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

Caesars Entertainment, Inc. (NASDAQ:CZR - Get Free Report) saw unusually large options trading activity on Monday. Stock investors purchased 32,764 put options on the company. This represents an increase of approximately 139% compared to the average daily volume of 13,733 put options.

Caesars Entertainment Stock Performance

Shares of Caesars Entertainment stock traded up $1.19 on Tuesday, reaching $29.58. 4,000,766 shares of the stock were exchanged, compared to its average volume of 4,928,621. The company has a current ratio of 0.84, a quick ratio of 0.82 and a debt-to-equity ratio of 5.84. The firm has a market capitalization of $6.15 billion, a PE ratio of -27.17, a PEG ratio of 3.18 and a beta of 2.31. Caesars Entertainment has a 1-year low of $21.40 and a 1-year high of $45.93. The business has a fifty day moving average price of $27.83 and a two-hundred day moving average price of $30.16.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported ($0.54) earnings per share for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.35). The business had revenue of $2.79 billion during the quarter, compared to analysts' expectations of $2.82 billion. Caesars Entertainment had a negative net margin of 2.08% and a negative return on equity of 2.60%. The firm's quarterly revenue was up 1.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.73) earnings per share. As a group, research analysts anticipate that Caesars Entertainment will post -0.77 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CZR has been the topic of a number of analyst reports. JPMorgan Chase & Co. started coverage on shares of Caesars Entertainment in a report on Monday, June 23rd. They issued an "overweight" rating and a $47.00 price objective on the stock. JMP Securities reaffirmed a "market outperform" rating and set a $45.00 price target on shares of Caesars Entertainment in a report on Wednesday, April 30th. Morgan Stanley dropped their price objective on Caesars Entertainment from $30.00 to $29.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Raymond James Financial decreased their target price 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. Finally, Capital One Financial upgraded shares of Caesars Entertainment from an "equal weight" rating to an "overweight" rating and lowered their target price for the stock from $51.00 to $47.00 in a research report on Thursday, April 3rd. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $43.00.

Institutional Trading of Caesars Entertainment

Institutional investors have recently added to or reduced their stakes in the stock. DAVENPORT & Co LLC boosted its stake in shares of Caesars Entertainment by 1,051.1% during the 1st quarter. DAVENPORT & Co LLC now owns 3,495,915 shares of the company's stock worth $87,399,000 after acquiring an additional 3,192,224 shares in the last quarter. Capital Research Global Investors raised its stake in shares of Caesars Entertainment by 14.8% during the 4th quarter. Capital Research Global Investors now owns 19,811,919 shares of the company's stock worth $662,088,000 after buying an additional 2,555,876 shares during the last quarter. Hein Park Capital Management LP purchased a new stake in shares of Caesars Entertainment in the 1st quarter worth about $60,492,000. Norges Bank acquired a new stake in Caesars Entertainment in the 4th quarter valued at about $75,058,000. Finally, Cohen & Steers Inc. increased its holdings in Caesars Entertainment by 14.8% during the 4th quarter. Cohen & Steers Inc. now owns 14,581,882 shares of the company's stock valued at $487,265,000 after acquiring an additional 1,882,728 shares in the last quarter. Hedge funds and other institutional investors own 91.79% of the company's stock.

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.