Caesars Entertainment (NASDAQ:CZR) Sets New 1-Year Low After Earnings Miss

Caesars Entertainment, Inc. (NASDAQ:CZR) reached a new 52-week low during mid-day trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $20.19 and last traded at $20.3770, with a volume of 111100 shares traded. The stock had previously closed at $22.09.

The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.16). The company had revenue of $2.87 billion for the quarter, compared to analyst estimates of $2.88 billion. Caesars Entertainment had a negative return on equity of 5.66% and a negative net margin of 2.12%.Caesars Entertainment’s quarterly revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.04) earnings per share.

Wall Street Analysts Forecast Growth

CZR has been the topic of several analyst reports. Citizens Jmp cut their target price on shares of Caesars Entertainment from $40.00 to $37.00 and set a “market outperform” rating on the stock in a report on Wednesday. Citigroup restated a “market outperform” rating on shares of Caesars Entertainment in a research report on Wednesday. Zacks Research downgraded Caesars Entertainment from a “hold” rating to a “strong sell” rating in a research note on Monday, October 6th. Cfra reissued a “hold” rating and issued a $50.00 target price on shares of Caesars Entertainment in a research note on Friday, July 11th. Finally, Susquehanna lowered their price target on Caesars Entertainment from $28.00 to $27.00 and set a “neutral” rating for the company in a report on Friday, August 1st. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.06.

Hedge Funds Weigh In On Caesars Entertainment

Several hedge funds have recently made changes to their positions in CZR. Vanguard Group Inc. raised its holdings in shares of Caesars Entertainment by 0.8% in the first quarter. Vanguard Group Inc. now owns 23,548,822 shares of the company’s stock valued at $588,721,000 after purchasing an additional 183,963 shares during the last quarter. State Street Corp increased its stake in Caesars Entertainment by 0.8% in the 2nd quarter. State Street Corp now owns 7,569,822 shares of the company’s stock valued at $214,907,000 after buying an additional 61,065 shares during the last quarter. Invesco Ltd. lifted its position in Caesars Entertainment by 22.9% during the 1st quarter. Invesco Ltd. now owns 6,823,286 shares of the company’s stock worth $170,582,000 after buying an additional 1,269,911 shares in the last quarter. DAVENPORT & Co LLC boosted its stake in shares of Caesars Entertainment by 3.0% during the 3rd quarter. DAVENPORT & Co LLC now owns 4,320,758 shares of the company’s stock worth $116,768,000 after buying an additional 123,865 shares during the last quarter. Finally, HG Vora Capital Management LLC grew its holdings in shares of Caesars Entertainment by 73.3% in the 1st quarter. HG Vora Capital Management LLC now owns 3,900,000 shares of the company’s stock valued at $97,500,000 after acquiring an additional 1,650,000 shares in the last quarter. 91.79% of the stock is owned by institutional investors.

Caesars Entertainment Trading Down 15.2%

The firm has a market cap of $3.90 billion, a price-to-earnings ratio of -16.29 and a beta of 2.38. The company has a debt-to-equity ratio of 6.08, a current ratio of 0.82 and a quick ratio of 0.81. The business has a 50-day moving average of $24.89 and a 200-day moving average of $26.70.

Caesars Entertainment Company Profile

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.