PENN Entertainment, Inc. (NASDAQ:PENN) Sees Large Decline in Short Interest

PENN Entertainment, Inc. (NASDAQ:PENN) was the target of a significant decrease in short interest during the month of June. As of June 15th, there was short interest totalling 25,090,000 shares, a decrease of 14.2% from the May 31st total of 29,250,000 shares. Approximately 16.6% of the company’s stock are short sold. Based on an average daily volume of 7,040,000 shares, the days-to-cover ratio is currently 3.6 days.

Analyst Ratings Changes

PENN has been the topic of a number of research analyst reports. Needham & Company LLC restated a “buy” rating and issued a $26.00 price target on shares of PENN Entertainment in a research note on Wednesday, May 15th. Barclays reduced their price target on shares of PENN Entertainment from $26.00 to $22.00 and set an “overweight” rating on the stock in a research note on Friday, May 3rd. Benchmark reiterated a “hold” rating on shares of PENN Entertainment in a report on Friday, May 3rd. Morgan Stanley raised their price objective on shares of PENN Entertainment from $21.00 to $22.00 and gave the company an “equal weight” rating in a report on Tuesday, April 9th. Finally, Craig Hallum upgraded shares of PENN Entertainment from a “hold” rating to a “buy” rating and raised their price objective for the company from $20.00 to $30.00 in a report on Friday, June 21st. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, PENN Entertainment presently has a consensus rating of “Hold” and an average target price of $25.10.

Insider Buying and Selling

In other PENN Entertainment news, Director David A. Handler bought 40,000 shares of PENN Entertainment stock in a transaction that occurred on Wednesday, May 29th. The stock was acquired at an average price of $14.94 per share, for a total transaction of $597,600.00. Following the completion of the acquisition, the director now owns 283,450 shares of the company’s stock, valued at approximately $4,234,743. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director David A. Handler purchased 40,000 shares of the company’s stock in a transaction 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 completion of the transaction, the director now owns 283,450 shares of the company’s stock, valued at approximately $4,234,743. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director David A. Handler acquired 20,000 shares of the company’s stock in a transaction dated Monday, May 6th. The stock was bought at an average cost of $15.37 per share, for a total transaction of $307,400.00. Following the completion of the transaction, the director now directly owns 243,450 shares of the company’s stock, valued at $3,741,826.50. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 76,157 shares of company stock worth $1,154,949. 2.19% of the stock is owned by insiders.

Institutional Investors Weigh In On PENN Entertainment

Several institutional investors have recently bought and sold shares of the stock. Harbor Investment Advisory LLC purchased a new stake in PENN Entertainment in the 4th quarter worth approximately $32,000. Lindbrook Capital LLC raised its position in shares of PENN Entertainment by 57.1% in the 4th quarter. Lindbrook Capital LLC now owns 1,521 shares of the company’s stock worth $40,000 after acquiring an additional 553 shares in the last quarter. Neo Ivy Capital Management bought a new position in shares of PENN Entertainment in the 4th quarter worth approximately $40,000. Rakuten Securities Inc. bought a new position in shares of PENN Entertainment in the 4th quarter worth approximately $78,000. Finally, TFO Wealth Partners LLC raised its position in shares of PENN Entertainment by 123,033.3% in the 4th quarter. TFO Wealth Partners LLC now owns 3,694 shares of the company’s stock worth $96,000 after acquiring an additional 3,691 shares in the last quarter. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

PENN Entertainment Trading Up 1.4 %

Shares of PENN Entertainment stock opened at $19.04 on Tuesday. PENN Entertainment has a 52-week low of $13.50 and a 52-week high of $29.38. The stock’s 50-day simple moving average is $16.99 and its 200 day simple moving average is $19.35. The stock has a market capitalization of $2.90 billion, a P/E ratio of -2.52 and a beta of 2.11. 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 (NASDAQ:PENN) last announced its quarterly earnings results 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). 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 for the quarter, compared to the consensus estimate of $1.63 billion. As a group, research analysts anticipate that PENN Entertainment will post -1.35 EPS for the current 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.