Whitebox Advisors LLC Buys Shares of 49,065 PENN Entertainment, Inc. $PENN

Whitebox Advisors LLC purchased a new position in PENN Entertainment, Inc. (NASDAQ:PENN) during the 1st quarter, Holdings Channel reports. The fund purchased 49,065 shares of the company’s stock, valued at approximately $737,000.

Several other institutional investors and hedge funds have also modified their holdings of PENN. Lazard Asset Management LLC bought a new position in PENN Entertainment in the 1st quarter worth $658,000. Gabelli Funds LLC grew its holdings in PENN Entertainment by 63.7% during the first quarter. Gabelli Funds LLC now owns 62,200 shares of the company’s stock valued at $935,000 after purchasing an additional 24,200 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in PENN Entertainment by 9.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,323,554 shares of the company’s stock valued at $34,923,000 after purchasing an additional 196,480 shares during the period. Inceptionr LLC purchased a new stake in PENN Entertainment in the first quarter worth about $312,000. Finally, Orvieto Partners L.P. increased its position in PENN Entertainment by 2.1% in the first quarter. Orvieto Partners L.P. now owns 643,400 shares of the company’s stock worth $9,670,000 after buying an additional 13,400 shares in the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.

PENN Entertainment Price Performance

Shares of PENN Entertainment stock opened at $20.48 on Monday. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of -3.05, a PEG ratio of 0.39 and a beta of 1.42. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 3.94. The stock’s 50-day simple moving average is $20.17 and its 200-day simple moving average is $16.55. PENN Entertainment, Inc. has a 52 week low of $11.65 and a 52 week high of $22.36.

PENN Entertainment (NASDAQ:PENN) last released its earnings results on Thursday, April 23rd. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.06. The firm had revenue of $1.78 billion during the quarter, compared to analysts’ expectations of $1.74 billion. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.The firm’s revenue was up 6.4% on a year-over-year basis. During the same quarter last year, the business posted $0.68 earnings per share. As a group, analysts expect that PENN Entertainment, Inc. will post 1.39 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PENN Entertainment in a research report on Wednesday, June 24th. Bank of America increased their target price on shares of PENN Entertainment from $18.00 to $22.00 and gave the stock a “neutral” rating in a report on Monday, July 20th. JPMorgan Chase & Co. raised their target price on shares of PENN Entertainment from $23.00 to $26.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 15th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of PENN Entertainment from $17.00 to $18.00 and gave the company a “hold” rating in a report on Friday, April 24th. Finally, The Goldman Sachs Group started coverage on shares of PENN Entertainment in a research note on Friday, June 26th. They issued a “buy” rating and a $26.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $22.78.

PENN Entertainment 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.