Caesars Entertainment (NASDAQ:CZR) Share Price Crosses Above 200-Day Moving Average - Here's Why

Key Points

• Caesars Entertainment shares rose above their 200-day moving average, reaching $29.67 and last trading near $29.65, compared with the $28.81 moving average.
• Analyst sentiment remains cautious: the consensus rating is “Hold”, with an average price target of $30.71; several firms recently downgraded the stock from Buy or Hold to more bearish ratings.
• Caesars missed quarterly earnings expectations, reporting a $0.30 per-share loss versus the $0.05 loss consensus, despite $2.99 billion in revenue. Insiders sold more than 322,000 shares worth approximately $9.6 million over the past 90 days.

Caesars Entertainment, Inc. (NASDAQ:CZR - Get Free Report) shares passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $28.81 and traded as high as $29.67. Caesars Entertainment shares last traded at $29.65, with a volume of 2,559,034 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have commented on CZR shares. Zacks Research downgraded shares of Caesars Entertainment from a "hold" rating to a "strong sell" rating in a research report on Monday, August 17th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Caesars Entertainment in a report on Thursday, August 13th. Stifel Nicolaus lowered shares of Caesars Entertainment from a "buy" rating to a "hold" rating and set a $31.00 price target on the stock. in a research note on Monday, June 15th. TD Cowen cut shares of Caesars Entertainment from a "buy" rating to a "hold" rating and set a $31.00 price target for the company. in a report on Wednesday, July 29th. Finally, Capital One Financial downgraded shares of Caesars Entertainment from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 23rd. Two analysts have 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 MarketBeat, Caesars Entertainment has a consensus rating of "Hold" and an average target price of $30.71.

Caesars Entertainment Stock Performance

The stock's 50 day moving average price is $29.73 and its two-hundred day moving average price is $28.81. The company has a current ratio of 0.85, a quick ratio of 0.83 and a debt-to-equity ratio of 3.70. The firm has a market capitalization of $6.04 billion, a price-to-earnings ratio of -13.00 and a beta of 1.75.

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

Insider Activity at Caesars Entertainment

In other news, CMO Josh Jones sold 59,507 shares of Caesars Entertainment stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $29.72, for a total transaction of $1,768,548.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Bret Yunker sold 208,134 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $29.62, for a total value of $6,164,929.08. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 322,682 shares of company stock valued at $9,565,403 in the last 90 days. Insiders own 1.18% of the company's stock.

Institutional Trading of Caesars Entertainment

Large investors have recently bought and sold shares of the company. Tidal Investments LLC increased its position in shares of Caesars Entertainment by 198.6% in the second quarter. Tidal Investments LLC now owns 292,248 shares of the company's stock valued at $8,820,000 after buying an additional 194,361 shares in the last quarter. WINTON GROUP Ltd acquired a new position in shares of Caesars Entertainment during the 2nd quarter worth $14,094,000. Engineers Gate Manager LP purchased a new stake in shares of Caesars Entertainment in the 2nd quarter worth about $609,000. Maven Securities LTD acquired a new stake in Caesars Entertainment in the 2nd quarter valued at about $8,545,000. Finally, Governors Lane LP acquired a new stake in Caesars Entertainment in the 2nd quarter valued at about $2,921,000. Institutional investors and hedge funds own 91.79% of the company's stock.

About Caesars Entertainment

Caesars Entertainment, Inc is a gaming, hospitality and entertainment company headquartered in Reno, Nevada. The company operates casino resorts and hotels across the United States, offering gaming, accommodations, restaurants, bars, entertainment venues, meeting and convention facilities, and other resort amenities. Its properties operate under brands including Caesars, Harrah's, Horseshoe, Paris, Flamingo, Planet Hollywood, The LINQ and Eldorado.

In addition to its physical properties, Caesars provides online sports betting and iGaming services through Caesars Sportsbook and related digital platforms, subject to state and regulatory approvals.

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