Insider Trading Report: Caesars Entertainment (CZR)

Micheal Pegram, a director at Caesars Entertainment (CZR), recently picked up 13,000 shares. The buy increased his stake by nearly 16 percent, and came to a total cost of just over $895,000.

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  • He was joined by the company CEO, who also bought 10,000 shares on the same day. The cost of that buy came to about $714,000. These two buys mark the first time insiders have added shares since late 2019.

    Otherwise, company insiders have been somewhat regular and steady sellers of shares over the past three years. All told, company insiders own about 4.5 percent of shares.

    The casino operator has shed about a quarter of its value in the past year. The company has lost money in three of the last four quarters, although in the most recent quarter the company did make a modest profit and trades for about 17 times earnings.

    Action to take: Casinos are still operating below their pandemic levels, so there’s more room to grow. And the space is looking to consolidate right now, which could benefit Caesars as one of the smaller players. At present, shares don’t pay a dividend, but could in the future.

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  • For traders, shares could rebound in the next few months following the recent drop in stock. The September $90 calls, last going for about $6.55, look like they could deliver mid-to-high double-digit returns in the coming months on a move higher for the stock.


    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.

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