PENN Entertainment, Inc. (NASDAQ:PENN) Shares Acquired by Point72 Hong Kong Ltd

Point72 Hong Kong Ltd boosted its holdings in PENN Entertainment, Inc. (NASDAQ:PENN) by 4,965.1% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 52,728 shares of the company’s stock after purchasing an additional 51,687 shares during the quarter. Point72 Hong Kong Ltd’s holdings in PENN Entertainment were worth $994,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Driehaus Capital Management LLC purchased a new position in PENN Entertainment in the second quarter valued at about $4,535,000. Cetera Advisors LLC raised its holdings in shares of PENN Entertainment by 184.3% during the 1st quarter. Cetera Advisors LLC now owns 60,708 shares of the company’s stock valued at $1,105,000 after buying an additional 39,356 shares during the period. Quantbot Technologies LP raised its holdings in shares of PENN Entertainment by 84.7% during the 3rd quarter. Quantbot Technologies LP now owns 208,094 shares of the company’s stock valued at $3,925,000 after buying an additional 95,423 shares during the period. Public Sector Pension Investment Board acquired a new position in PENN Entertainment during the 2nd quarter worth approximately $6,363,000. Finally, GAMMA Investing LLC boosted its holdings in PENN Entertainment by 233.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,441 shares of the company’s stock worth $28,000 after acquiring an additional 1,009 shares during the period. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Insider Activity at PENN Entertainment

In other news, Director David A. Handler purchased 10,000 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were bought at an average price of $17.51 per share, for a total transaction of $175,100.00. Following the completion of the purchase, the director now owns 293,450 shares of the company’s stock, valued at $5,138,309.50. This trade represents a 3.53 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anuj Dhanda purchased 15,000 shares of the business’s stock in a transaction dated Friday, September 6th. The shares were acquired at an average cost of $18.40 per share, for a total transaction of $276,000.00. Following the acquisition, the director now owns 31,523 shares of the company’s stock, valued at approximately $580,023.20. The trade was a 90.78 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 79,200 shares of company stock worth $1,450,548 in the last 90 days. 2.19% of the stock is currently owned by company insiders.

PENN Entertainment Trading Up 2.4 %

PENN Entertainment stock opened at $21.59 on Monday. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.94 and a current ratio of 0.94. PENN Entertainment, Inc. has a 1 year low of $13.50 and a 1 year high of $27.20. The firm’s 50-day moving average is $19.60 and its 200-day moving average is $18.84. The company has a market cap of $3.30 billion, a P/E ratio of -6.08 and a beta of 2.09.

PENN Entertainment (NASDAQ:PENN) last issued its earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.04. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.65 billion. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. PENN Entertainment’s revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the company posted $1.21 earnings per share. On average, equities analysts expect that PENN Entertainment, Inc. will post -1.53 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Bank of America started coverage on shares of PENN Entertainment in a report on Wednesday, November 13th. They set a “neutral” rating and a $22.00 price target for the company. Susquehanna reduced their price target on PENN Entertainment from $26.00 to $25.00 and set a “positive” rating for the company in a report on Monday, November 4th. Mizuho lowered their price objective on PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Tuesday, October 22nd. Barclays cut 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. Finally, Truist Financial decreased their price target on shares of PENN Entertainment from $25.00 to $23.00 and set a “buy” rating for the company in a research report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $23.29.

PENN Entertainment 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.