High-rolling investors have positioned themselves bullish on Caesars Entertainment CZR, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in CZR often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 14 options trades for Caesars Entertainment. This is not a typical pattern.
The sentiment among these major traders is split, with 64% bullish and 35% bearish. Among all the options we identified, there was one put, amounting to $42,640, and 13 calls, totaling $815,601.
Expected Price Movements
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $30.0 to $40.5 for Caesars Entertainment over the last 3 months.
Insights into Volume & Open Interest
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for Caesars Entertainment's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across Caesars Entertainment's significant trades, within a strike price range of $30.0 to $40.5, over the past month.
Caesars Entertainment Option Activity Analysis: Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CZR | CALL | SWEEP | BULLISH | 06/21/24 | $2.34 | $2.13 | $2.34 | $37.00 | $132.2K | 5.7K | 263 |
| CZR | CALL | SWEEP | BULLISH | 01/17/25 | $6.2 | $6.05 | $6.15 | $38.00 | $123.0K | 86 | 5 |
| CZR | CALL | SWEEP | BULLISH | 07/19/24 | $1.68 | $1.65 | $1.65 | $40.00 | $96.0K | 1.2K | 370 |
| CZR | CALL | SWEEP | BEARISH | 12/20/24 | $9.7 | $9.55 | $9.55 | $32.00 | $87.8K | 11 | 0 |
| CZR | CALL | SWEEP | BEARISH | 09/20/24 | $8.45 | $8.4 | $8.45 | $32.00 | $62.5K | 254 | 7 |
About Caesars Entertainment
Caesars Entertainment includes about 50 domestic gaming properties across Las Vegas (49% of 2023 EBITDAR before corporate expenses) and regional (48%) markets. Additionally, the company hosts managed properties and digital assets, the later of which produced marginal EBITDA in 2023. Caesars' US presence roughly doubled with the 2020 acquisition by Eldorado, which built its first casino in Reno, Nevada, in 1973 and expanded its presence through prior acquisitions to over 20 properties before merging with legacy Caesars. Caesars' brands include Caesars, Harrah's, Tropicana, Bally's, Isle, and Flamingo. Also, the company owns the US portion of William Hill (it sold the international operation in 2022), a digital sports betting platform.
Having examined the options trading patterns of Caesars Entertainment, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Caesars Entertainment's Current Market Status
- Currently trading with a volume of 3,024,210, the CZR's price is up by 5.14%, now at $38.65.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 48 days.
Professional Analyst Ratings for Caesars Entertainment
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $55.0.
- An analyst from Raymond James downgraded its action to Strong Buy with a price target of $55.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Caesars Entertainment with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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