Citigroup Issues Positive Forecast for PENN Entertainment (NASDAQ:PENN) Stock Price

PENN Entertainment (NASDAQ:PENN) had its price target hoisted by stock analysts at Citigroup from $15.00 to $16.00 in a report released on Monday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s target price indicates a potential upside of 6.77% from the company’s current price.

A number of other research analysts also recently weighed in on the stock. Canaccord Genuity Group lowered their price objective on shares of PENN Entertainment from $26.00 to $21.00 and set a “buy” rating on the stock in a research report on Tuesday, February 3rd. Mizuho set a $19.00 target price on shares of PENN Entertainment in a research note on Monday, February 2nd. Stifel Nicolaus upgraded PENN Entertainment from a “hold” rating to a “buy” rating and raised their price target for the stock from $19.00 to $21.00 in a research note on Friday, November 7th. Citizens Jmp cut their price objective on PENN Entertainment from $25.00 to $24.00 and set a “market outperform” rating for the company in a report on Friday, November 7th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of PENN Entertainment in a research report on Monday, December 29th. Seven analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $19.36.

PENN Entertainment Stock Performance

Shares of NASDAQ:PENN traded down $0.66 during midday trading on Monday, reaching $14.99. 2,662,158 shares of the company’s stock traded hands, compared to its average volume of 4,696,007. The company has a debt-to-equity ratio of 3.92, a quick ratio of 0.79 and a current ratio of 0.79. PENN Entertainment has a one year low of $11.65 and a one year high of $22.13. The company has a market cap of $2.00 billion, a price-to-earnings ratio of -2.49, a P/E/G ratio of 0.48 and a beta of 1.33. The stock has a 50 day moving average of $13.78 and a 200 day moving average of $15.92.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings data on Thursday, February 26th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of ($0.23) by $0.30. The company had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.76 billion. PENN Entertainment had a negative return on equity of 1.94% and a negative net margin of 12.11%.PENN Entertainment’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period last year, the company earned ($0.44) EPS. As a group, equities research analysts anticipate that PENN Entertainment will post -1.61 EPS for the current fiscal year.

Institutional Trading of PENN Entertainment

Several hedge funds have recently bought and sold shares of the stock. Hill Path Capital LP purchased a new stake in PENN Entertainment in the second quarter worth about $62,595,000. AQR Capital Management LLC grew its stake in shares of PENN Entertainment by 824.3% during the 4th quarter. AQR Capital Management LLC now owns 3,499,700 shares of the company’s stock valued at $51,341,000 after acquiring an additional 3,121,051 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in PENN Entertainment in the 2nd quarter worth approximately $40,214,000. Norges Bank bought a new stake in PENN Entertainment during the 2nd quarter worth approximately $39,737,000. Finally, Hennessy Advisors Inc. purchased a new position in PENN Entertainment during the third quarter valued at approximately $40,537,000. Institutional investors own 91.69% of the company’s stock.

About PENN Entertainment

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.