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

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Caesars Entertainment by 0.8% in the first quarter. Vanguard Group Inc. now owns 23,548,822 shares of the company's stock valued at $588,721,000 after purchasing an additional 183,963 shares during the period. Invesco Ltd. raised its position in Caesars Entertainment by 22.9% in the first quarter. Invesco Ltd. now owns 6,823,286 shares of the company's stock valued at $170,582,000 after purchasing an additional 1,269,911 shares during the period. Frontier Capital Management Co. LLC raised its position in Caesars Entertainment by 41.1% in the fourth quarter. Frontier Capital Management Co. LLC now owns 3,658,694 shares of the company's stock valued at $122,274,000 after purchasing an additional 1,065,506 shares during the period. DAVENPORT & Co LLC raised its position in Caesars Entertainment by 1,051.1% in the first quarter. DAVENPORT & Co LLC now owns 3,495,915 shares of the company's stock valued at $87,399,000 after purchasing an additional 3,192,224 shares during the period. Finally, Hein Park Capital Management LP purchased a new stake in Caesars Entertainment in the first quarter valued at $60,492,000. Hedge funds and other institutional investors own 91.79% of the company's stock.

Caesars Entertainment Stock Performance

Shares of NASDAQ CZR traded up $0.59 during trading hours on Friday, reaching $26.34. The stock had a trading volume of 6,346,343 shares, compared to its average volume of 5,559,893. The firm has a market cap of $5.48 billion, a price-to-earnings ratio of -28.63 and a beta of 2.24. The company has a current ratio of 0.82, a quick ratio of 0.81 and a debt-to-equity ratio of 6.08. Caesars Entertainment, Inc. has a fifty-two week low of $21.40 and a fifty-two week high of $45.93. The firm has a 50-day moving average of $27.50 and a 200-day moving average of $27.82.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) last announced its earnings results 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). The firm had revenue of $2.91 billion during the quarter, compared to analyst estimates of $2.85 billion. Caesars Entertainment had a negative net margin of 1.71% and a negative return on equity of 4.55%. The firm's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period last year, the company earned ($0.56) earnings per share. Equities research analysts predict that Caesars Entertainment, Inc. will post -0.77 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on CZR shares. JMP Securities reduced their target price on Caesars Entertainment from $45.00 to $43.00 and set a "market outperform" rating on the stock in a research report on Wednesday, July 30th. Susquehanna lowered their target price on Caesars Entertainment from $28.00 to $27.00 and set a "neutral" rating for the company in a research note on Friday, August 1st. Citigroup reaffirmed a "market outperform" rating on shares of Caesars Entertainment in a research report on Friday, July 18th. Barclays lowered their price objective on Caesars Entertainment from $45.00 to $43.00 and set an "overweight" rating for the company in a research report on Wednesday, July 30th. Finally, JPMorgan Chase & Co. upped their price objective on Caesars Entertainment from $47.00 to $48.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 22nd. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $42.47.

Caesars Entertainment 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.