Caesars Entertainment (NASDAQ:CZR) Trading 12.2% Higher – Here’s What Happened

Caesars Entertainment, Inc. (NASDAQ:CZR)’s share price rose 12.2% during trading on Wednesday . The company traded as high as $27.23 and last traded at $29.1770. Approximately 2,605,156 shares traded hands during mid-day trading, a decline of 59% from the average daily volume of 6,394,161 shares. The stock had previously closed at $26.01.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Barclays cut their price target on Caesars Entertainment from $39.00 to $35.00 and set an “overweight” rating for the company in a report on Wednesday, February 18th. Citigroup reaffirmed a “market outperform” rating on shares of Caesars Entertainment in a research report on Tuesday. TD Cowen reiterated a “buy” rating on shares of Caesars Entertainment in a research note on Wednesday, January 21st. Truist Financial decreased their target price on shares of Caesars Entertainment from $30.00 to $29.00 and set a “buy” rating on the stock in a research note on Wednesday, February 18th. Finally, Zacks Research raised shares of Caesars Entertainment from a “strong sell” rating to a “hold” rating in a report on Friday, March 6th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Caesars Entertainment currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.65.

Caesars Entertainment Price Performance

The firm has a 50-day moving average of $22.90 and a 200-day moving average of $23.34. The stock has a market cap of $5.71 billion, a PE ratio of -11.55, a PEG ratio of 69.68 and a beta of 1.94. The company has a debt-to-equity ratio of 3.17, a current ratio of 0.80 and a quick ratio of 0.78.

Caesars Entertainment (NASDAQ:CZR) last posted its quarterly earnings results on Tuesday, February 17th. The company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of ($0.18) by ($1.05). The business had revenue of $2.92 billion during the quarter, compared to the consensus estimate of $2.89 billion. Caesars Entertainment had a negative return on equity of 7.97% and a negative net margin of 4.37%.The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.05 earnings per share. Research analysts predict that Caesars Entertainment, Inc. will post -0.77 EPS for the current year.

Institutional Trading of Caesars Entertainment

Several hedge funds have recently bought and sold shares of the stock. Invesco Ltd. lifted its position in shares of Caesars Entertainment by 12.8% in the fourth quarter. Invesco Ltd. now owns 995,208 shares of the company’s stock worth $23,278,000 after buying an additional 112,691 shares in the last quarter. Alberta Investment Management Corp purchased a new position in Caesars Entertainment during the 4th quarter valued at approximately $1,696,000. Mercer Global Advisors Inc. ADV bought a new stake in Caesars Entertainment in the 4th quarter worth approximately $484,000. State of Tennessee Department of Treasury increased its stake in Caesars Entertainment by 125.7% in the 4th quarter. State of Tennessee Department of Treasury now owns 54,824 shares of the company’s stock worth $1,282,000 after acquiring an additional 30,536 shares during the last quarter. Finally, XTX Topco Ltd raised its holdings in shares of Caesars Entertainment by 202.5% during the 4th quarter. XTX Topco Ltd now owns 64,427 shares of the company’s stock worth $1,507,000 after acquiring an additional 43,126 shares in the last quarter. Hedge funds and other institutional investors own 91.79% of the company’s stock.

Caesars Entertainment Company Profile

Caesars Entertainment Corporation is a leading integrated gaming and hospitality company headquartered in Las Vegas, Nevada. The company owns and operates a global portfolio of resorts, casinos, and entertainment venues designed to deliver comprehensive hospitality experiences. Its business activities span hotel accommodations, gaming operations, food and beverage services, live events, and convention services, with a focus on delivering luxury and entertainment to both leisure and business travelers.

The company traces its lineage to the founding of Harrah’s by William F.