5 Best High Beta Stocks to Buy Now

4. Caesars Entertainment Inc. (NASDAQ:CZR)

Number of Hedge Fund Holders: 65

Beta Value: 2.9

Founded in 1937, Las Vegas, Nevada-based Caesars Entertainment Inc. (NASDAQ:CZR) is a leading casino entertainment provider offering diversified gaming, entertainment and hospitality amenities, one-of-a-kind destinations, and a full suite of mobile and online gaming and sports betting experiences.

On October 31, Caesars Entertainment Inc. (NASDAQ:CZR) reported the financial results for the third quarter. Its revenue increased by 4% y-o-y to $3.0 billion, while it generated a net income of $74 million. It reported a normalized EPS of $0.31 for the quarter, which exceeded the consensus by $0.04.

Following the earnings release, Barclays lowered the price target on Caesars Entertainment Inc. (NASDAQ:CZR) shares to $67 from $75 but maintained an ‘Overweight’ rating. The price target represents a potential upside of 66.67% based on the share price on October 31.

According to the Insider Monkey data on 910 leading hedge funds, 65 hedge funds were long Caesars Entertainment Inc. (NASDAQ:CZR) shares as of Q2 2023, with the total shares held by hedge funds valued at $1.2 billion. Parag Vora’s HG Vora Capital Management was the largest shareholder on record with ownership of 6.0 million shares valued at $306 million.