PENN Entertainment (NASDAQ:PENN) Trading Up 4.7%

PENN Entertainment, Inc. (NASDAQ:PENN)’s share price was up 4.7% on Friday . The company traded as high as $19.90 and last traded at $19.77. Approximately 2,230,000 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 6,354,547 shares. The stock had previously closed at $18.89.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PENN. Craig Hallum upgraded shares of PENN Entertainment from a “hold” rating to a “buy” rating and upped their price target for the stock from $20.00 to $30.00 in a report on Friday, June 21st. Truist Financial increased their target price on PENN Entertainment from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, June 14th. Raymond James lowered PENN Entertainment from an “outperform” rating to a “market perform” rating in a research note on Tuesday. Wells Fargo & Company lowered their price objective on PENN Entertainment from $21.00 to $18.00 and set an “equal weight” rating for the company in a research note on Friday, May 3rd. Finally, Bank of America downgraded shares of PENN Entertainment from a “buy” rating to a “neutral” rating and cut their target price for the stock from $28.00 to $17.50 in a research report on Monday, May 13th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, PENN Entertainment has a consensus rating of “Hold” and a consensus price target of $25.10.

PENN Entertainment Stock Performance

The stock has a market capitalization of $2.95 billion, a P/E ratio of -2.67 and a beta of 2.06. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 2.33. The company has a 50-day moving average price of $16.90 and a two-hundred day moving average price of $19.53.

PENN Entertainment (NASDAQ:PENN) last issued its earnings results on Thursday, May 2nd. The company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.20). The business had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. PENN Entertainment had a negative return on equity of 3.53% and a negative net margin of 17.77%. On average, equities analysts forecast that PENN Entertainment, Inc. will post -1.35 earnings per share for the current year.

Insider Activity at PENN Entertainment

In related news, CFO Felicia Hendrix purchased 16,157 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was purchased at an average cost of $15.47 per share, with a total value of $249,948.79. Following the completion of the purchase, the chief financial officer now owns 68,596 shares in the company, valued at approximately $1,061,180.12. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director David A. Handler bought 40,000 shares of the stock in a transaction dated Wednesday, May 29th. The shares were bought at an average cost of $14.94 per share, with a total value of $597,600.00. Following the completion of the transaction, the director now directly owns 283,450 shares of the company’s stock, valued at $4,234,743. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Felicia Hendrix purchased 16,157 shares of PENN Entertainment stock in a transaction that occurred on Monday, May 6th. The stock was acquired at an average cost of $15.47 per share, with a total value of $249,948.79. Following the transaction, the chief financial officer now owns 68,596 shares in the company, valued at approximately $1,061,180.12. The disclosure for this purchase can be found here. Insiders have purchased 76,157 shares of company stock worth $1,154,949 in the last quarter. Company insiders own 2.19% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in PENN Entertainment by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 14,789,817 shares of the company’s stock valued at $269,323,000 after acquiring an additional 59,897 shares in the last quarter. Earnest Partners LLC lifted its holdings in shares of PENN Entertainment by 4.0% in the first quarter. Earnest Partners LLC now owns 3,938,133 shares of the company’s stock valued at $71,713,000 after purchasing an additional 151,025 shares in the last quarter. Sei Investments Co. boosted its position in shares of PENN Entertainment by 13.1% during the first quarter. Sei Investments Co. now owns 2,372,277 shares of the company’s stock valued at $43,199,000 after buying an additional 274,074 shares during the last quarter. Invenomic Capital Management LP grew its holdings in PENN Entertainment by 71.9% during the first quarter. Invenomic Capital Management LP now owns 1,884,284 shares of the company’s stock worth $34,313,000 after buying an additional 787,968 shares in the last quarter. Finally, Norges Bank purchased a new stake in PENN Entertainment in the 4th quarter valued at $42,758,000. 91.69% of the stock is currently owned by institutional investors and hedge funds.

PENN Entertainment Company Profile

PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates online sports betting in various jurisdictions; and iCasino under Hollywood Casino, L'Auberge, ESPN BET, and theScore Bet Sportsbook and Casino brands.