Michael Pegram, director and more than 10% owner of Caesars Entertainment (NASDAQ:CZR) bought shares worth $1.46 million on May 3, 2024, showing trust in the company’s future performance.
Caesars Entertainment manages casinos and resorts under the brands Caesars, Harrah’s, Horseshoe, and Eldorado. In the past year, CZR shares have lost 19.7% as the return to casinos and holiday resorts has not yet reached pre-pandemic levels.
A Closer Look at the Insider’s Transactions
As per the Form 4 filing with the SEC, Pegram made two trades of CZR shares on May 3 at an average price of $36.39 per piece. It is worth noting that after the latest transactions, Pegram owns 201,309 shares of Caesars, valued at $7.26 million.
Caesars Entertainment stock currently has a Positive Insider Confidence Signal on TipRanks based on insider transactions undertaken in the last three months.
It is pertinent to keep an eye on the Informative trades of corporate insiders, given their knowledge of a company’s growth potential. Interestingly, TipRanks offers daily insider transactions as well as a list of top corporate insiders. It also provides a list of hot stocks that boast either a Very Positive or Positive insider confidence signal.
What is the Future of CZR Stock?
Analysts remain cautiously optimistic about Caesars stock. On TipRanks, CZR stock has a Moderate Buy consensus rating based on eight Buys and three Hold ratings. The average Caesars Entertainment price target of $52.56 implies 44.6% upside potential from current levels.
