Caesars Entertainment (NASDAQ:CZR) Sets New 12-Month Low Following Analyst Downgrade

Caesars Entertainment, Inc. (NASDAQ:CZR)’s stock price reached a new 52-week low during trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $67.00 to $54.00. Wells Fargo & Company currently has an overweight rating on the stock. Caesars Entertainment traded as low as $35.12 and last traded at $36.36, with a volume of 1481037 shares traded. The stock had previously closed at $35.82.

CZR has been the topic of a number of other reports. Truist Financial decreased their price objective on Caesars Entertainment from $58.00 to $52.00 and set a “buy” rating on the stock in a research report on Wednesday. TD Cowen decreased their price objective on Caesars Entertainment from $53.00 to $50.00 and set a “buy” rating on the stock in a research report on Wednesday. JPMorgan Chase & Co. decreased their price objective on Caesars Entertainment from $55.00 to $54.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 9th. Stifel Nicolaus cut their target price on Caesars Entertainment from $67.00 to $54.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Barclays dropped their price objective on Caesars Entertainment from $65.00 to $63.00 and set an “overweight” rating on the stock in a research note on Friday, April 19th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Caesars Entertainment has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

Insiders Place Their Bets

In other Caesars Entertainment news, Director Michael E. Pegram bought 15,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were purchased at an average cost of $41.45 per share, for a total transaction of $621,750.00. Following the transaction, the director now directly owns 4,612 shares of the company’s stock, valued at $191,167.40. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 0.64% of the stock is owned by insiders.

Institutional Investors Weigh In On Caesars Entertainment

Institutional investors have recently modified their holdings of the business. Norges Bank acquired a new stake in Caesars Entertainment in the 4th quarter worth about $102,213,000. AQR Capital Management LLC boosted its holdings in Caesars Entertainment by 938.7% in the 3rd quarter. AQR Capital Management LLC now owns 1,043,044 shares of the company’s stock worth $48,345,000 after buying an additional 942,621 shares during the last quarter. Capital World Investors boosted its holdings in Caesars Entertainment by 9.1% in the 4th quarter. Capital World Investors now owns 11,024,448 shares of the company’s stock worth $516,826,000 after buying an additional 916,282 shares during the last quarter. Qube Research & Technologies Ltd lifted its stake in Caesars Entertainment by 481.7% in the 3rd quarter. Qube Research & Technologies Ltd now owns 908,030 shares of the company’s stock worth $42,087,000 after purchasing an additional 751,938 shares in the last quarter. Finally, Blackstone Inc. purchased a new position in Caesars Entertainment in the 3rd quarter worth approximately $34,762,000. 91.79% of the stock is currently owned by institutional investors and hedge funds.

Caesars Entertainment Price Performance

The company has a debt-to-equity ratio of 2.59, a quick ratio of 0.74 and a current ratio of 0.76. The stock’s 50 day simple moving average is $41.04 and its two-hundred day simple moving average is $43.25. The firm has a market capitalization of $7.87 billion, a PE ratio of 9.90 and a beta of 2.81.

Caesars Entertainment (NASDAQ:CZR) last released its earnings results on Tuesday, February 20th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.31). The business had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.85 billion. Caesars Entertainment had a return on equity of 4.48% and a net margin of 6.82%. The company’s revenue for the quarter was up .1% compared to the same quarter last year. During the same period last year, the business earned ($0.11) earnings per share. On average, sell-side analysts forecast that Caesars Entertainment, Inc. will post 1.02 EPS 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.