PENN Entertainment (NASDAQ:PENN) Upgraded to Strong-Buy at Zacks Research

PENN Entertainment (NASDAQ:PENN) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other equities analysts have also issued reports on PENN. Weiss Ratings reissued a “sell (d-)” rating on shares of PENN Entertainment in a report on Wednesday, June 24th. Susquehanna raised their price target on PENN Entertainment from $24.00 to $28.00 and gave the company a “positive” rating in a research note on Wednesday, July 1st. The Goldman Sachs Group began coverage on PENN Entertainment in a research report on Friday, June 26th. They set a “buy” rating and a $26.00 price target on the stock. Truist Financial increased their price objective on PENN Entertainment from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. Finally, JPMorgan Chase & Co. upped their target price on PENN Entertainment from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, April 24th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, PENN Entertainment currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.19.

PENN Entertainment Stock Performance

Shares of NASDAQ PENN opened at $20.18 on Monday. 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 business has a fifty day simple moving average of $19.42 and a 200 day simple moving average of $16.21. The firm has a market capitalization of $2.70 billion, a price-to-earnings ratio of -3.00, a PEG ratio of 0.65 and a beta of 1.42. PENN Entertainment has a one year low of $11.65 and a one year high of $22.36.

PENN Entertainment (NASDAQ:PENN) last posted its earnings results on Thursday, April 23rd. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.06. The business 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 firm’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.68 EPS. Sell-side analysts expect that PENN Entertainment will post 1.02 EPS for the current year.

Hedge Funds Weigh In On PENN Entertainment

Several institutional investors have recently added to or reduced their stakes in PENN. Assenagon Asset Management S.A. lifted its position in shares of PENN Entertainment by 47.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 180,310 shares of the company’s stock valued at $3,851,000 after buying an additional 58,174 shares during the last quarter. GAMMA Investing LLC boosted its stake in PENN Entertainment by 19.4% during the second quarter. GAMMA Investing LLC now owns 5,506 shares of the company’s stock valued at $118,000 after buying an additional 895 shares during the period. Glenmede Trust Co. NA bought a new position in shares of PENN Entertainment in the first quarter worth approximately $176,000. Bank of America Corp DE grew its position in PENN Entertainment by 57.9% in the first quarter. Bank of America Corp DE now owns 4,351,310 shares of the company’s stock worth $65,400,000 after acquiring an additional 1,595,502 shares in the last quarter. Finally, Seven Six Capital Management LLC boosted its holdings in shares of PENN Entertainment by 61.1% in the 1st quarter. Seven Six Capital Management LLC now owns 258,700 shares of the company’s stock worth $3,888,000 after purchasing an additional 98,100 shares in the last quarter. 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.