Caesars Entertainment, Inc. (NASDAQ:CZR) shares are trading higher Friday after reports indicate activist-investor Carl Icahn has amassed a sizable stake in the company.
The Details:
According to a Bloomberg report citing sources familiar with the matter, Icahn owns a "sizable position" in the casino operator, though the specific size of his stake was not disclosed.
The billionaire investor previously owned a 9.78% stake in Caesars which he dissolved, according to a 2020 filing.
Icahn appeared to have confirmed the report during an interview on CNBC Friday.
“I like Caesars and I own some stock, I would never do activism in Caesars,” Icahn said.
Caesars Entertainment shares are moving on heavy trading volume following the reports. The stock is up nearly 10% after initially jumping 15% on the news.
Related News: Caesars Entertainment Shares Fall On Q1 Results: Here’s Why
Is CZR A Good Stock To Buy?
Wall Street analysts view Caesars Entertainment on the whole as a Buy, given the history of coverage over the past three months. Daniel Politzer from Wells Fargo in Caesars Entertainment is the most bearish, expecting a 19.4% fall in the stock in the coming year.
But looking at how the market as a whole thinks of the stock, you can reference historical price action for views on whether investors feel strongly about the stock one way or another. In the past 3 months, Caesars Entertainment fell 17.69%, which indicates that opinion soured on the business and how attractive it is to own based on either its stock price, or underlying fundamentals, like revenue, which fell 3.11% over the past year.
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CZR Price Action: According to Benzinga Pro, Caesars Entertainment shares are up 9.73% at $34.95 at the time of publication Friday.
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