Caesars Entertainment (NASDAQ:CZR) Upgraded by Zacks Research to "Hold" Rating

Key Points

• Zacks Research upgraded Caesars Entertainment from “strong sell” to “hold,” adding to a broadly cautious analyst picture. The stock currently has a consensus Hold rating and a consensus price target of $31.00.
• Caesars reported Q1 revenue of $2.87 billion, which beat estimates, but earnings came in weaker than expected at ($0.48) per share versus the forecast for ($0.24). Analysts expect the company to post about -0.5 EPS for the current fiscal year.
• Insider selling has been notable, with directors and executives selling shares in recent months, while institutional investors own 91.79% of the stock. Caesars shares opened at $29.86, near their 52-week high of $30.96.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) was upgraded by analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

Several other equities research analysts have also recently commented on CZR. Jefferies Financial Group boosted their target price on Caesars Entertainment from $24.00 to $26.00 and gave the stock a "hold" rating in a report on Monday, April 6th. Morgan Stanley lifted their price target on Caesars Entertainment from $32.00 to $34.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 8th. Susquehanna raised Caesars Entertainment from a "positive" rating to a "positive" rating in a research note on Friday, May 29th. Truist Financial cut Caesars Entertainment from a "buy" rating to a "hold" rating and decreased their target price for the company from $32.00 to $31.00 in a research note on Friday, May 29th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Caesars Entertainment in a report on Monday, May 18th. Three analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Caesars Entertainment has a consensus rating of "Hold" and a consensus price target of $31.00.

Caesars Entertainment Stock Performance

Shares of CZR opened at $29.86 on Thursday. The firm has a market capitalization of $6.08 billion, a PE ratio of -12.60 and a beta of 1.76. The company has a quick ratio of 0.83, a current ratio of 0.85 and a debt-to-equity ratio of 3.25. The firm has a 50-day moving average price of $29.14 and a 200 day moving average price of $26.25. Caesars Entertainment has a 52-week low of $17.86 and a 52-week high of $30.96.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) last released its quarterly earnings results on Tuesday, April 28th. The company reported ($0.48) EPS for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.24). The company had revenue of $2.87 billion for the quarter, compared to the consensus estimate of $2.85 billion. Caesars Entertainment had a negative return on equity of 7.88% and a negative net margin of 4.19%.The firm's quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.54) earnings per share. On average, sell-side analysts anticipate that Caesars Entertainment will post -0.5 earnings per share for the current fiscal year.

Insider Transactions at Caesars Entertainment

In other Caesars Entertainment news, Director Michael E. Pegram sold 55,000 shares of the firm's stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $29.20, for a total value of $1,606,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Edmund L. Quatmann, Jr. sold 81,566 shares of Caesars Entertainment 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 completion of the transaction, the insider directly owned 18,263 shares in the company, valued at approximately $536,019.05. This trade represents a 81.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 293,463 shares of company stock worth $8,609,241 in the last three months. 1.18% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Caesars Entertainment

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Caesars Entertainment by 246,899,900.0% in the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 4,938,000 shares of the company's stock worth $115,500,000 after acquiring an additional 4,937,998 shares in the last quarter. Morgan Stanley grew its stake in Caesars Entertainment by 121.0% during the 4th quarter. Morgan Stanley now owns 7,141,899 shares of the company's stock valued at $167,049,000 after acquiring an additional 3,910,430 shares in the last quarter. Norges Bank acquired a new position in shares of Caesars Entertainment in the 4th quarter valued at about $76,050,000. MUFG Securities EMEA plc acquired a new position in shares of Caesars Entertainment in the 4th quarter valued at about $65,492,000. Finally, Assenagon Asset Management S.A. lifted its position in shares of Caesars Entertainment by 317.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 3,274,430 shares of the company's stock worth $76,589,000 after purchasing an additional 2,490,924 shares in the last quarter. Institutional investors and hedge funds own 91.79% of the company's stock.

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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