Caesars Entertainment Co. (CZR) Sees Large Decline in Short Interest

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Caesars Entertainment Co. (NASDAQ:CZR) was the target of a significant decrease in short interest during the month of February. As of February 28th, there was short interest totalling 120,849,882 shares, a decrease of 16.4% from the February 15th total of 144,541,573 shares. Approximately 22.1% of the company’s stock are sold short. Based on an average daily trading volume, of 27,582,521 shares, the days-to-cover ratio is currently 4.4 days.

Shares of NASDAQ:CZR opened at $8.16 on Friday. Caesars Entertainment has a twelve month low of $5.84 and a twelve month high of $13.54. The company has a debt-to-equity ratio of 5.65, a quick ratio of 1.11 and a current ratio of 1.13. The company has a market capitalization of $5.60 billion, a P/E ratio of -42.95 and a beta of 1.20.

Caesars Entertainment (NASDAQ:CZR) last issued its quarterly earnings results on Thursday, February 21st. The company reported ($0.18) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.10) by ($0.08). Caesars Entertainment had a negative return on equity of 4.12% and a net margin of 3.61%. The business had revenue of $2.12 billion during the quarter, compared to analyst estimates of $2.11 billion. During the same quarter last year, the company posted $2.48 EPS. Caesars Entertainment’s quarterly revenue was up 11.3% compared to the same quarter last year. On average, analysts forecast that Caesars Entertainment will post -0.35 earnings per share for the current year.

CZR has been the topic of several recent analyst reports. Sanford C. Bernstein initiated coverage on shares of Caesars Entertainment in a report on Thursday, November 15th. They set a “market perform” rating on the stock. BidaskClub downgraded shares of Caesars Entertainment from a “sell” rating to a “strong sell” rating in a report on Thursday, December 13th. UBS Group upgraded shares of Caesars Entertainment from a “sell” rating to a “neutral” rating and cut their price objective for the company from $9.00 to $7.00 in a report on Wednesday, January 2nd. Zacks Investment Research downgraded shares of Caesars Entertainment from a “hold” rating to a “sell” rating in a report on Thursday, January 3rd. Finally, Deutsche Bank cut their price objective on shares of Caesars Entertainment from $13.00 to $11.00 and set a “buy” rating on the stock in a report on Monday, January 7th. Three investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. Caesars Entertainment has a consensus rating of “Hold” and an average target price of $11.75.

In other news, VP Les Ottolenghi sold 51,720 shares of the company’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $8.59, for a total transaction of $444,274.80. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Don R. Kornstein acquired 20,000 shares of the business’s stock in a transaction dated Tuesday, December 18th. The shares were bought at an average price of $7.00 per share, for a total transaction of $140,000.00. Following the acquisition, the director now owns 78,552 shares of the company’s stock, valued at $549,864. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 97,460 shares of company stock valued at $840,337. Insiders own 0.92% of the company’s stock.

A number of large investors have recently modified their holdings of CZR. Bank of New York Mellon Corp increased its holdings in Caesars Entertainment by 113.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,334,380 shares of the company’s stock worth $14,278,000 after buying an additional 709,373 shares during the period. First Trust Advisors LP acquired a new position in Caesars Entertainment in the 3rd quarter worth approximately $217,000. State Board of Administration of Florida Retirement System increased its holdings in Caesars Entertainment by 32.9% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 525,246 shares of the company’s stock worth $5,384,000 after buying an additional 129,918 shares during the period. Victory Capital Management Inc. boosted its position in Caesars Entertainment by 35.3% in the 3rd quarter. Victory Capital Management Inc. now owns 1,214,178 shares of the company’s stock worth $12,445,000 after purchasing an additional 316,808 shares in the last quarter. Finally, Janney Montgomery Scott LLC purchased a new stake in Caesars Entertainment in the 3rd quarter worth approximately $416,000.

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Caesars Entertainment Company Profile

Caesars Entertainment Corporation, through its subsidiaries, provides casino-entertainment and hospitality services in the United States and internationally. The company operates 36,000 slot machines and 2,700 table games, as well as other games comprising keno, poker, and race and sports books; and buffets, restaurants, bars, nightclubs, and lounges located throughout its casinos, as well as banquets and room service.

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