PENN Entertainment (NASDAQ:PENN) Sets New 12-Month Low – Here’s What Happened

PENN Entertainment, Inc. (NASDAQ:PENN)’s stock price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $12.55 and last traded at $12.60, with a volume of 2581510 shares trading hands. The stock had previously closed at $12.84.

Analysts Set New Price Targets

Several research firms have issued reports on PENN. Citigroup reaffirmed a “market outperform” rating on shares of PENN Entertainment in a report on Monday, December 1st. Wells Fargo & Company assumed coverage on PENN Entertainment in a report on Tuesday, November 18th. They issued an “underweight” rating and a $15.00 price objective on the stock. Stifel Nicolaus raised PENN Entertainment from a “hold” rating to a “buy” rating and increased their target price for the company from $19.00 to $21.00 in a report on Friday, November 7th. Citizens Jmp lowered their price target on PENN Entertainment from $25.00 to $24.00 and set a “market outperform” rating on the stock in a research note on Friday, November 7th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of PENN Entertainment in a research report on Friday, November 7th. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, PENN Entertainment currently has an average rating of “Hold” and an average target price of $20.81.

PENN Entertainment Trading Down 1.9%

The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 3.65. The company has a fifty day moving average price of $14.28 and a two-hundred day moving average price of $16.57. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of -1.98, a PEG ratio of 0.43 and a beta of 1.39.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.12). The company had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.73 billion. PENN Entertainment had a negative return on equity of 4.59% and a negative net margin of 13.24%.The business’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.24) EPS. As a group, research analysts forecast that PENN Entertainment, Inc. will post -1.61 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Jay A. Snowden bought 34,700 shares of PENN Entertainment stock in a transaction on Friday, November 7th. The shares were bought at an average cost of $14.32 per share, with a total value of $496,904.00. Following the completion of the purchase, the chief executive officer directly owned 1,117,325 shares of the company’s stock, valued at approximately $16,000,094. This trade represents a 3.21% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Felicia Hendrix bought 7,315 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was purchased at an average price of $13.79 per share, for a total transaction of $100,873.85. Following the completion of the acquisition, the chief financial officer directly owned 119,448 shares in the company, valued at $1,647,187.92. The trade was a 6.52% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 62,015 shares of company stock worth $882,778 in the last quarter. 2.67% of the stock is currently owned by insiders.

Institutional Trading of PENN Entertainment

Institutional investors have recently made changes to their positions in the company. Triumph Capital Management acquired a new stake in PENN Entertainment during the third quarter worth $54,000. Cloud Capital Management LLC purchased a new stake in PENN Entertainment in the 3rd quarter valued at about $54,000. GAMMA Investing LLC raised its holdings in PENN Entertainment by 22.4% in the 3rd quarter. GAMMA Investing LLC now owns 3,042 shares of the company’s stock valued at $59,000 after buying an additional 556 shares during the period. Jones Financial Companies Lllp lifted its position in PENN Entertainment by 33.7% in the third quarter. Jones Financial Companies Lllp now owns 3,273 shares of the company’s stock valued at $65,000 after buying an additional 825 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new position in PENN Entertainment during the third quarter worth about $122,000. Hedge funds and other institutional investors own 91.69% of the company’s stock.

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.