Traders Buy High Volume of Call Options on Caesars Entertainment (NASDAQ:CZR)

Caesars Entertainment, Inc. (NASDAQ:CZR) saw some unusual options trading activity on Thursday. Stock investors bought 20,624 call options on the stock. This is an increase of approximately 38% compared to the typical volume of 14,989 call options.

Caesars Entertainment Stock Performance

Shares of NASDAQ CZR traded up $0.35 during mid-day trading on Thursday, hitting $23.83. The stock had a trading volume of 2,218,260 shares, compared to its average volume of 6,575,546. Caesars Entertainment has a twelve month low of $18.25 and a twelve month high of $40.00. The firm has a market cap of $4.86 billion, a PE ratio of -20.72 and a beta of 2.04. The company has a 50 day moving average of $21.95 and a two-hundred day moving average of $25.35. The company has a debt-to-equity ratio of 6.23, a quick ratio of 0.76 and a current ratio of 0.78.

Caesars Entertainment (NASDAQ:CZR) last issued its quarterly earnings results on Tuesday, October 28th. The company reported ($0.27) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.16). Caesars Entertainment had a negative net margin of 2.12% and a negative return on equity of 5.76%. The company had revenue of $2.87 billion during the quarter, compared to analysts’ expectations of $2.88 billion. During the same period in the prior year, the business posted ($0.04) earnings per share. The company’s quarterly revenue was down .2% compared to the same quarter last year. Research analysts predict that Caesars Entertainment will post -0.77 EPS for the current fiscal year.

Institutional Investors Weigh In On Caesars Entertainment

Several large investors have recently modified their holdings of CZR. Vontobel Holding Ltd. grew its holdings in Caesars Entertainment by 2.3% in the second quarter. Vontobel Holding Ltd. now owns 15,795 shares of the company’s stock valued at $448,000 after purchasing an additional 356 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of Caesars Entertainment by 52.0% in the second quarter. UMB Bank n.a. now owns 1,049 shares of the company’s stock worth $30,000 after acquiring an additional 359 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its position in shares of Caesars Entertainment by 1.9% during the second quarter. Oppenheimer Asset Management Inc. now owns 25,652 shares of the company’s stock worth $728,000 after purchasing an additional 476 shares during the last quarter. Resona Asset Management Co. Ltd. boosted its holdings in shares of Caesars Entertainment by 35.8% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 1,809 shares of the company’s stock valued at $46,000 after buying an additional 477 shares during the period. Finally, MassMutual Private Wealth & Trust FSB grew its position in shares of Caesars Entertainment by 69.7% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,164 shares of the company’s stock worth $33,000 after acquiring an additional 478 shares during the last quarter. 91.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Citigroup reiterated a “market outperform” rating on shares of Caesars Entertainment in a report on Monday, December 1st. JPMorgan Chase & Co. cut their price target on Caesars Entertainment from $43.00 to $38.00 and set an “overweight” rating on the stock in a report on Wednesday, October 29th. Truist Financial cut their price target on shares of Caesars Entertainment from $32.00 to $30.00 and set a “buy” rating on the stock in a report on Wednesday, October 29th. JMP Securities reduced their target price on Caesars Entertainment from $41.00 to $40.00 and set a “market outperform” rating for the company in a report on Friday, October 17th. Finally, Wells Fargo & Company initiated coverage on Caesars Entertainment in a research note on Tuesday, November 18th. They set an “equal weight” rating and a $21.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.39.

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.