HG Vora Capital Management LLC Buys 1,650,000 Shares of Caesars Entertainment, Inc. $CZR

Key Points

• HG Vora Capital Management LLC increased its stake in Caesars Entertainment, Inc. by 73.3%, now owning 3.9 million shares valued at approximately $97.5 million.
• Caesars reported a net loss of $0.39 per share for the last quarter, falling short of analysts' expectations, despite revenue exceeding projections at $2.91 billion.
• Analyst ratings for Caesars Entertainment are mixed, with a consensus target price of $42.47 and varying recommendations from "Strong Buy" to "Neutral."

HG Vora Capital Management LLC lifted its stake in Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report) by 73.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,900,000 shares of the company's stock after acquiring an additional 1,650,000 shares during the period. Caesars Entertainment accounts for approximately 10.0% of HG Vora Capital Management LLC's holdings, making the stock its 5th biggest position. HG Vora Capital Management LLC owned approximately 1.88% of Caesars Entertainment worth $97,500,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. DAVENPORT & Co LLC lifted its stake in shares of Caesars Entertainment by 1,051.1% in 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 during the period. Allspring Global Investments Holdings LLC lifted its stake in Caesars Entertainment by 14.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 10,495 shares of the company's stock valued at $261,000 after purchasing an additional 1,360 shares during the last quarter. GSA Capital Partners LLP acquired a new stake in Caesars Entertainment during the first quarter valued at approximately $540,000. Sequoia Financial Advisors LLC acquired a new stake in Caesars Entertainment during the first quarter valued at approximately $30,148,000. Finally, Penn Capital Management Company LLC lifted its stake in Caesars Entertainment by 101.9% during the first quarter. Penn Capital Management Company LLC now owns 45,207 shares of the company's stock valued at $1,154,000 after purchasing an additional 22,812 shares during the last quarter. 91.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently commented on CZR. Truist Financial cut their target price on shares of Caesars Entertainment from $38.00 to $37.00 and set a "buy" rating for the company in a research note on Wednesday, July 30th. Morgan Stanley cut their target price on shares of Caesars Entertainment from $32.00 to $31.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 6th. JPMorgan Chase & Co. increased their target price on shares of Caesars Entertainment from $47.00 to $48.00 and gave the company an "overweight" rating in a research note on Tuesday, July 22nd. Zacks Research raised shares of Caesars Entertainment from a "strong sell" rating to a "hold" rating in a research note on Monday, August 18th. Finally, JMP Securities cut their target price on shares of Caesars Entertainment from $45.00 to $43.00 and set a "market outperform" rating for the company in a research note on Wednesday, July 30th. 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 company. Based on data from MarketBeat, Caesars Entertainment presently has a consensus rating of "Moderate Buy" and a consensus target price of $42.47.

Caesars Entertainment Trading Up 0.2%

Shares of CZR stock traded up $0.04 during trading hours on Monday, reaching $26.38. 7,194,750 shares of the stock traded hands, compared to its average volume of 5,603,681. Caesars Entertainment, Inc. 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 $27.50 and a 200 day moving average price of $27.68. 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 $5.49 billion, a PE ratio of -28.67 and a beta of 2.24.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) last released its quarterly 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). Caesars Entertainment had a negative net margin of 1.71% and a negative return on equity of 4.55%. The firm had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.85 billion. During the same quarter in the prior year, the firm earned ($0.56) EPS. The firm's revenue was up 2.7% compared to the same quarter last year. On average, equities research analysts forecast that Caesars Entertainment, Inc. will post -0.77 EPS for the current 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.