Harvest Management LLC Takes Position in Caesars Entertainment, Inc. $CZR

Key Points

• Harvest Management LLC initiated a 44,000-share position in Caesars Entertainment valued at approximately $1.33 million. Institutional investors and hedge funds collectively own 91.79% of the company.
• Caesars shares opened at $29.73, near their 12-month high of $30.88. The company reported quarterly revenue of $2.99 billion, up 3% year over year, but missed earnings expectations with a loss of $0.30 per share.
• Analysts maintain a consensus “Hold” rating with an average price target of $30.71, while insiders have sold 595,003 shares worth about $17.55 million over the past 90 days.

Harvest Management LLC purchased a new position in shares of Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 44,000 shares of the company's stock, valued at approximately $1,328,000. Caesars Entertainment makes up approximately 0.5% of Harvest Management LLC's portfolio, making the stock its 23rd biggest position.

Other institutional investors and hedge funds have also modified their holdings of the company. Okabena Investment Services Inc. purchased a new position in Caesars Entertainment in the 2nd quarter valued at approximately $613,000. Hsbc Holdings PLC boosted its position in Caesars Entertainment by 1,727.8% during the second quarter. Hsbc Holdings PLC now owns 1,033,740 shares of the company's stock worth $30,967,000 after purchasing an additional 977,185 shares in the last quarter. Mint Tower Capital Management B.V. purchased a new stake in Caesars Entertainment during the second quarter worth $2,113,000. Empowered Funds LLC acquired a new stake in Caesars Entertainment in the second quarter valued at $225,000. Finally, Jefferies Financial Group Inc. acquired a new stake in Caesars Entertainment in the second quarter valued at $1,110,000. Institutional investors and hedge funds own 91.79% of the company's stock.

Caesars Entertainment Trading Up 0.3%

Shares of CZR stock opened at $29.73 on Friday. The firm has a 50-day moving average price of $29.87 and a 200 day moving average price of $27.68. Caesars Entertainment, Inc. has a twelve month low of $17.86 and a twelve month high of $30.88. The company has a market capitalization of $6.06 billion, a price-to-earnings ratio of -13.04 and a beta of 1.77. The company has a current ratio of 0.85, a quick ratio of 0.83 and a debt-to-equity ratio of 3.70.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The company reported ($0.30) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.05 by ($0.35). The firm had revenue of $2.99 billion for the quarter, compared to analyst estimates of $2.98 billion. Caesars Entertainment had a negative return on equity of 7.64% and a negative net margin of 3.99%.Caesars Entertainment's revenue for the quarter was up 3.0% on a year-over-year basis. During the same period in the prior year, the business earned ($0.39) earnings per share. Research analysts forecast that Caesars Entertainment, Inc. will post -0.9 earnings per share for the current fiscal year.

Insider Activity

In other Caesars Entertainment news, Director Blackhurst Janis L. Jones sold 33,899 shares of Caesars Entertainment stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $29.63, for a total value of $1,004,427.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Edmund L. Quatmann, Jr. sold 81,566 shares of the business's stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $29.35, for a total value of $2,393,962.10. Following the completion of the transaction, the insider owned 18,263 shares of the company's stock, valued at $536,019.05. This trade represents a 81.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 595,003 shares of company stock valued at $17,547,145 in the last 90 days. Insiders own 1.18% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on CZR shares. Truist Financial downgraded Caesars Entertainment from a "buy" rating to a "hold" rating and cut their price target for the stock from $32.00 to $31.00 in a research note on Friday, May 29th. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $31.00 price objective (down from $35.00) on shares of Caesars Entertainment in a research note on Friday, May 29th. Weiss Ratings restated a "sell (d-)" rating on shares of Caesars Entertainment in a report on Thursday, August 13th. Wells Fargo & Company upped their price target on shares of Caesars Entertainment from $26.00 to $31.00 and gave the company an "equal weight" rating in a report on Tuesday, June 2nd. Finally, Susquehanna upgraded shares of Caesars Entertainment from a "positive" rating to a "positive" rating in a research report on Friday, May 29th. Two research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $30.71.

About Caesars Entertainment

Caesars Entertainment Corporation is a leading integrated gaming and hospitality company headquartered in Las Vegas, Nevada. The company owns and operates a global portfolio of resorts, casinos, and entertainment venues designed to deliver comprehensive hospitality experiences. Its business activities span hotel accommodations, gaming operations, food and beverage services, live events, and convention services, with a focus on delivering luxury and entertainment to both leisure and business travelers.

The company traces its lineage to the founding of Harrah's by William F.

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