High-rolling investors have positioned themselves bearish 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 8 options trades for Caesars Entertainment. This is not a typical pattern.
The sentiment among these major traders is split, with 25% bullish and 75% bearish. Among all the options we identified, there was one put, amounting to $106,516, and 7 calls, totaling $516,482.
Predicted Price Range
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $35.0 to $47.0 for Caesars Entertainment over the last 3 months.
Volume & Open Interest Trends
In terms of liquidity and interest, the mean open interest for Caesars Entertainment options trades today is 70.5 with a total volume of 5,955.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Caesars Entertainment's big money trades within a strike price range of $35.0 to $47.0 over the last 30 days.
Caesars Entertainment Option Activity Analysis: Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| CZR | PUT | SWEEP | BULLISH | 09/20/24 | $9.1 | $8.95 | $8.95 | $47.00 | $106.5K | 0 | 3 |
| CZR | CALL | SWEEP | BEARISH | 08/16/24 | $4.5 | $4.35 | $4.35 | $35.00 | $100.5K | 141 | 854 |
| CZR | CALL | SWEEP | BEARISH | 08/16/24 | $4.45 | $4.35 | $4.35 | $35.00 | $95.7K | 141 | 1.0K |
| CZR | CALL | SWEEP | BEARISH | 08/16/24 | $4.45 | $4.35 | $4.35 | $35.00 | $86.9K | 141 | 1.3K |
| CZR | CALL | SWEEP | BEARISH | 08/16/24 | $4.65 | $4.5 | $4.5 | $35.00 | $82.8K | 141 | 670 |
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.
Following our analysis of the options activities associated with Caesars Entertainment, we pivot to a closer look at the company's own performance.
Where Is Caesars Entertainment Standing Right Now?
- With a volume of 2,322,335, the price of CZR is down -3.75% at $38.25.
- RSI indicators hint that the underlying stock may be approaching overbought.
- Next earnings are expected to be released in 29 days.
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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