PENN Entertainment (NASDAQ:PENN) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why

Shares of PENN Entertainment, Inc. (NASDAQ:PENN) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $15.58 and traded as high as $21.80. PENN Entertainment shares last traded at $21.08, with a volume of 3,859,682 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. Wells Fargo & Company lifted their price objective on PENN Entertainment from $16.00 to $18.00 and gave the company an “equal weight” rating in a research report on Thursday, April 16th. Benchmark upgraded PENN Entertainment from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a report on Thursday, March 5th. Citigroup raised their target price on PENN Entertainment from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Monday, March 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PENN Entertainment in a report on Wednesday. Finally, Mizuho upped their price target on shares of PENN Entertainment from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Ten 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, PENN Entertainment currently has a consensus rating of “Moderate Buy” and an average price target of $21.06.

PENN Entertainment Price Performance

The stock has a market capitalization of $2.93 billion, a P/E ratio of -3.26, a PEG ratio of 0.67 and a beta of 1.44. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 3.94. The company has a fifty day simple moving average of $18.38 and a two-hundred day simple moving average of $15.63.

PENN Entertainment (NASDAQ:PENN) last issued its 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 company had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.74 billion. PENN Entertainment had a negative net margin of 13.55% and a positive return on equity of 0.44%. The company’s revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.68 EPS. Sell-side analysts expect that PENN Entertainment, Inc. will post 1.02 EPS for the current fiscal year.

Institutional Trading of PENN Entertainment

A number of institutional investors have recently bought and sold shares of the business. Quarry LP acquired a new position in shares of PENN Entertainment in the 4th quarter valued at $36,000. IFP Advisors Inc increased its holdings in PENN Entertainment by 76.2% in the fourth quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock valued at $41,000 after purchasing an additional 1,196 shares during the last quarter. Modus Advisors LLC bought a new stake in PENN Entertainment in the fourth quarter valued at about $47,000. Triumph Capital Management acquired a new position in PENN Entertainment in the third quarter valued at about $54,000. Finally, Hantz Financial Services Inc. lifted its stake in PENN Entertainment by 385.1% in the fourth quarter. Hantz Financial Services Inc. now owns 3,721 shares of the company’s stock valued at $55,000 after buying an additional 2,954 shares during the period. Institutional investors and hedge funds 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.