2,354,130 Caesars Entertainment, Inc. $CZR Shares Purchased by First Trust Capital Management L.P.

Key Points

• First Trust Capital Management increased its Caesars stake by 588.1%, buying 2,354,130 shares in Q3 to hold 2,754,430 shares, worth about $81.7 million.
• Analyst sentiment is cautious: the consensus rating is “Reduce,” with a $30.54 price target; 15 analysts rate the stock Hold, one Buy, and two Sell.
• Caesars reported a quarterly loss of $0.61 per share, missing the $0.12 loss expected, while revenue of $2.94 billion also fell short of estimates despite growing 2.5% year over year.

First Trust Capital Management L.P. lifted its stake in shares of Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report) by 588.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,754,430 shares of the company's stock after purchasing an additional 2,354,130 shares during the period. Caesars Entertainment accounts for 3.9% of First Trust Capital Management L.P.'s investment portfolio, making the stock its 4th biggest holding. First Trust Capital Management L.P. owned approximately 1.35% of Caesars Entertainment worth $81,669,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Hsbc Holdings PLC purchased a new stake in Caesars Entertainment in the second quarter worth $30,967,000. Jefferies Financial Group Inc. purchased a new position in shares of Caesars Entertainment during the 2nd quarter valued at $1,110,000. Man Group plc purchased a new position in shares of Caesars Entertainment during the 2nd quarter valued at $32,953,000. Governors Lane LP purchased a new position in shares of Caesars Entertainment during the 2nd quarter valued at $2,921,000. Finally, Tidal Investments LLC grew its stake in shares of Caesars Entertainment by 198.6% during the 2nd quarter. Tidal Investments LLC now owns 292,248 shares of the company's stock worth $8,820,000 after acquiring an additional 194,361 shares during the period. Institutional investors own 91.79% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CZR. TD Cowen lowered Caesars Entertainment from a "buy" rating to a "hold" rating and set a $31.00 price objective for the company. in a report on Wednesday, July 29th. Capital One Financial downgraded shares of Caesars Entertainment from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 23rd. Weiss Ratings raised shares of Caesars Entertainment from a "sell (d-)" rating to a "sell (d)" rating in a report on Wednesday, October 28th. Susquehanna reiterated a "neutral" rating on shares of Caesars Entertainment in a research report on Monday, October 26th. Finally, Zacks Research downgraded shares of Caesars Entertainment from a "hold" rating to a "strong sell" rating in a research note on Monday, November 2nd. One equities research analyst has rated the stock with a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Caesars Entertainment presently has a consensus rating of "Reduce" and a consensus price target of $30.54.

Insider Transactions at Caesars Entertainment

In related news, CFO Bret Yunker sold 208,134 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $29.62, for a total value of $6,164,929.08. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director David Tomick sold 7,142 shares of Caesars Entertainment stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $29.71, for a total value of $212,188.82. Following the sale, the director directly owned 17,769 shares of the company's stock, valued at $527,916.99. This represents a 28.67% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 263,175 shares of company stock valued at $7,796,855. 1.18% of the stock is currently owned by company insiders.

Caesars Entertainment Price Performance

Shares of NASDAQ:CZR opened at $29.28 on Friday. The company has a 50 day moving average of $29.38 and a 200 day moving average of $27.86. The company has a current ratio of 0.82, a quick ratio of 0.80 and a debt-to-equity ratio of 7.15. The stock has a market cap of $5.97 billion, a P/E ratio of -11.18 and a beta of 1.90. Caesars Entertainment, Inc. has a 12 month low of $17.86 and a 12 month high of $30.88.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) last posted its earnings results on Tuesday, October 27th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.49). The firm had revenue of $2.94 billion during the quarter, compared to analysts' expectations of $2.96 billion. Caesars Entertainment had a negative return on equity of 9.83% and a negative net margin of 4.55%. The business's revenue for the quarter was up 2.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.27) earnings per share. As a group, sell-side analysts forecast that Caesars Entertainment, Inc. will post -1.28 EPS for the current fiscal year.

About Caesars Entertainment

Caesars Entertainment, Inc. is a gaming and hospitality company that operates casinos, hotels and resorts across the United States. Its properties offer casino gaming, hotel accommodations, restaurants, live entertainment and other leisure amenities. The company also provides online sports betting and iGaming through brands including Caesars Sportsbook and Caesars Palace Online Casino, subject to the regulations in the markets where they operate. The present-day company was formed in 2020, when Eldorado Resorts acquired Caesars Entertainment and adopted the Caesars name.

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