Caesars Entertainment (NASDAQ:CZR) Stock Price Down 3.5% - Here's What Happened

Key Points

• Caesars Entertainment's stock price fell 3.5% to $26.07, with a significant drop in trading volume of 94% compared to the average daily volume.
• Analysts have recently adjusted their price targets for Caesars, with Barclays lowering it from $45.00 to $43.00 while maintaining an "overweight" rating, and Morgan Stanley decreasing it from $32.00 to $31.00 with an "equal weight" rating.
• The company reported a quarterly loss of ($0.39) earnings per share, missing expectations, despite revenue of $2.91 billion exceeding forecasts.

Caesars Entertainment, Inc. (NASDAQ:CZR - Get Free Report)'s stock price dropped 3.5% during trading on Wednesday . The company traded as low as $26.43 and last traded at $26.07. Approximately 345,301 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 5,969,302 shares. The stock had previously closed at $27.03.

Wall Street Analyst Weigh In

CZR has been the subject of a number of analyst reports. Barclays lowered their price target on shares of Caesars Entertainment from $45.00 to $43.00 and set an "overweight" rating for the company in a report on Wednesday, July 30th. Truist Financial lowered their price target on shares of Caesars Entertainment from $38.00 to $37.00 and set a "buy" rating for the company in a report on Wednesday, July 30th. Morgan Stanley lowered their price target on shares of Caesars Entertainment from $32.00 to $31.00 and set an "equal weight" rating for the company in a report on Wednesday, August 6th. Cfra reaffirmed a "hold" rating and issued a $50.00 price target on shares of Caesars Entertainment in a report on Friday, July 11th. Finally, The Goldman Sachs Group initiated coverage on shares of Caesars Entertainment in a research note on Monday, July 7th. They issued a "buy" rating and a $36.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $42.33.

Caesars Entertainment Trading Down 3.5%

The company has a market capitalization of $5.42 billion, a PE ratio of -28.33 and a beta of 2.24. The company's fifty day moving average is $26.20 and its 200-day moving average is $27.14. The company has a debt-to-equity ratio of 6.08, a current ratio of 0.82 and a quick ratio of 0.81.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported ($0.39) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.07 by ($0.46). The business had revenue of $2.91 billion for the quarter, compared to analysts' expectations of $2.85 billion. Caesars Entertainment had a negative net margin of 1.71% and a negative return on equity of 4.55%. The business's quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.56) earnings per share. On average, analysts anticipate that Caesars Entertainment, Inc. will post -0.77 EPS for the current fiscal year.

Hedge Funds Weigh In On Caesars Entertainment

Institutional investors have recently bought and sold shares of the business. JFS Wealth Advisors LLC increased its holdings in Caesars Entertainment by 508.5% during the second quarter. JFS Wealth Advisors LLC now owns 864 shares of the company's stock valued at $25,000 after buying an additional 722 shares during the period. Mather Group LLC. grew its holdings in Caesars Entertainment by 64.4% in the first quarter. Mather Group LLC. now owns 1,034 shares of the company's stock worth $26,000 after purchasing an additional 405 shares during the last quarter. UMB Bank n.a. grew its holdings in Caesars Entertainment by 52.0% in the second quarter. UMB Bank n.a. now owns 1,049 shares of the company's stock worth $30,000 after purchasing an additional 359 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in Caesars Entertainment by 168.5% in the second quarter. Farther Finance Advisors LLC now owns 1,133 shares of the company's stock worth $32,000 after purchasing an additional 711 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in Caesars Entertainment by 69.7% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,164 shares of the company's stock worth $33,000 after purchasing an additional 478 shares during the last quarter. 91.79% of the stock is owned by hedge funds and other institutional investors.

Caesars Entertainment Company Profile

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.

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