Courtney Mather, a director at Caesars Entertainment (CZR), recently bought 16,000 shares. The buy increased her stake by 113 percent, and came to a total price just over $961,000.
That follows up on other sizeable insider buys this year. The company CEO bought 10,000 shares in March, and another director bought 13,000 shares on the same day. Since then, the stock is down nearly one-third. Over the past two years, company insiders have been more prone to sell than to buy.
Overall, insiders at the casino operator own about 4.5 percent of shares.
- Investor Who Predicted 2008 Crash: “The Mother of All Crashes is Coming”
If you've watched the movie The Big Short, you've heard of Michael Burry. He was one of the few who not only predicated the 2008 crash but profited from it.
He made $750 million for his investors and $100 million personally when his bet against the housing market paid off.
His next big prediction? He's warning the "mother of all crashes" is coming.
If you have any money in the markets, I urge you to click here and get the day of the next stock market crash.
The stock is down about 45 percent in the past year, largely on concerns of a slowing economy. The company hasn’t been yet returned to pre-pandemic profitability, but revenue is up nearly 64 percent in the past year.
Action to take: The company owns a number of high-profile properties, and should hold up well over time. However, shares don’t pay a dividend, so shareholders should look for a better entry price before buying.
For traders, the September $55 calls, last going for about $5.30, offer potential upside ahead. Patient traders may be able to get a slightly better deal on the calls under current market conditions. And as with any options trade, any quick move higher in shares would create a good time to take some quick profits off the table well before expiration.
Disclosure: The author of this article has no position in the company mentioned here, but may trade after the next 72 hours. The author receives no compensation from any of the companies mentioned in this article.