Traders Purchase Large Volume of Call Options on Caesars Entertainment (NASDAQ:CZR)

Caesars Entertainment, Inc. (NASDAQ:CZR) was the recipient of some unusual options trading on Friday. Traders acquired 52,115 call options on the company. This is an increase of 316% compared to the typical daily volume of 12,524 call options.

Caesars Entertainment Trading Down 0.2%

Shares of CZR opened at $29.77 on Friday. The company has a debt-to-equity ratio of 3.25, a current ratio of 0.85 and a quick ratio of 0.83. Caesars Entertainment has a 1 year low of $17.86 and a 1 year high of $31.58. The company has a 50 day simple moving average of $28.89 and a two-hundred day simple moving average of $26.04. The firm has a market cap of $6.06 billion, a P/E ratio of -12.56 and a beta of 1.76.

Caesars Entertainment (NASDAQ:CZR) last released its quarterly earnings data on Tuesday, April 28th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $2.87 billion for the quarter, compared to the consensus estimate of $2.85 billion. During the same quarter in the previous year, the business earned ($0.54) EPS. The company’s quarterly revenue was up 2.7% on a year-over-year basis. On average, equities analysts expect that Caesars Entertainment will post -0.49 earnings per share for the current fiscal year.

Insider Transactions at Caesars Entertainment

In related news, Director Michael E. Pegram sold 55,000 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $29.20, for a total value of $1,606,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Edmund L. Quatmann, Jr. sold 81,566 shares of the firm’s stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $29.35, for a total transaction of $2,393,962.10. Following the sale, the insider owned 18,263 shares in the company, valued at approximately $536,019.05. The trade was a 81.71% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 293,463 shares of company stock worth $8,609,241. Insiders own 1.18% of the company’s stock.

Institutional Trading of Caesars Entertainment

A number of institutional investors and hedge funds have recently bought and sold shares of CZR. Sunbelt Securities Inc. lifted its stake in Caesars Entertainment by 181.6% in the 3rd quarter. Sunbelt Securities Inc. now owns 1,042 shares of the company’s stock worth $28,000 after purchasing an additional 672 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in shares of 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 in the last quarter. CoreCap Advisors LLC grew its position in shares of 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 in the last quarter. Stance Capital LLC bought a new stake in shares of Caesars Entertainment in the third quarter worth about $43,000. Finally, Hantz Financial Services Inc. increased its holdings in shares of Caesars Entertainment by 87.1% in the fourth quarter. Hantz Financial Services Inc. now owns 1,817 shares of the company’s stock worth $42,000 after purchasing an additional 846 shares during the last quarter. 91.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Morgan Stanley upped their price target on shares of Caesars Entertainment from $32.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 8th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $31.00 target price (down from $35.00) on shares of Caesars Entertainment in a research note on Monday, June 1st. Zacks Research downgraded shares of Caesars Entertainment from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 30th. Raymond James Financial lowered Caesars Entertainment from a “strong-buy” rating to a “market perform” rating in a research note on Friday, May 29th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $31.00 price target (down from $35.00) on shares of Caesars Entertainment in a report on Friday, May 29th. Three research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $32.27.

Caesars Entertainment News Summary

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

• Positive Sentiment: Barclays reaffirmed its “equal weight” rating on Caesars Entertainment and set a $31 price target, which is above the recent trading level and suggests modest upside. Benzinga
• Positive Sentiment: Caesars Republic Lake Tahoe Hotel & Casino officially opened, adding a fresh operating milestone that could support sentiment around the company’s casino portfolio. Gaming Intelligence
• Neutral Sentiment: Caesars said board member Courtney Mather resigned, which appears to be a routine governance change rather than a major business event. Yogonet
• Neutral Sentiment: Analyst coverage from 24/7 Wall St. highlighted Caesars among several names in Thursday’s research roundup, but did not introduce a major new thesis on its own. 24/7 Wall St.
• Negative Sentiment: Reports that Carl Icahn’s competing bid is unlikely to top the Fertitta deal have cooled takeover speculation, which may be weighing on the stock. MSN

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.