DME Capital Management LP Increases Holdings in PENN Entertainment, Inc. (NASDAQ:PENN)

DME Capital Management LP lifted its position in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 11.9% in the second quarter, HoldingsChannel reports. The fund owned 5,095,340 shares of the company’s stock after buying an additional 540,630 shares during the period. PENN Entertainment accounts for approximately 4.8% of DME Capital Management LP’s investment portfolio, making the stock its 6th largest holding. DME Capital Management LP’s holdings in PENN Entertainment were worth $98,620,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Earnest Partners LLC boosted its stake in PENN Entertainment by 4.6% in the second quarter. Earnest Partners LLC now owns 4,117,946 shares of the company’s stock valued at $79,703,000 after acquiring an additional 179,813 shares during the last quarter. Armistice Capital LLC lifted its stake in PENN Entertainment by 91.9% in the second quarter. Armistice Capital LLC now owns 2,643,060 shares of the company’s stock valued at $51,156,000 after buying an additional 1,266,023 shares during the period. Bank of Montreal Can boosted its holdings in PENN Entertainment by 98.9% during the second quarter. Bank of Montreal Can now owns 50,331 shares of the company’s stock worth $977,000 after buying an additional 25,027 shares during the last quarter. Public Sector Pension Investment Board acquired a new position in shares of PENN Entertainment during the 2nd quarter worth about $6,363,000. Finally, Wolf Hill Capital Management LP bought a new stake in shares of PENN Entertainment in the 2nd quarter valued at about $221,000. Institutional investors and hedge funds own 91.69% of the company’s stock.

PENN Entertainment Price Performance

NASDAQ:PENN opened at $18.70 on Thursday. The stock has a market capitalization of $2.85 billion, a PE ratio of -2.51 and a beta of 2.10. PENN Entertainment, Inc. has a 1-year low of $13.50 and a 1-year high of $27.20. The firm has a fifty day simple moving average of $18.88 and a 200 day simple moving average of $18.00. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.35.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.09. PENN Entertainment had a negative net margin of 19.48% and a negative return on equity of 7.13%. The company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter last year, the firm posted $0.48 EPS. The company’s quarterly revenue was down .7% on a year-over-year basis. On average, research analysts expect that PENN Entertainment, Inc. will post -1.32 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PENN has been the topic of several recent analyst reports. Susquehanna reissued a “positive” rating and set a $26.00 price objective on shares of PENN Entertainment in a research note on Friday, June 21st. Stifel Nicolaus boosted their price target on shares of PENN Entertainment from $19.00 to $20.00 and gave the company a “hold” rating in a report on Friday, August 9th. Truist Financial raised their price objective on PENN Entertainment from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. Macquarie reissued an “outperform” rating and set a $26.00 target price on shares of PENN Entertainment in a research note on Friday, August 9th. Finally, Morgan Stanley cut their price target on shares of PENN Entertainment from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $23.77.

Insiders Place Their Bets

In other PENN Entertainment news, CEO Jay A. Snowden bought 54,200 shares of PENN Entertainment stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average cost of $18.44 per share, for a total transaction of $999,448.00. Following the purchase, the chief executive officer now owns 853,045 shares of the company’s stock, valued at approximately $15,730,149.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director David A. Handler bought 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were bought at an average price of $17.51 per share, with a total value of $175,100.00. Following the completion of the transaction, the director now owns 293,450 shares of the company’s stock, valued at $5,138,309.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jay A. Snowden bought 54,200 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average price of $18.44 per share, for a total transaction of $999,448.00. Following the purchase, the chief executive officer now owns 853,045 shares of the company’s stock, valued at approximately $15,730,149.80. The disclosure for this purchase can be found here. Insiders have acquired a total of 79,200 shares of company stock valued at $1,450,548 over the last 90 days. 2.19% of the stock is currently owned by insiders.

PENN Entertainment 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.