Caesars Entertainment (CZR) Stock Price Down 5.4%

Caesars Entertainment Co. (NASDAQ:CZR) dropped 5.4% during mid-day trading on Thursday . The stock traded as low as $8.98 and last traded at $9.01. Approximately 21,517,380 shares traded hands during trading, an increase of 57% from the average daily volume of 13,680,856 shares. The stock had previously closed at $9.52.

CZR has been the subject of several recent analyst reports. ValuEngine upgraded shares of Caesars Entertainment from a “sell” rating to a “hold” rating in a research report on Monday, July 16th. Bank of America initiated coverage on shares of Caesars Entertainment in a research report on Monday, July 23rd. They set a “buy” rating and a $14.00 price objective for the company. Jefferies Financial Group set a $11.00 price objective on shares of Caesars Entertainment and gave the stock a “hold” rating in a research report on Thursday, August 2nd. BidaskClub cut shares of Caesars Entertainment from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 4th. Finally, Deutsche Bank initiated coverage on shares of Caesars Entertainment in a research report on Tuesday, September 4th. They set a “buy” rating and a $14.00 price objective for the company. Three research analysts have rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $13.10.

The company has a current ratio of 1.16, a quick ratio of 1.96 and a debt-to-equity ratio of 5.93. The company has a market capitalization of $6.38 billion, a price-to-earnings ratio of -2.53, a PEG ratio of 14.88 and a beta of 0.81.

A number of hedge funds have recently made changes to their positions in CZR. Point72 Asset Management L.P. boosted its stake in Caesars Entertainment by 190.0% during the second quarter. Point72 Asset Management L.P. now owns 25,119,068 shares of the company’s stock worth $268,774,000 after buying an additional 16,457,482 shares during the period. Thompson Siegel & Walmsley LLC boosted its stake in shares of Caesars Entertainment by 322.9% in the second quarter. Thompson Siegel & Walmsley LLC now owns 8,257,388 shares of the company’s stock valued at $88,354,000 after purchasing an additional 6,304,874 shares during the period. BlackRock Inc. boosted its stake in shares of Caesars Entertainment by 40.0% in the second quarter. BlackRock Inc. now owns 17,255,685 shares of the company’s stock valued at $184,635,000 after purchasing an additional 4,931,707 shares during the period. Long Pond Capital LP boosted its stake in shares of Caesars Entertainment by 6.2% in the second quarter. Long Pond Capital LP now owns 23,450,216 shares of the company’s stock valued at $250,917,000 after purchasing an additional 1,368,988 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. boosted its stake in shares of Caesars Entertainment by 109.6% in the third quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 1,977,278 shares of the company’s stock valued at $20,267,000 after purchasing an additional 1,034,102 shares during the period.

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About Caesars Entertainment (NASDAQ:CZR)

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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