PENN Entertainment (NASDAQ:PENN) Price Target Raised to $22.00

PENN Entertainment (NASDAQ:PENN) had its price objective upped by Bank of America from $18.00 to $22.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s price target would suggest a potential upside of 3.04% from the stock’s current price.

A number of other brokerages also recently commented on PENN. Morgan Stanley lifted their price target on shares of PENN Entertainment from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. Truist Financial raised their target price on shares of PENN Entertainment from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of PENN Entertainment in a research note on Wednesday, June 24th. Wells Fargo & Company decreased their price objective on PENN Entertainment from $24.00 to $23.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 14th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on PENN Entertainment from $17.00 to $18.00 and gave the company a “hold” rating in a research report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, PENN Entertainment has an average rating of “Moderate Buy” and an average price target of $22.59.

PENN Entertainment Price Performance

Shares of NASDAQ:PENN traded up $0.78 on Monday, hitting $21.35. The company had a trading volume of 1,169,744 shares, compared to its average volume of 4,115,177. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 3.94. PENN Entertainment has a 52-week low of $11.65 and a 52-week high of $22.36. The business has a 50 day moving average of $19.67 and a 200 day moving average of $16.34. The company has a market cap of $2.86 billion, a PE ratio of -3.19, a PEG ratio of 0.63 and a beta of 1.42.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.06. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.The firm had revenue of $1.78 billion during the quarter, compared to analysts’ expectations of $1.74 billion. During the same quarter last year, the business posted $0.68 EPS. The firm’s quarterly revenue was up 6.4% compared to the same quarter last year. As a group, equities analysts anticipate that PENN Entertainment will post 1.07 earnings per share for the current fiscal year.

Institutional Trading of PENN Entertainment

Institutional investors have recently made changes to their positions in the stock. Shapiro Capital Management LLC boosted its holdings in PENN Entertainment by 6.6% in the third quarter. Shapiro Capital Management LLC now owns 6,856,778 shares of the company’s stock valued at $132,062,000 after acquiring an additional 425,190 shares during the last quarter. Bank of America Corp DE increased its stake in PENN Entertainment by 57.9% during 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 during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of PENN Entertainment by 74.7% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,930,293 shares of the company’s stock worth $75,697,000 after purchasing an additional 1,679,953 shares during the period. AQR Capital Management LLC lifted its stake in shares of PENN Entertainment by 824.3% in the 4th quarter. AQR Capital Management LLC now owns 3,499,700 shares of the company’s stock valued at $51,341,000 after purchasing an additional 3,121,051 shares in the last quarter. Finally, Armistice Capital LLC lifted its stake in shares of PENN Entertainment by 47.2% in the 4th quarter. Armistice Capital LLC now owns 3,096,000 shares of the company’s stock valued at $45,666,000 after purchasing an additional 992,334 shares in the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.

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.