PENN Entertainment (NASDAQ:PENN) Trading Up 7.9% – Here’s What Happened

PENN Entertainment, Inc. (NASDAQ:PENN)’s stock price was up 7.9% on Wednesday . The stock traded as high as $13.50 and last traded at $13.4850. Approximately 1,320,517 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 3,941,322 shares. The stock had previously closed at $12.50.

Analyst Ratings Changes

PENN has been the subject of a number of recent analyst reports. Jefferies Financial Group reiterated a “hold” rating and issued a $17.00 price target on shares of PENN Entertainment in a research note on Wednesday, December 24th. Stifel Nicolaus raised shares of PENN Entertainment from a “hold” rating to a “buy” rating and upped their target price for the company from $19.00 to $21.00 in a report on Friday, November 7th. Needham & Company LLC reiterated a “hold” rating on shares of PENN Entertainment in a research note on Friday, November 7th. Wells Fargo & Company started coverage on PENN Entertainment in a research report on Tuesday, November 18th. They set an “underweight” rating and a $15.00 price target on the stock. Finally, Morgan Stanley dropped their price objective on PENN Entertainment from $17.00 to $15.00 and set an “equal weight” rating on the stock in a research note on Friday, January 16th. Ten research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, PENN Entertainment presently has a consensus rating of “Hold” and an average price target of $20.50.

PENN Entertainment Stock Up 4.2%

The company has a market cap of $1.74 billion, a P/E ratio of -2.05, a PEG ratio of 0.42 and a beta of 1.39. The stock has a 50-day moving average of $14.24 and a 200 day moving average of $16.53. The company has a debt-to-equity ratio of 3.65, a current ratio of 0.75 and a quick ratio of 0.75.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.12). The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.73 billion. PENN Entertainment had a negative net margin of 13.24% and a negative return on equity of 4.59%. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.24) earnings per share. Research analysts anticipate that PENN Entertainment, Inc. will post -1.61 earnings per share for the current year.

Insider Transactions at PENN Entertainment

In other news, CEO Jay A. Snowden acquired 34,700 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The shares were bought at an average price of $14.32 per share, with a total value of $496,904.00. Following the acquisition, the chief executive officer directly owned 1,117,325 shares in the company, valued at $16,000,094. The trade was a 3.21% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director David A. Handler bought 20,000 shares of the stock in a transaction on Monday, November 17th. The stock was purchased at an average cost of $14.25 per share, with a total value of $285,000.00. Following the acquisition, the director owned 362,941 shares in the company, valued at approximately $5,171,909.25. This represents a 5.83% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 62,015 shares of company stock valued at $882,778 over the last quarter. 2.67% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PENN Entertainment

A number of institutional investors have recently added to or reduced their stakes in PENN. GAMMA Investing LLC lifted its holdings in shares of PENN Entertainment by 22.4% during the third quarter. GAMMA Investing LLC now owns 3,042 shares of the company’s stock worth $59,000 after purchasing an additional 556 shares during the period. Treasurer of the State of North Carolina raised its position in PENN Entertainment by 1.1% during the 2nd quarter. Treasurer of the State of North Carolina now owns 69,676 shares of the company’s stock worth $1,245,000 after purchasing an additional 745 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in PENN Entertainment by 33.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 3,273 shares of the company’s stock worth $65,000 after buying an additional 825 shares during the period. Keybank National Association OH grew its position in shares of PENN Entertainment by 6.3% in the 2nd quarter. Keybank National Association OH now owns 14,655 shares of the company’s stock valued at $262,000 after buying an additional 870 shares during the last quarter. Finally, Blue Trust Inc. grew its position in shares of PENN Entertainment by 10.1% in the 3rd quarter. Blue Trust Inc. now owns 10,168 shares of the company’s stock valued at $196,000 after buying an additional 929 shares during the last quarter. 91.69% of the stock is owned by institutional investors.

PENN Entertainment Company Profile

PENN Entertainment, Inc (NASDAQ: PENN) is a leading operator of gaming and racing facilities in the United States. The company’s business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company’s portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.