Caesars Entertainment (NASDAQ:CZR) Announces Quarterly Earnings Results

Caesars Entertainment (NASDAQ:CZR) announced its quarterly earnings results on Tuesday. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.35), FiscalAI reports. The company had revenue of $2.99 billion during the quarter, compared to analyst estimates of $2.98 billion. Caesars Entertainment had a negative return on equity of 7.54% and a negative net margin of 3.99%.Caesars Entertainment’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.39) EPS.

Caesars Entertainment Stock Performance

NASDAQ CZR traded down $0.11 during midday trading on Thursday, hitting $29.66. The company had a trading volume of 953,192 shares, compared to its average volume of 5,997,796. The firm has a fifty day simple moving average of $29.57 and a two-hundred day simple moving average of $26.62. Caesars Entertainment has a fifty-two week low of $17.86 and a fifty-two week high of $30.88. The company has a quick ratio of 0.83, a current ratio of 0.85 and a debt-to-equity ratio of 3.25. The stock has a market cap of $6.04 billion, a price-to-earnings ratio of -13.01 and a beta of 1.76.

Insider Transactions at Caesars Entertainment

In related news, Director Michael E. Pegram sold 16,897 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $29.46, for a total transaction of $497,785.62. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, 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 value of $2,393,962.10. Following the completion of the sale, the insider owned 18,263 shares of the company’s stock, valued at $536,019.05. This represents a 81.71% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 293,463 shares of company stock worth $8,609,241. 1.18% of the stock is owned by company insiders.

Institutional Investors Weigh In On Caesars Entertainment

A number of institutional investors have recently bought and sold shares of the business. Sunbelt Securities Inc. increased its holdings in Caesars Entertainment by 181.6% in the 3rd quarter. Sunbelt Securities Inc. now owns 1,042 shares of the company’s stock valued at $28,000 after buying an additional 672 shares during the period. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Caesars Entertainment by 456.7% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,119 shares of the company’s stock worth $26,000 after acquiring an additional 918 shares during the period. Quarry LP acquired a new stake in shares of Caesars Entertainment during the 3rd quarter valued at about $68,000. Brown Brothers Harriman & Co. boosted its position in shares of Caesars Entertainment by 641.2% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 3,743 shares of the company’s stock valued at $101,000 after acquiring an additional 3,238 shares in the last quarter. Finally, Parallel Advisors LLC increased its stake in Caesars Entertainment by 192.6% in the fourth quarter. Parallel Advisors LLC now owns 3,748 shares of the company’s stock valued at $88,000 after acquiring an additional 2,467 shares during the period. Institutional investors and hedge funds own 91.79% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CZR. Texas Capital downgraded Caesars Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 1st. Susquehanna raised shares of Caesars Entertainment from a “positive” rating to a “positive” rating in a research report on Friday, May 29th. Weiss Ratings restated a “sell (d-)” rating on shares of Caesars Entertainment in a research note on Monday, May 18th. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $31.00 price objective (down from $35.00) on shares of Caesars Entertainment in a report on Monday, June 1st. Finally, Raymond James Financial downgraded shares of Caesars Entertainment from a “strong-buy” rating to a “market perform” rating in a report on Friday, May 29th. Two investment analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target 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.