Caesars Entertainment (NASDAQ:CZR) Lowered to Strong Sell Rating by Zacks Research

Zacks Research cut shares of Caesars Entertainment (NASDAQ:CZR) from a hold rating to a strong sell rating in a research report report published on Monday morning,Zacks.com reports.

A number of other equities analysts also recently weighed in on CZR. Barclays reaffirmed an “equal weight” rating and set a $31.00 price target (down from $35.00) on shares of Caesars Entertainment in a research note on Thursday, July 9th. Deutsche Bank Aktiengesellschaft restated 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Caesars Entertainment in a research report on Thursday, August 13th. Truist Financial cut Caesars Entertainment from a “buy” rating to a “hold” rating and reduced their target price for the company from $32.00 to $31.00 in a report on Friday, May 29th. Finally, Texas Capital downgraded Caesars Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 1st. Two research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $30.71.

Caesars Entertainment Stock Down 0.1%

Shares of NASDAQ:CZR opened at $29.63 on Monday. 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 cap of $6.04 billion, a price-to-earnings ratio of -13.00 and a beta of 1.77. The stock’s 50-day moving average price is $29.83 and its two-hundred day moving average price is $27.23. Caesars Entertainment has a 12-month low of $17.86 and a 12-month high of $30.88.

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

Insider Transactions at Caesars Entertainment

In related news, insider Edmund L. Quatmann, Jr. sold 81,566 shares of the company’s stock in a transaction on Tuesday, June 9th. The shares were 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 represents a 81.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CMO Josh Jones sold 59,507 shares of the stock in a transaction on Friday, August 14th. The shares were sold at an average price of $29.72, for a total value of $1,768,548.04. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 352,970 shares of company stock valued at $10,377,789 over the last 90 days. Corporate insiders own 1.18% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of CZR. Mint Tower Capital Management B.V. acquired a new stake in shares of Caesars Entertainment in the second quarter valued at about $2,113,000. Empowered Funds LLC acquired a new position in Caesars Entertainment during the 2nd quarter worth approximately $225,000. Jefferies Financial Group Inc. acquired a new position in Caesars Entertainment during the 2nd quarter worth approximately $1,110,000. Public Employees Retirement System of Ohio purchased a new position in Caesars Entertainment in the 2nd quarter worth approximately $1,737,000. Finally, One68 Global Capital LLC purchased a new position in Caesars Entertainment in the 2nd quarter worth approximately $754,000. Institutional investors and hedge funds own 91.79% of the company’s stock.

Caesars Entertainment Company 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.