SG Americas Securities LLC Sells 866,473 Shares of Caesars Entertainment, Inc. $CZR

Key Points

• SG Americas Securities LLC cut its Caesars Entertainment stake by 78.9% in the first quarter, selling 866,473 shares and leaving it with 231,290 shares worth about $6.1 million.
• Caesars reported quarterly earnings of ($0.48) per share, missing analysts’ expectations, though revenue of $2.87 billion came in slightly above estimates and rose 2.7% year over year.
• Sentiment among Wall Street analysts remains cautious: several firms lowered ratings or price targets, and the stock currently carries an average Hold rating with a consensus price target of $32.53.

SG Americas Securities LLC trimmed its position in shares of Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report) by 78.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 231,290 shares of the company's stock after selling 866,473 shares during the period. SG Americas Securities LLC owned 0.11% of Caesars Entertainment worth $6,113,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Assenagon Asset Management S.A. lifted its holdings in shares of Caesars Entertainment by 317.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 3,274,430 shares of the company's stock worth $76,589,000 after buying an additional 2,490,924 shares in the last quarter. Capital World Investors grew its stake in Caesars Entertainment by 29.8% during the third quarter. Capital World Investors now owns 16,193,070 shares of the company's stock valued at $437,622,000 after acquiring an additional 3,716,148 shares in the last quarter. HighVista Strategies LLC bought a new stake in Caesars Entertainment in the 3rd quarter valued at $1,162,000. Aquatic Capital Management LLC lifted its stake in Caesars Entertainment by 710.0% in the 3rd quarter. Aquatic Capital Management LLC now owns 571,631 shares of the company's stock worth $15,448,000 after purchasing an additional 501,055 shares in the last quarter. Finally, Ruffer LLP bought a new position in shares of Caesars Entertainment during the 4th quarter valued at about $2,820,000. Hedge funds and other institutional investors own 91.79% of the company's stock.

Caesars Entertainment Price Performance

CZR stock opened at $30.19 on Monday. Caesars Entertainment, Inc. has a 12 month low of $17.86 and a 12 month high of $31.58. The company has a current ratio of 0.85, a quick ratio of 0.83 and a debt-to-equity ratio of 3.25. The company has a 50-day moving average price of $28.45 and a 200 day moving average price of $25.65. The stock has a market cap of $6.15 billion, a PE ratio of -12.74 and a beta of 1.77.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The company reported ($0.48) earnings per share for the quarter, missing analysts' consensus estimates of ($0.24) by ($0.24). Caesars Entertainment had a negative return on equity of 7.88% and a negative net margin of 4.19%.The firm had revenue of $2.87 billion during the quarter, compared to analysts' expectations of $2.85 billion. During the same period last year, the company earned ($0.54) earnings per share. The business's revenue for the quarter was up 2.7% compared to the same quarter last year. Equities research analysts anticipate that Caesars Entertainment, Inc. will post -0.49 earnings per share for the current year.

Insider Activity at Caesars Entertainment

In related news, insider Edmund L. Quatmann, Jr. sold 81,566 shares of the firm's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $29.35, for a total transaction of $2,393,962.10. Following the completion of the sale, the insider directly owned 18,263 shares of the company's stock, valued at approximately $536,019.05. This trade represents a 81.71% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael E. Pegram sold 16,897 shares of the business's stock in a transaction on Friday, June 12th. The shares were sold at an average price of $29.46, for a total transaction of $497,785.62. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 293,463 shares of company stock worth $8,609,241. Company insiders own 1.18% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CZR. Truist Financial cut Caesars Entertainment from a "buy" rating to a "hold" rating and reduced their target price for the stock from $32.00 to $31.00 in a report on Friday, May 29th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $31.00 price target (down from $35.00) on shares of Caesars Entertainment in a research note on Friday, May 29th. Stifel Nicolaus cut Caesars Entertainment from a "buy" rating to a "hold" rating and set a $31.00 price target for the company. in a report on Monday, June 15th. Susquehanna raised Caesars Entertainment from a "positive" rating to a "positive" rating in a research note on Friday, May 29th. Finally, Citizens Jmp increased their target price on Caesars Entertainment from $34.00 to $35.00 and gave the company a "market outperform" rating in a research report on Wednesday, April 29th. Four equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $32.53.

Caesars Entertainment Profile

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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