Verition Fund Management LLC Has $8.54 Million Stock Holdings in PENN Entertainment, Inc. (NASDAQ:PENN)

Verition Fund Management LLC increased its stake in PENN Entertainment, Inc. (NASDAQ:PENN) by 367.2% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 452,988 shares of the company’s stock after acquiring an additional 356,029 shares during the quarter. Verition Fund Management LLC owned about 0.30% of PENN Entertainment worth $8,543,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in shares of 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 purchasing an additional 1,009 shares during the period. DekaBank Deutsche Girozentrale acquired a new position in PENN Entertainment in the third quarter valued at $45,000. Quest Partners LLC bought a new stake in PENN Entertainment during the third quarter valued at $56,000. International Assets Investment Management LLC grew its holdings in PENN Entertainment by 1,634.8% during the 3rd quarter. International Assets Investment Management LLC now owns 3,244 shares of the company’s stock worth $61,000 after acquiring an additional 3,057 shares during the period. Finally, J.Safra Asset Management Corp acquired a new stake in PENN Entertainment during the second quarter worth approximately $83,000. 91.69% of the stock is currently owned by institutional investors.

PENN Entertainment Stock Performance

Shares of PENN stock opened at $21.59 on Monday. The company has a debt-to-equity ratio of 2.34, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a 50-day moving average of $19.60 and a 200-day moving average of $18.84. PENN Entertainment, Inc. has a one year low of $13.50 and a one year high of $27.20. 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 posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.24) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.04. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.65 billion. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter last year, the business posted $1.21 EPS. Equities research analysts forecast that PENN Entertainment, Inc. will post -1.53 EPS for the current fiscal year.

Analyst Ratings Changes

PENN has been the topic of several recent analyst reports. Truist Financial dropped their price target on PENN Entertainment from $25.00 to $23.00 and set a “buy” rating on the stock in a research note on Wednesday, October 23rd. Benchmark reiterated a “hold” rating on shares of PENN Entertainment in a research report on Friday, November 8th. Craig Hallum restated a “buy” rating and issued a $30.00 price target on shares of PENN Entertainment in a report on Tuesday, October 8th. Susquehanna dropped their price objective on shares of PENN Entertainment from $26.00 to $25.00 and set a “positive” rating on the stock in a report on Monday, November 4th. Finally, Bank of America began coverage on PENN Entertainment in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $22.00 target price for the company. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $23.29.

Insiders Place Their Bets

In related news, Director Anuj Dhanda bought 15,000 shares of the company’s stock in a transaction on Friday, September 6th. The shares were purchased at an average cost of $18.40 per share, for a total transaction of $276,000.00. Following the completion of the purchase, the director now directly owns 31,523 shares in the company, valued at $580,023.20. The trade was a 90.78 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Jay A. Snowden purchased 54,200 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of $18.44 per share, with a total value of $999,448.00. Following the purchase, the chief executive officer now owns 853,045 shares in the company, valued at $15,730,149.80. The trade was a 6.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 79,200 shares of company stock valued at $1,450,548. Insiders own 2.19% 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.