Michael Pegram Sells 36,027 Shares of Caesars Entertainment (NASDAQ:CZR) Stock

Caesars Entertainment, Inc. (NASDAQ:CZR) Director Michael Pegram sold 36,027 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $29.31, for a total transaction of $1,055,951.37. Following the completion of the sale, the director directly owned 91,697 shares in the company, valued at approximately $2,687,639.07. This trade represents a 28.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Caesars Entertainment Stock Performance

Shares of CZR stock opened at $29.51 on Friday. The firm’s 50 day moving average is $27.82 and its 200 day moving average is $25.13. The stock has a market capitalization of $6.01 billion, a P/E ratio of -12.45 and a beta of 1.77. Caesars Entertainment, Inc. has a 12 month low of $17.86 and a 12 month high of $31.58. The company has a current ratio of 0.85, a quick ratio of 0.83 and a debt-to-equity ratio of 3.25.

Caesars Entertainment (NASDAQ:CZR) last released its quarterly earnings data on Tuesday, April 28th. The company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.24). Caesars Entertainment had a negative net margin of 4.19% and a negative return on equity of 7.88%. The business had revenue of $2.87 billion during the quarter, compared to analysts’ expectations of $2.85 billion. During the same quarter in the prior year, the firm posted ($0.54) earnings per share. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. On average, sell-side analysts anticipate that Caesars Entertainment, Inc. will post -0.49 earnings per share for the current year.

Caesars Entertainment News Summary

Here are the key news stories impacting Caesars Entertainment this week:

• Positive Sentiment: Caesars remains a takeover story after news that Fertitta Entertainment is proposing to buy Caesars Entertainment (CZR) for $31.00 per share in cash, which can support the stock by putting a potential floor under valuation. CZR Alert: Monsey Firm of Wohl & Fruchter Investigating Fairness of the Sale of Caesars Entertainment, Inc. to Fertitta Entertainment
• Neutral Sentiment: Director Michael Pegram’s earlier share purchase shows some insider confidence, but it is not enough to offset the broader negative signals. Insider Buying: Caesars Entertainment (NASDAQ:CZR) Director Buys 2,500 Shares of Stock
• Negative Sentiment: Caesars is facing a shareholder-rights investigation from Schall Law Firm over possible breaches of fiduciary duty, adding legal overhang and uncertainty around the deal process. CZR Investors Have the Opportunity to Join Investigation of Caesars Entertainment, Inc. with the Schall Law Firm
• Negative Sentiment: Recent large insider sales by executives and directors, including Edmund Quatmann, Jr. and Michael Pegram, may weigh on sentiment because they can signal reduced confidence at current levels. Caesars Entertainment (NASDAQ:CZR) Insider Edmund Quatmann, Jr. Sells 81,566 Shares
• Negative Sentiment: A separate investor notice about potential securities-law issues adds to the litigation risk surrounding CZR, which could keep investors cautious. Are CZR, RMAX, TBRG, SILA Obtaining Fair Deals for their Shareholders?

Institutional Trading of Caesars Entertainment

A number of large investors have recently modified their holdings of the business. Hantz Financial Services Inc. grew its holdings in shares of Caesars Entertainment by 110.6% during the third quarter. Hantz Financial Services Inc. now owns 971 shares of the company’s stock worth $26,000 after purchasing an additional 510 shares in the last quarter. Sunbelt Securities Inc. raised its stake in Caesars Entertainment by 181.6% in the third quarter. Sunbelt Securities Inc. now owns 1,042 shares of the company’s stock valued at $28,000 after purchasing an additional 672 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its position in Caesars Entertainment by 456.7% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,119 shares of the company’s stock valued at $26,000 after purchasing an additional 918 shares during the last quarter. CoreCap Advisors LLC lifted its position in Caesars Entertainment by 44.6% during the fourth quarter. CoreCap Advisors LLC now owns 1,581 shares of the company’s stock valued at $37,000 after purchasing an additional 488 shares during the last quarter. Finally, Stance Capital LLC purchased a new position in Caesars Entertainment in the 3rd quarter worth approximately $43,000. Institutional investors own 91.79% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Morgan Stanley boosted their price objective on Caesars Entertainment from $32.00 to $34.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 8th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $31.00 target price (down from $35.00) on shares of Caesars Entertainment in a research note on Monday, June 1st. Jefferies Financial Group upped their price target on Caesars Entertainment from $24.00 to $26.00 and gave the company a “hold” rating in a research report on Monday, April 6th. Raymond James Financial downgraded shares of Caesars Entertainment from a “strong-buy” rating to a “market perform” rating in a report on Friday, May 29th. Finally, Zacks Research upgraded shares of Caesars Entertainment from a “strong sell” rating to a “hold” rating in a research report on Friday, March 6th. Five analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $32.80.

About Caesars Entertainment

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.