Truist Financial Forecasts Strong Price Appreciation for PENN Entertainment (NASDAQ:PENN) Stock

PENN Entertainment (NASDAQ:PENN) had its price objective increased by investment analysts at Truist Financial from $20.00 to $25.00 in a research note issued to investors on Friday,MarketScreener reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price target indicates a potential upside of 18.60% from the stock’s current price.

A number of other equities research analysts have also issued reports on the company. Mizuho lifted their target price on PENN Entertainment from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Citigroup raised their price objective on PENN Entertainment from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Monday, March 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of PENN Entertainment in a report on Wednesday. Wall Street Zen upgraded shares of PENN Entertainment from a “strong sell” rating to a “hold” rating in a research note on Monday, March 2nd. Finally, Barclays raised their target price on shares of PENN Entertainment from $23.00 to $24.00 and gave the stock an “overweight” rating in a report on Friday, April 24th. Ten research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $21.06.

PENN Entertainment Trading Up 3.4%

Shares of NASDAQ:PENN opened at $21.08 on Friday. The firm has a market cap of $2.82 billion, a price-to-earnings ratio of -3.14, a PEG ratio of 0.65 and a beta of 1.44. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 3.94. PENN Entertainment has a 12 month low of $11.65 and a 12 month high of $22.36. The company’s fifty day simple moving average is $18.26 and its 200 day simple moving average is $15.58.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.06. The firm had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.74 billion. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.The company’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter last year, the business posted $0.68 EPS. As a group, research analysts forecast that PENN Entertainment will post 1.02 EPS for the current fiscal year.

Hedge Funds Weigh In On PENN Entertainment

A number of hedge funds and other institutional investors have recently made changes to their positions in PENN. Quarry LP acquired a new stake in PENN Entertainment during the 4th quarter valued at approximately $36,000. IFP Advisors Inc raised its stake in PENN Entertainment by 76.2% during the fourth quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock worth $41,000 after buying an additional 1,196 shares during the last quarter. Triumph Capital Management acquired a new position in shares of PENN Entertainment in the 3rd quarter valued at about $54,000. Modus Advisors LLC acquired a new position in PENN Entertainment in the fourth quarter valued at approximately $47,000. Finally, Hantz Financial Services Inc. boosted its holdings in shares of PENN Entertainment by 385.1% during the 4th quarter. Hantz Financial Services Inc. now owns 3,721 shares of the company’s stock worth $55,000 after buying an additional 2,954 shares in the last quarter. 91.69% of the stock is owned by institutional investors and hedge funds.

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.