Caesars Entertainment (NASDAQ:CZR) Sees Strong Trading Volume - Here's Why

Key Points

• Caesars Entertainment shares saw unusually heavy trading volume, with 7.06 million shares changing hands—20% above the prior session—while the stock traded near $29.68.
• Analyst sentiment remains cautious: the consensus rating is “Hold” from MarketBeat, with a $30.71 average price target after several firms recently downgraded the stock.
• Caesars missed quarterly earnings expectations, reporting a $0.30 per-share loss versus the projected $0.05 profit, although revenue of $2.99 billion slightly exceeded estimates and rose 3% year over year.

Caesars Entertainment, Inc. (NASDAQ:CZR - Get Free Report) saw unusually-strong trading volume on Wednesday . 7,062,327 shares were traded during mid-day trading, an increase of 20% from the previous session's volume of 5,878,859 shares.The stock last traded at $29.6750 and had previously closed at $29.74.

Analyst Ratings Changes

CZR has been the topic of several research reports. Truist Financial downgraded shares of Caesars Entertainment from a "buy" rating to a "hold" rating and decreased their price target for the stock from $32.00 to $31.00 in a research note on Friday, May 29th. Citizens Jmp increased their target price on shares of Caesars Entertainment from $34.00 to $35.00 and gave the company a "market outperform" rating in a report on Wednesday, April 29th. Wells Fargo & Company lifted their target price on shares of Caesars Entertainment from $26.00 to $31.00 and gave the stock an "equal weight" rating in a research report on Tuesday, June 2nd. Texas Capital lowered shares of Caesars Entertainment from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 1st. Finally, Capital One Financial cut Caesars Entertainment from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 23rd. Two research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Caesars Entertainment presently has an average rating of "Hold" and a consensus price target of $30.71.

Caesars Entertainment Price Performance

The company has a quick ratio of 0.83, a current ratio of 0.85 and a debt-to-equity ratio of 3.70. The stock has a market cap of $6.04 billion, a P/E ratio of -13.00 and a beta of 1.77. The firm's fifty day moving average price is $29.79 and its 200-day moving average price is $26.97.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) last posted its quarterly earnings results on Tuesday, July 28th. The company reported ($0.30) EPS for the quarter, missing analysts' consensus estimates of $0.05 by ($0.35). The firm had revenue of $2.99 billion for the quarter, compared to the consensus estimate of $2.98 billion. Caesars Entertainment had a negative net margin of 3.99% and a negative return on equity of 7.64%. The company's quarterly revenue was up 3.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.39) earnings per share. Analysts forecast that Caesars Entertainment, Inc. will post -0.9 earnings per share for the current year.

Insider Activity

In other news, Director Michael E. Pegram sold 55,000 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $29.20, for a total transaction 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 dated Tuesday, June 9th. The stock was sold at an average price of $29.35, for a total value of $2,393,962.10. Following the completion of the sale, the insider directly owned 18,263 shares in the company, valued at $536,019.05. The trade was a 81.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 293,463 shares of company stock valued at $8,609,241. Insiders own 1.18% of the company's stock.

Hedge Funds Weigh In On Caesars Entertainment

Several hedge funds have recently made changes to their positions in CZR. Pictet Asset Management Holding SA grew its stake in Caesars Entertainment by 1.2% in the first quarter. Pictet Asset Management Holding SA now owns 31,307 shares of the company's stock worth $827,000 after purchasing an additional 363 shares in the last quarter. Teachers Retirement System of The State of Kentucky grew its position in shares of Caesars Entertainment by 1.0% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 52,133 shares of the company's stock worth $1,220,000 after acquiring an additional 493 shares during the last quarter. Corient Private Wealth LLC raised its holdings in shares of Caesars Entertainment by 3.5% during the second quarter. Corient Private Wealth LLC now owns 16,155 shares of the company's stock valued at $459,000 after buying an additional 549 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Caesars Entertainment by 1.4% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 41,008 shares of the company's stock valued at $959,000 after purchasing an additional 562 shares during the period. Finally, Sunbelt Securities Inc. increased its stake in Caesars Entertainment by 181.6% during the 3rd quarter. Sunbelt Securities Inc. now owns 1,042 shares of the company's stock valued at $28,000 after buying an additional 672 shares during the period. 91.79% of the stock is owned by hedge funds and other institutional investors.

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.

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