “Moderate Buy” and a consensus price target of $54.00.

About Caesars Entertainment

Caesars Entertainment, Inc operates as a gaming and hospitality company. The company owns, leases, or manages domestic properties in 18 states with slot machines, video lottery terminals and e-tables, and hotel rooms, as well as table games, including poker. It also operates and conducts retail and online sports wagering across 31 jurisdictions in North America and operates iGaming in five jurisdictions in North America; sports betting from our retail and online sportsbooks; and other games, such as keno.