Caesars Entertainment (NASDAQ:CZR) Shares Gap Up on Analyst Upgrade

Caesars Entertainment, Inc. (NASDAQ:CZR – Get Rating) stock price rose ahead of Wednesday’s trading after Wells Fargo & Company raised its price target on the stock to $72.00 from $64.00. The stock previously closed at $44.39 but opened at $47.80. Wells Fargo & Company is currently overweight the stock. Caesars Entertainment shares were last traded at $47.20 with volume of 100,180 shares.

CZR has been the subject of several other reports. KeyCorp downgraded shares of Caesars Entertainment to a “sector weight” rating in a research report Tuesday, July 19. Barclays raised its price target for shares of Caesars Entertainment from $56.00 to $65.00 in a research report on Wednesday, August 3. Susquehanna Bancshares lowered its target price on shares of Caesars Entertainment from $32.00 to $27.00 and gave the company a negative rating in a research report on Monday, October 3. Deutsche Bank Aktiengesellschaft lowered its price target on Caesars Entertainment shares from USD 90.00 to USD 64.00 in a research report on Wednesday, August 3rd. Finally, on Thursday, October 20th, Cowen lowered the price target for shares of Caesars Entertainment to $75.00 in a research report. Two investment analysts have rated the stock with a sell rating, two with a hold rating and twelve with a buy rating. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $82.19.

Hedge funds bet on Caesars Entertainment

A number of institutional investors and hedge funds have recently changed their positions in CZR. Fifth Third Bancorp increased its stake in Caesars Entertainment by 7.3% in the first quarter. Fifth Third Bancorp now owns 7,472 shares of the company’s stock valued at $578,000 after purchasing an additional 511 shares last quarter. CWM LLC increased its stake in Caesars Entertainment stock by 50.7% in the first quarter. CWM LLC now owns 1,964 shares of the company’s stock valued at $152,000 after purchasing an additional 661 shares last quarter. Zürcher Kantonalbank Zürcher Kantonalbank increased its stake in Caesars Entertainment by 3.3% in the first quarter. Zurich Cantonal Bank Zurich Cantonal Bank now owns 31,960 shares of the company, valued at $2,472,000, after purchasing an additional 1,017 shares last quarter. Strs Ohio increased its stake in Caesars Entertainment by 24.2% during the first quarter. Strs Ohio now owns 469,987 shares of the company’s stock valued at $36,358,000 after purchasing an additional 91,712 shares last quarter. Finally, Truist Financial Corp increased its stake in Caesars Entertainment by 7.5% during the first quarter. Truist Financial Corp now owns 4,341 shares of the company’s stock valued at $336,000 after purchasing an additional 304 shares last quarter. Institutional investors own 95.55% of the company’s shares.

Caesars Entertainment trade up 6.2%

The stock’s 50-day moving average price is $40.80 and its 200-day moving average price is $46.09. The company has a quick ratio of 0.99, a current ratio of 1.00 and a debt to equity ratio of 7.06. The stock has a market cap of $10.11 billion, a P/E of -6.64 and a beta of 2.77.

Caesars Entertainment (NASDAQ:CZR – Get Rating) last released its quarterly results on Tuesday, August 2nd. The company reported earnings per share of $0.16 for the quarter, missing analyst consensus estimates of $0.25 to ($0.09). Caesars Entertainment had a negative net margin of 14.14% and a negative return on equity of 20.85%. The company made $2.82 billion in revenue for the quarter, compared to analysts’ expectations of $2.77 billion. On average, sell-side analysts are forecasting that Caesars Entertainment, Inc. will post -1.84 EPS for the year to date.

About Caesars Entertainment

(received rating)

Caesars Entertainment, Inc operates as a gaming and hospitality company in the United States. The company operates casinos with poker, keno, racing and online sports betting; restaurants, bars, nightclubs and lounges; hotels; and entertainment options. It also offers human resources and management services; accessories, souvenirs and decorative items via retail outlets; and online sports betting and iGaming services.

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