Brokerages Set PENN Entertainment, Inc. (NASDAQ:PENN) Target Price at $22.78

PENN Entertainment, Inc. (NASDAQ:PENN) has earned an average recommendation of “Moderate Buy” from the twenty brokerages that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, six have issued a hold recommendation, twelve have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among analysts that have covered the stock in the last year is $22.7778.

A number of research firms have recently commented on PENN. Zacks Research upgraded PENN Entertainment from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 13th. Deutsche Bank Aktiengesellschaft upped their price target on PENN Entertainment from $17.00 to $18.00 and gave the stock a “hold” rating in a report on Friday, April 24th. Barclays increased their price target on PENN Entertainment from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Susquehanna raised their price objective on PENN Entertainment from $24.00 to $28.00 and gave the company a “positive” rating in a report on Wednesday, July 1st. Finally, Truist Financial boosted their price objective on PENN Entertainment from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, June 26th.

PENN Entertainment Stock Up 3.4%

PENN opened at $21.18 on Friday. The company has a fifty day moving average of $20.26 and a two-hundred day moving average of $16.60. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of -3.15, a PEG ratio of 0.39 and a beta of 1.42. PENN Entertainment has a fifty-two week low of $11.65 and a fifty-two week high of $22.36. The company has a debt-to-equity ratio of 3.94, a quick ratio of 0.82 and a current ratio of 0.82.

Institutional Investors Weigh In On PENN Entertainment

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quarry LP purchased a new position in PENN Entertainment during the fourth quarter valued at $36,000. IFP Advisors Inc grew its position in shares of 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 period. Modus Advisors LLC purchased a new stake in shares of PENN Entertainment during the fourth quarter worth about $47,000. Triumph Capital Management purchased a new stake in shares of PENN Entertainment during the third quarter worth about $54,000. Finally, Hantz Financial Services Inc. raised its position in shares of PENN Entertainment by 385.1% during the 4th quarter. Hantz Financial Services Inc. now owns 3,721 shares of the company’s stock worth $55,000 after purchasing an additional 2,954 shares during the last quarter. 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.