Caesars Entertainment Corporation (CZR) Sees Large Drop in Short Interest

Caesars Entertainment Corporation (NASDAQ:CZR) was the recipient of a large decline in short interest during the month of November. As of November 15th, there was short interest totalling 26,434,647 shares, a decline of 11.1% from the October 31st total of 29,737,653 shares. Approximately 6.3% of the shares of the stock are sold short. Based on an average daily volume of 11,026,836 shares, the short-interest ratio is presently 2.4 days.

CZR has been the subject of several research reports. BidaskClub downgraded Caesars Entertainment from a “hold” rating to a “sell” rating in a research report on Tuesday, November 14th. Zacks Investment Research downgraded Caesars Entertainment from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. ValuEngine downgraded Caesars Entertainment from a “hold” rating to a “sell” rating in a research report on Monday, October 2nd. Nomura initiated coverage on Caesars Entertainment in a research report on Friday, October 6th. They set a “neutral” rating and a $14.00 price objective for the company. Finally, Instinet initiated coverage on Caesars Entertainment in a research report on Friday, October 6th. They set a “neutral” rating and a $14.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $14.39.

Institutional investors and hedge funds have recently modified their holdings of the business. Neuberger Berman Group LLC grew its stake in shares of Caesars Entertainment by 1,419.8% during the 3rd quarter. Neuberger Berman Group LLC now owns 549,902 shares of the company’s stock valued at $7,341,000 after buying an additional 513,719 shares during the period. Davidson Kempner Capital Management LP grew its stake in shares of Caesars Entertainment by 267.9% during the 3rd quarter. Davidson Kempner Capital Management LP now owns 1,655,745 shares of the company’s stock valued at $22,104,000 after buying an additional 1,205,745 shares during the period. Cowen Inc. purchased a new stake in shares of Caesars Entertainment during the 3rd quarter valued at $334,000. Graham Capital Management L.P. purchased a new stake in shares of Caesars Entertainment during the 3rd quarter valued at $763,000. Finally, Engineers Gate Manager LP purchased a new stake in shares of Caesars Entertainment during the 3rd quarter valued at $3,095,000. Institutional investors own 20.47% of the company’s stock.

Caesars Entertainment (NASDAQ CZR) opened at $13.25 on Friday. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of -1.69. Caesars Entertainment has a twelve month low of $7.05 and a twelve month high of $13.60.

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About Caesars Entertainment

Caesars Entertainment Corporation is a holding company. The Company provides casino-entertainment and hospitality services. The Company’s segments include Caesars Entertainment Resort Properties, LLC (CERP), Caesars Growth Partners, LLC (CGP) and Other. The Company’s resorts operate primarily under the Harrah’s, Caesars and Horseshoe brand names.

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