Investors Purchase Large Volume of Put Options on Caesars Entertainment (NASDAQ:CZR)

Caesars Entertainment, Inc. (NASDAQ:CZR) was the target of some unusual options trading on Friday. Stock traders purchased 29,095 put options on the company. This represents an increase of approximately 83% compared to the typical volume of 15,916 put options.

Caesars Entertainment Price Performance

Caesars Entertainment stock opened at $25.67 on Friday. The business’s 50 day simple moving average is $32.79 and its 200 day simple moving average is $36.59. Caesars Entertainment has a 12 month low of $25.43 and a 12 month high of $45.93. The company has a market cap of $5.44 billion, a price-to-earnings ratio of -15.37 and a beta of 2.97. The company has a current ratio of 0.84, a quick ratio of 0.82 and a debt-to-equity ratio of 2.84.

Caesars Entertainment (NASDAQ:CZR) last issued its quarterly earnings results on Tuesday, February 25th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.20. The firm had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.81 billion. Caesars Entertainment had a negative return on equity of 4.44% and a negative net margin of 3.20%. Sell-side analysts forecast that Caesars Entertainment will post -0.77 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on CZR. JPMorgan Chase & Co. lowered their price objective on Caesars Entertainment from $58.00 to $57.00 and set an “overweight” rating for the company in a research note on Friday, January 3rd. Raymond James lowered their price target on Caesars Entertainment from $55.00 to $49.00 and set a “strong-buy” rating for the company in a research report on Wednesday, March 19th. Truist Financial cut their price objective on shares of Caesars Entertainment from $52.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Barclays lowered their target price on shares of Caesars Entertainment from $55.00 to $54.00 and set an “overweight” rating for the company in a report on Wednesday, February 26th. Finally, Macquarie cut their price target on shares of Caesars Entertainment from $47.00 to $46.00 and set an “outperform” rating on the stock in a report on Wednesday, February 26th. Three analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.00.

Institutional Investors Weigh In On Caesars Entertainment

Several institutional investors have recently added to or reduced their stakes in CZR. Wellington Management Group LLP raised its position in shares of Caesars Entertainment by 45.8% in the fourth quarter. Wellington Management Group LLP now owns 165,351 shares of the company’s stock valued at $5,526,000 after purchasing an additional 51,946 shares during the period. American Assets Investment Management LLC bought a new stake in Caesars Entertainment during the 4th quarter valued at $318,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Caesars Entertainment during the fourth quarter worth $14,599,000. American Trust boosted its holdings in shares of Caesars Entertainment by 8.7% in the fourth quarter. American Trust now owns 7,505 shares of the company’s stock worth $251,000 after acquiring an additional 601 shares during the period. Finally, Mackenzie Financial Corp grew its position in shares of Caesars Entertainment by 52.3% in the fourth quarter. Mackenzie Financial Corp now owns 10,959 shares of the company’s stock valued at $366,000 after purchasing an additional 3,764 shares in the last quarter. 91.79% of the stock is owned by hedge funds and other institutional investors.

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.