PENN Entertainment (NASDAQ:PENN) Stock Rating Lowered by Raymond James

Raymond James downgraded shares of PENN Entertainment (NASDAQ:PENN) from an outperform rating to a market perform rating in a research note published on Tuesday morning, Marketbeat reports.

A number of other brokerages have also weighed in on PENN. Truist Financial raised their price objective on PENN Entertainment from $23.00 to $25.00 and gave the company a buy rating in a report on Friday, June 14th. Morgan Stanley raised their price objective on PENN Entertainment from $21.00 to $22.00 and gave the company an equal weight rating in a report on Tuesday, April 9th. Barclays decreased their price objective on PENN Entertainment from $26.00 to $22.00 and set an overweight rating on the stock in a report on Friday, May 3rd. Benchmark restated a hold rating on shares of PENN Entertainment in a report on Friday, May 3rd. Finally, StockNews.com lowered PENN Entertainment from a hold rating to a sell rating in a report on Wednesday, March 6th. One equities 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, the stock presently has a consensus rating of Hold and a consensus target price of $25.10.

PENN Entertainment Price Performance

Shares of NASDAQ PENN opened at $18.26 on Tuesday. The firm’s 50 day simple moving average is $16.80 and its 200-day simple moving average is $19.54. PENN Entertainment has a 12 month low of $13.50 and a 12 month high of $29.38. The stock has a market capitalization of $2.78 billion, a price-to-earnings ratio of -2.45 and a beta of 2.06. The company has a debt-to-equity ratio of 2.33, a current ratio of 1.04 and a quick ratio of 1.04.

PENN Entertainment (NASDAQ:PENN) last released its quarterly 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 net margin of 17.77% and a negative return on equity of 3.53%. The company had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.63 billion. Analysts expect that PENN Entertainment will post -1.35 EPS for the current year.

Insider Buying and Selling at PENN Entertainment

In other news, CFO Felicia Hendrix bought 16,157 shares of the company’s stock in a transaction on Monday, May 6th. The stock was bought at an average cost of $15.47 per share, with a total value of $249,948.79. Following the transaction, the chief financial officer now directly owns 68,596 shares in the company, valued at approximately $1,061,180.12. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Felicia Hendrix acquired 16,157 shares of the stock in a transaction dated Monday, May 6th. The stock was acquired at an average cost of $15.47 per share, with a total value of $249,948.79. Following the completion of the transaction, the chief financial officer now owns 68,596 shares in the company, valued at approximately $1,061,180.12. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director David A. Handler acquired 40,000 shares of the stock in a transaction dated Wednesday, May 29th. The shares were bought at an average cost of $14.94 per share, with a total value of $597,600.00. Following the completion of the transaction, the director now owns 283,450 shares of the company’s stock, 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 valued at $1,154,949 in the last three months. 2.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On PENN Entertainment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale purchased a new stake in shares of PENN Entertainment during the third quarter worth approximately $55,000. PNC Financial Services Group Inc. raised its stake in shares of 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 during the last quarter. Envestnet Asset Management Inc. grew 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 acquiring an additional 132,392 shares during the period. Covestor Ltd grew its holdings in PENN Entertainment by 185.3% during the third quarter. Covestor Ltd now owns 2,599 shares of the company’s stock worth $60,000 after acquiring an additional 1,688 shares during the period. Finally, Natixis Advisors L.P. grew its holdings in PENN Entertainment by 57.6% during the third quarter. Natixis Advisors L.P. now owns 113,548 shares of the company’s stock worth $2,606,000 after acquiring an additional 41,515 shares during the period. Hedge funds and other institutional investors own 91.69% of the company’s stock.

PENN Entertainment Company Profile

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.