Lighthouse Investment Partners LLC Takes Position in PENN Entertainment, Inc. (NASDAQ:PENN)

Lighthouse Investment Partners LLC purchased a new position in shares of PENN Entertainment, Inc. (NASDAQ:PENN) in the 4th quarter, HoldingsChannel reports. The institutional investor purchased 25,000 shares of the company’s stock, valued at approximately $650,000.

Several other hedge funds have also recently modified their holdings of PENN. Avantax Advisory Services Inc. lifted its holdings in shares of PENN Entertainment by 83.2% during the third quarter. Avantax Advisory Services Inc. now owns 16,251 shares of the company’s stock worth $373,000 after purchasing an additional 7,378 shares during the period. Swiss National Bank lifted its holdings in PENN Entertainment by 2.0% in the third quarter. Swiss National Bank now owns 338,784 shares of the company’s stock valued at $7,775,000 after acquiring an additional 6,600 shares during the period. Janney Montgomery Scott LLC lifted its holdings in PENN Entertainment by 20.1% in the third quarter. Janney Montgomery Scott LLC now owns 36,330 shares of the company’s stock valued at $834,000 after acquiring an additional 6,072 shares during the period. Vanguard Personalized Indexing Management LLC acquired a new stake in PENN Entertainment in the third quarter valued at $223,000. Finally, Pathstone Family Office LLC acquired a new stake in PENN Entertainment in the third quarter valued at $271,000. 91.69% of the stock is owned by institutional investors and hedge funds.

PENN Entertainment Stock Performance

NASDAQ PENN opened at $17.25 on Tuesday. The firm has a market capitalization of $2.63 billion, a P/E ratio of -2.32 and a beta of 2.06. PENN Entertainment, Inc. has a 1-year low of $13.50 and a 1-year high of $29.38. The company has a debt-to-equity ratio of 2.33, a current ratio of 1.04 and a quick ratio of 1.04. The business’s 50-day simple moving average is $16.49 and its 200-day simple moving average is $20.02.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings data on Thursday, May 2nd. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.20). The firm had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.63 billion. PENN Entertainment had a negative net margin of 17.77% and a negative return on equity of 3.53%. Equities analysts predict that PENN Entertainment, Inc. will post -1.35 EPS for the current year.

Insider Buying and Selling

In related news, Director David A. Handler purchased 40,000 shares of PENN Entertainment stock in a transaction that occurred on Wednesday, May 29th. The shares were purchased at an average cost of $14.94 per share, with a total value of $597,600.00. Following the transaction, the director now owns 283,450 shares of the company’s stock, valued at approximately $4,234,743. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director David A. Handler acquired 20,000 shares of the stock in a transaction that occurred on Monday, May 6th. The stock was purchased at an average cost of $15.37 per share, for a total transaction of $307,400.00. Following the purchase, the director now directly owns 243,450 shares in the company, valued at $3,741,826.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David A. Handler acquired 40,000 shares of the stock in a transaction that occurred on Wednesday, May 29th. The shares were bought at an average price of $14.94 per share, with a total value of $597,600.00. Following the completion of the purchase, the director now owns 283,450 shares in the company, valued at $4,234,743. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 76,157 shares of company stock valued at $1,154,949. Corporate insiders own 2.19% of the company’s stock.

Wall Street Analysts Forecast Growth

PENN has been the subject of a number of research analyst reports. Barclays dropped their price target on PENN Entertainment from $26.00 to $22.00 and set an “overweight” rating for the company in a research report on Friday, May 3rd. Macquarie dropped their price target on PENN Entertainment from $35.00 to $33.00 and set an “outperform” rating for the company in a research report on Friday, February 16th. Canaccord Genuity Group dropped their price target on PENN Entertainment from $32.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, April 29th. Benchmark restated a “hold” rating on shares of PENN Entertainment in a research report on Friday, May 3rd. Finally, Susquehanna dropped their price target on PENN Entertainment from $27.00 to $26.00 and set a “positive” rating for the company in a research report on Friday, May 31st. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $24.30.

About PENN Entertainment

PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates online sports betting in various jurisdictions; and iCasino under Hollywood Casino, L'Auberge, ESPN BET, and theScore Bet Sportsbook and Casino brands.