Caesars Entertainment stock is plummeting after the casino giant's third-quarter results
Shares of casino stock Caesars Entertainment Inc (NASDAQ:CZR) are down 9.2% at $41.13 at last glance, after the company reported third-quarter losses of 4 cents per share, compared to the profits of 12 cents per share anticipated by analysts. Revenue also missed estimates, after the casino operator faced construction-related disruptions in New Orleans during the property's $435 million renovation, among other headwinds.
Several analysts chimed in with minor price-target adjustments in either direction. The 12-month consensus price target amongst the 18 analysts in coverage now sits at $53.56 -- a roughly 30% premium to current levels. Options traders are also chiming in at five times the average daily volume, with the most activity at the January 2026 50-strike call.
On the charts, CZR dropped as low as $40.20 earlier today. The $40 level was a firm line of pressure throughout much of the spring and summer, and could now be moving into support. The ascending 60-day moving average also perfectly captured today's pullback. Year to date, the equity is down 12.2%.
Taking a look around at Caesar Entertainment's peers in the competitive sector, Wynn Resorts Ltd (NASDAQ:WYNN) stock is up 8.1% since the start of the year. The stock has been stalling recently, following a 24.7% jump in September -- its best month since Jan. 2023. The company jumped into in the spotlight earlier in October after receiving the first commercial gaming operator license in the United Arab Emirates (UAE), but hasn't been on the radar as much since. At last glance, the equity was down 0.3% to trade at $98.71.
Shares of Las Vegas Sands Corp (NYSE:LVS) are down 0.4% at $53.17 at last check. The stock is seeing pressure at the $54 level, which is also the home of its April and May highs, after rallying off its Aug. 5, 52-week low of $36.62. Mirroring WYNN, the equity is up 8% since the start of 2024.