Traders Buy Large Volume of Put Options on Caesars Entertainment (NASDAQ:CZR)

Caesars Entertainment, Inc. (NASDAQ:CZR) saw unusually large options trading activity on Friday. Stock investors purchased 29,095 put options on the stock. This represents an increase of approximately 83% compared to the typical daily volume of 15,916 put options.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CZR shares. Truist Financial dropped their price target on Caesars Entertainment from $52.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Wells Fargo & Company cut their target price on shares of Caesars Entertainment from $53.00 to $50.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. JPMorgan Chase & Co. dropped their price target on shares of Caesars Entertainment from $58.00 to $57.00 and set an “overweight” rating on the stock in a research note on Friday, January 3rd. TD Cowen cut their price target on Caesars Entertainment from $50.00 to $48.00 and set a “buy” rating for the company in a report on Tuesday, February 4th. Finally, Barclays reduced their target price on shares of Caesars Entertainment from $55.00 to $54.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.00.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Caesars Entertainment by 1.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 38,504 shares of the company’s stock worth $1,287,000 after acquiring an additional 408 shares in the last quarter. Arizona State Retirement System boosted its holdings in shares of Caesars Entertainment by 0.8% in the fourth quarter. Arizona State Retirement System now owns 62,785 shares of the company’s stock valued at $2,098,000 after purchasing an additional 470 shares during the period. GABELLI & Co INVESTMENT ADVISERS INC. grew its stake in Caesars Entertainment by 6.1% in the fourth quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 8,700 shares of the company’s stock worth $291,000 after purchasing an additional 500 shares in the last quarter. Contrarian Capital Management L.L.C. increased its holdings in Caesars Entertainment by 0.4% during the 4th quarter. Contrarian Capital Management L.L.C. now owns 118,000 shares of the company’s stock worth $3,944,000 after purchasing an additional 500 shares during the period. Finally, Fifth Lane Capital LP raised its position in Caesars Entertainment by 6.3% during the 4th quarter. Fifth Lane Capital LP now owns 8,500 shares of the company’s stock valued at $284,000 after purchasing an additional 500 shares in the last quarter. Hedge funds and other institutional investors own 91.79% of the company’s stock.

Caesars Entertainment Trading Down 5.0 %

NASDAQ CZR traded down $1.34 during trading on Friday, hitting $25.67. The stock had a trading volume of 5,872,126 shares, compared to its average volume of 4,593,475. The stock has a market capitalization of $5.44 billion, a price-to-earnings ratio of -15.37 and a beta of 2.97. The stock has a 50 day simple moving average of $32.96 and a 200 day simple moving average of $36.67. Caesars Entertainment has a one year low of $25.44 and a one year high of $45.93. The company has a debt-to-equity ratio of 2.84, a quick ratio of 0.82 and a current ratio of 0.84.

Caesars Entertainment (NASDAQ:CZR) last issued its quarterly earnings results on Tuesday, February 25th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.20. Caesars Entertainment had a negative return on equity of 4.44% and a negative net margin of 3.20%. The firm had revenue of $2.80 billion during the quarter, compared to analyst estimates of $2.81 billion. Sell-side analysts predict that Caesars Entertainment will post -0.77 earnings per share for the current year.

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.