Carronade Capital Management LP Makes New $5.59 Million Investment in Caesars Entertainment, Inc. $CZR

Key Points

• Carronade Capital Management LP has acquired a new stake in Caesars Entertainment, purchasing 223,664 shares valued at approximately $5.6 million, which makes up 0.3% of their total holdings.
• A range of institutional investors have also increased their stakes in Caesars Entertainment, with Mather Group LLC expanding its position by 64.4% during the first quarter.
• Analysts remain mixed on Caesars Entertainment, with recent ratings including a downgrade from Truist Financial and a target price reduction to $37.00, while JPMorgan Chase & Co. raised their target to $48.00.

Carronade Capital Management LP bought a new stake in Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 223,664 shares of the company's stock, valued at approximately $5,592,000. Caesars Entertainment makes up about 0.3% of Carronade Capital Management LP's investment portfolio, making the stock its 24th biggest holding. Carronade Capital Management LP owned 0.11% of Caesars Entertainment at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Hein Park Capital Management LP purchased a new position in shares of Caesars Entertainment in the first quarter valued at $60,492,000. Royal Bank of Canada grew its holdings in shares of Caesars Entertainment by 477.7% in the first quarter. Royal Bank of Canada now owns 1,833,567 shares of the company's stock valued at $45,839,000 after purchasing an additional 1,516,153 shares in the last quarter. Palogic Value Management L.P. grew its holdings in shares of Caesars Entertainment by 20.4% in the first quarter. Palogic Value Management L.P. now owns 8,339 shares of the company's stock valued at $208,000 after purchasing an additional 1,415 shares in the last quarter. Canada Pension Plan Investment Board grew its holdings in shares of Caesars Entertainment by 13,462.5% in the first quarter. Canada Pension Plan Investment Board now owns 217,000 shares of the company's stock valued at $5,425,000 after purchasing an additional 215,400 shares in the last quarter. Finally, State of Wyoming purchased a new position in shares of Caesars Entertainment in the 1st quarter worth approximately $434,000. 91.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CZR has been the subject of a number of recent research reports. Truist Financial dropped their target price on 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 dropped their target price on 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 reiterated a "hold" rating and issued a $50.00 target price on shares of Caesars Entertainment in a report on Friday, July 11th. Susquehanna dropped their target price on Caesars Entertainment from $28.00 to $27.00 and set a "neutral" rating for the company in a report on Friday, August 1st. Finally, JPMorgan Chase & Co. lifted their target price on Caesars Entertainment from $47.00 to $48.00 and gave the stock an "overweight" rating in a report on Tuesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $42.47.

Caesars Entertainment Trading Up 2.3%

CZR traded up $0.59 during trading hours on Friday, reaching $26.34. 6,325,640 shares of the company's stock traded hands, compared to its average volume of 5,593,982. The firm has a 50-day moving average price of $27.55 and a 200 day moving average price of $27.91. Caesars Entertainment, Inc. has a 52-week low of $21.40 and a 52-week high of $45.93. The company has a quick ratio of 0.81, a current ratio of 0.82 and a debt-to-equity ratio of 6.08. The firm has a market capitalization of $5.48 billion, a PE ratio of -28.63 and a beta of 2.24.

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

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.