Caesars Entertainment Co. (CZR) Sees Large Decline in Short Interest

Caesars Entertainment Co. (NASDAQ:CZR) saw a large drop in short interest in February. As of February 28th, there was short interest totalling 120,849,882 shares, a drop of 16.4% from the February 15th total of 144,541,573 shares. Currently, 22.1% of the shares of the stock are short sold. Based on an average daily volume of 27,582,521 shares, the short-interest ratio is currently 4.4 days.

Shares of NASDAQ:CZR opened at $8.16 on Friday. The company has a debt-to-equity ratio of 5.65, a current ratio of 1.13 and a quick ratio of 1.11. The stock has a market cap of $5.60 billion, a P/E ratio of -42.95 and a beta of 1.20. Caesars Entertainment has a 12-month low of $5.84 and a 12-month high of $13.54.

Caesars Entertainment (NASDAQ:CZR) last issued its quarterly earnings data on Thursday, February 21st. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.08). The business had revenue of $2.12 billion for the quarter, compared to analyst estimates of $2.11 billion. Caesars Entertainment had a negative return on equity of 4.12% and a net margin of 3.61%. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the previous year, the business posted $2.48 earnings per share. On average, sell-side analysts forecast that Caesars Entertainment will post -0.35 EPS for the current year.

In related news, Director Don R. Kornstein bought 20,000 shares of the business’s stock in a transaction on Friday, December 21st. The stock was acquired at an average cost of $6.29 per share, with a total value of $125,800.00. Following the purchase, the director now directly owns 88,552 shares of the company’s stock, valued at $556,992.08. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Les Ottolenghi sold 17,240 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $8.74, for a total value of $150,677.60. The disclosure for this sale can be found here. Insiders sold a total of 97,460 shares of company stock worth $840,337 in the last 90 days. 0.92% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the stock. AlphaCrest Capital Management LLC acquired a new stake in shares of Caesars Entertainment during the 4th quarter worth about $74,000. Lehman & Derafelo Financial Resources LLC acquired a new stake in shares of Caesars Entertainment during the 4th quarter worth about $75,000. Alps Advisors Inc. acquired a new stake in shares of Caesars Entertainment during the 4th quarter worth about $85,000. OLD Mission Capital LLC acquired a new stake in shares of Caesars Entertainment during the 4th quarter worth about $88,000. Finally, IHT Wealth Management LLC acquired a new stake in shares of Caesars Entertainment during the 4th quarter worth about $88,000.

CZR has been the subject of a number of recent research reports. BidaskClub downgraded Caesars Entertainment from a “sell” rating to a “strong sell” rating in a research note on Thursday, December 13th. Zacks Investment Research downgraded Caesars Entertainment from a “hold” rating to a “sell” rating in a research note on Thursday, January 10th. Deutsche Bank cut their target price on Caesars Entertainment from $13.00 to $11.00 and set a “buy” rating for the company in a research note on Monday, January 7th. Bank of America downgraded Caesars Entertainment from a “buy” rating to a “neutral” rating and raised their target price for the stock from $8.75 to $9.00 in a research note on Wednesday, January 16th. Finally, Sanford C. Bernstein initiated coverage on Caesars Entertainment in a research note on Thursday, November 15th. They issued a “market perform” rating for the company. Three analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. Caesars Entertainment presently has an average rating of “Hold” and an average price target of $11.75.

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About Caesars Entertainment

Caesars Entertainment Corporation, through its subsidiaries, provides casino-entertainment and hospitality services in the United States and internationally. The company operates 36,000 slot machines and 2,700 table games, as well as other games comprising keno, poker, and race and sports books; and buffets, restaurants, bars, nightclubs, and lounges located throughout its casinos, as well as banquets and room service.

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