Caesars Entertainment, Inc. (NASDAQ:CZR) Sees Significant Drop in Short Interest

Caesars Entertainment, Inc. (NASDAQ:CZR) was the recipient of a significant decrease in short interest during the month of December. As of December 31st, there was short interest totalling 14,980,000 shares, a decrease of 6.4% from the December 15th total of 16,000,000 shares. Based on an average trading volume of 3,930,000 shares, the days-to-cover ratio is currently 3.8 days.

Caesars Entertainment Stock Performance

Shares of NASDAQ CZR traded up $0.73 during midday trading on Friday, hitting $34.05. The company had a trading volume of 6,970,959 shares, compared to its average volume of 3,842,788. Caesars Entertainment has a twelve month low of $30.78 and a twelve month high of $47.99. The business has a 50-day simple moving average of $35.65 and a two-hundred day simple moving average of $37.99. The company has a quick ratio of 0.82, a current ratio of 0.84 and a debt-to-equity ratio of 2.84.

Caesars Entertainment (NASDAQ:CZR) last announced its quarterly earnings results on Tuesday, October 29th. The company reported ($0.04) earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.25). The firm had revenue of $2.87 billion during the quarter, compared to analysts’ expectations of $2.93 billion. Caesars Entertainment had a negative net margin of 3.20% and a negative return on equity of 4.44%. The company’s quarterly revenue was down 4.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.34 EPS. Sell-side analysts predict that Caesars Entertainment will post -0.57 EPS for the current year.

Analyst Upgrades and Downgrades

CZR has been the topic of several recent research reports. Barclays decreased their target price on shares of Caesars Entertainment from $57.00 to $55.00 and set an “overweight” rating on the stock in a research report on Friday, December 13th. Morgan Stanley raised their price target on Caesars Entertainment from $40.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 22nd. JPMorgan Chase & Co. decreased their target price on Caesars Entertainment from $58.00 to $57.00 and set an “overweight” rating for the company in a research report on Friday, January 3rd. Jefferies Financial Group dropped their price objective on Caesars Entertainment from $52.00 to $43.00 and set a “buy” rating on the stock in a research note on Friday, January 3rd. Finally, Stifel Nicolaus raised their target price on shares of Caesars Entertainment from $56.00 to $58.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, two have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.86.

Institutional Investors Weigh In On Caesars Entertainment

Several hedge funds have recently modified their holdings of CZR. Wellington Management Group LLP increased its position in shares of Caesars Entertainment by 4.5% in the third quarter. Wellington Management Group LLP now owns 113,405 shares of the company’s stock worth $4,734,000 after acquiring an additional 4,840 shares in the last quarter. Key Colony Management LLC acquired a new stake in Caesars Entertainment in the 4th quarter valued at $6,350,000. National Bank of Canada FI raised its position in Caesars Entertainment by 87.2% in the third quarter. National Bank of Canada FI now owns 109,526 shares of the company’s stock valued at $4,572,000 after purchasing an additional 51,034 shares during the period. Hsbc Holdings PLC lifted its stake in shares of Caesars Entertainment by 42.7% during the second quarter. Hsbc Holdings PLC now owns 485,077 shares of the company’s stock worth $19,148,000 after purchasing an additional 145,201 shares in the last quarter. Finally, Entropy Technologies LP purchased a new stake in shares of Caesars Entertainment in the third quarter worth about $1,300,000. 91.79% of the stock is owned by institutional investors and hedge funds.

About Caesars Entertainment

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.