Caesars Entertainment Co. (NASDAQ:CZR) was the recipient of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 105,025,202 shares, a growth of 6.1% from the August 15th total of 98,967,591 shares. Based on an average daily trading volume, of 11,130,441 shares, the short-interest ratio is presently 9.4 days. Currently, 18.4% of the shares of the stock are short sold.
NASDAQ:CZR traded down $0.47 on Friday, reaching $9.70. 26,409,789 shares of the stock traded hands, compared to its average volume of 12,166,082. The firm has a market cap of $7.11 billion, a P/E ratio of -2.88 and a beta of 0.52. The company has a debt-to-equity ratio of 5.52, a quick ratio of 1.96 and a current ratio of 1.98. Caesars Entertainment has a 12 month low of $8.55 and a 12 month high of $14.50.
Caesars Entertainment (NASDAQ:CZR) last announced its quarterly earnings results on Wednesday, August 1st. The company reported $0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.01 by $0.03. The firm had revenue of $2.12 billion for the quarter, compared to the consensus estimate of $2.10 billion. Caesars Entertainment had a net margin of 21.90% and a negative return on equity of 4.71%. The business’s quarterly revenue was up 110.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($9.62) EPS. On average, equities research analysts predict that Caesars Entertainment will post -0.04 EPS for the current year.
Several brokerages have commented on CZR. Bank of America began coverage on shares of Caesars Entertainment in a report on Monday, July 23rd. They issued a “buy” rating and a $14.00 price objective for the company. ValuEngine upgraded shares of Caesars Entertainment from a “sell” rating to a “hold” rating in a report on Monday, July 16th. Zacks Investment Research upgraded shares of Caesars Entertainment from a “sell” rating to a “hold” rating in a research note on Tuesday, July 10th. BidaskClub upgraded shares of Caesars Entertainment from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 7th. Finally, UBS Group initiated coverage on shares of Caesars Entertainment in a research note on Monday, September 24th. They issued a “sell” rating and a $9.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. Caesars Entertainment has a consensus rating of “Hold” and an average price target of $13.55.
In other news, Director John M. Boushy purchased 10,000 shares of the company’s stock in a transaction on Tuesday, August 7th. The stock was acquired at an average price of $9.95 per share, with a total value of $99,500.00. Following the transaction, the director now directly owns 46,139 shares of the company’s stock, valued at approximately $459,083.05. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark P. Frissora purchased 100,000 shares of the company’s stock in a transaction on Friday, August 3rd. The shares were purchased at an average cost of $9.55 per share, with a total value of $955,000.00. The disclosure for this purchase can be found here. Insiders bought a total of 125,000 shares of company stock worth $1,199,150 in the last three months. Insiders own 0.92% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in CZR. Point72 Asset Management L.P. boosted its holdings in shares of Caesars Entertainment by 190.0% in the second quarter. Point72 Asset Management L.P. now owns 25,119,068 shares of the company’s stock worth $268,774,000 after buying an additional 16,457,482 shares during the last quarter. Long Pond Capital LP lifted its holdings in Caesars Entertainment by 214.2% during the first quarter. Long Pond Capital LP now owns 22,081,228 shares of the company’s stock valued at $248,414,000 after purchasing an additional 15,053,742 shares in the last quarter. Thompson Siegel & Walmsley LLC lifted its holdings in Caesars Entertainment by 322.9% during the second quarter. Thompson Siegel & Walmsley LLC now owns 8,257,388 shares of the company’s stock valued at $88,354,000 after purchasing an additional 6,304,874 shares in the last quarter. BlackRock Inc. lifted its holdings in Caesars Entertainment by 40.0% during the second quarter. BlackRock Inc. now owns 17,255,685 shares of the company’s stock valued at $184,635,000 after purchasing an additional 4,931,707 shares in the last quarter. Finally, Blackstone Group L.P. purchased a new position in Caesars Entertainment during the first quarter valued at approximately $47,836,000.
About Caesars Entertainment
Caesars Entertainment Corporation, through its subsidiaries, provides casino-entertainment and hospitality services in the United States and internationally. The company operates 36,000 slot machines and 2,700 table games, as well as other games comprising keno, poker, and race and sports books; and buffets, restaurants, bars, nightclubs, and lounges located throughout its casinos, as well as banquets and room service.
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