PENN Entertainment (NASDAQ:PENN) Price Target Lowered to $19.00 at Morgan Stanley

PENN Entertainment (NASDAQ:PENN) had its target price cut by Morgan Stanley from $20.00 to $19.00 in a research note published on Tuesday, Benzinga reports. They currently have an equal weight rating on the stock.

Several other brokerages have also recently weighed in on PENN. Mizuho lowered their price objective on shares of PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Tuesday. Barclays lowered their target price on PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Macquarie reissued an “outperform” rating and issued a $26.00 target price on shares of PENN Entertainment in a report on Friday, August 9th. Raymond James downgraded shares of PENN Entertainment from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 25th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $26.00 price objective on shares of PENN Entertainment in a research note on Tuesday, October 8th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, PENN Entertainment presently has an average rating of “Hold” and a consensus target price of $22.96.

PENN Entertainment Trading Up 3.8 %

Shares of PENN stock opened at $19.91 on Tuesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.35. PENN Entertainment has a 12-month low of $13.50 and a 12-month high of $27.20. The stock has a market capitalization of $3.04 billion, a P/E ratio of -2.45 and a beta of 2.10. The firm’s 50 day moving average is $18.93 and its 200 day moving average is $18.12.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.09. The firm had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.65 billion. PENN Entertainment had a negative return on equity of 7.13% and a negative net margin of 19.48%. The company’s revenue was down .7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.48 EPS. Research analysts expect that PENN Entertainment will post -1.37 earnings per share for the current year.

Insiders Place Their Bets

In other PENN Entertainment news, Director David A. Handler purchased 10,000 shares of PENN Entertainment stock in a transaction dated Tuesday, September 10th. The shares were purchased at an average cost of $17.51 per share, for a total transaction of $175,100.00. Following the completion of the acquisition, the director now owns 293,450 shares in the company, valued at $5,138,309.50. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, Director David A. Handler bought 10,000 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were acquired at an average price of $17.51 per share, with a total value of $175,100.00. Following the transaction, the director now owns 293,450 shares of the company’s stock, valued at $5,138,309.50. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jay A. Snowden purchased 54,200 shares of PENN Entertainment stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average cost of $18.44 per share, with a total value of $999,448.00. Following the completion of the transaction, the chief executive officer now owns 853,045 shares in the company, valued at approximately $15,730,149.80. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 79,200 shares of company stock valued at $1,450,548 over the last 90 days. Insiders own 2.19% of the company’s stock.

Institutional Investors Weigh In On PENN Entertainment

Large investors have recently modified their holdings of the business. New York State Teachers Retirement System raised its position in shares of PENN Entertainment by 0.9% in the 3rd quarter. New York State Teachers Retirement System now owns 186,900 shares of the company’s stock valued at $3,525,000 after purchasing an additional 1,700 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of PENN Entertainment by 4.0% in the third quarter. Nisa Investment Advisors LLC now owns 17,410 shares of the company’s stock worth $328,000 after buying an additional 665 shares during the last quarter. Semanteon Capital Management LP raised its holdings in shares of PENN Entertainment by 70.8% in the third quarter. Semanteon Capital Management LP now owns 51,115 shares of the company’s stock worth $964,000 after buying an additional 21,194 shares during the last quarter. New World Advisors LLC grew its holdings in shares of PENN Entertainment by 7.5% during the third quarter. New World Advisors LLC now owns 15,800 shares of the company’s stock valued at $298,000 after buying an additional 1,100 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of PENN Entertainment in the 3rd quarter valued at $45,000. Hedge funds and other institutional investors own 91.69% of the company’s stock.

About PENN Entertainment

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.