PENN Entertainment Target of Unusually High Options Trading (NASDAQ:PENN)

PENN Entertainment, Inc. (NASDAQ:PENN) was the target of unusually large options trading on Thursday. Stock traders bought 41,314 call options on the company. This represents an increase of 52% compared to the typical volume of 27,196 call options.

Analyst Ratings Changes

Several analysts recently issued reports on the company. StockNews.com downgraded PENN Entertainment from a “hold” rating to a “sell” rating in a report on Wednesday, March 6th. Craig Hallum upgraded PENN Entertainment from a “hold” rating to a “buy” rating and increased their price target for the company from $20.00 to $30.00 in a report on Friday. JMP Securities reissued a “market perform” rating on shares of PENN Entertainment in a research report on Tuesday, June 4th. Wells Fargo & Company decreased their price objective on shares of PENN Entertainment from $21.00 to $18.00 and set an “equal weight” rating for the company in a research report on Friday, May 3rd. Finally, Canaccord Genuity Group decreased their price objective on shares of PENN Entertainment from $32.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, April 29th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, PENN Entertainment has a consensus rating of “Hold” and a consensus target price of $25.10.

Insider Transactions at PENN Entertainment

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

Hedge Funds Weigh In On PENN Entertainment

A number of large investors have recently bought and sold shares of the business. Janney Montgomery Scott LLC increased its stake in shares of 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 purchasing an additional 6,072 shares during the period. Pathstone Family Office LLC bought a new stake in PENN Entertainment during the third quarter worth approximately $271,000. DekaBank Deutsche Girozentrale bought a new stake in PENN Entertainment during the third quarter worth approximately $55,000. PNC Financial Services Group Inc. raised its holdings in PENN Entertainment by 25.7% during the third quarter. PNC Financial Services Group Inc. now owns 12,420 shares of the company’s stock worth $285,000 after purchasing an additional 2,543 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in PENN Entertainment by 112.4% during the third quarter. Envestnet Asset Management Inc. now owns 250,172 shares of the company’s stock worth $5,741,000 after purchasing an additional 132,392 shares in the last quarter. Institutional investors own 91.69% of the company’s stock.

PENN Entertainment Stock Performance

Shares of PENN stock opened at $19.83 on Friday. The company has a debt-to-equity ratio of 2.33, a quick ratio of 1.04 and a current ratio of 1.04. PENN Entertainment has a one year low of $13.50 and a one year high of $29.38. The company’s 50-day simple moving average is $16.71 and its 200-day simple moving average is $19.66. The stock has a market capitalization of $3.02 billion, a price-to-earnings ratio of -2.66 and a beta of 2.06.

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

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.