Investors Buy High Volume of PENN Entertainment Call Options (NASDAQ:PENN)

PENN Entertainment, Inc. (NASDAQ:PENN) saw some unusual options trading on Wednesday. Traders purchased 39,391 call options on the company. This is an increase of approximately 137% compared to the average volume of 16,588 call options.

Institutional Investors Weigh In On PENN Entertainment

A number of hedge funds have recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale acquired a new position in PENN Entertainment during the 3rd quarter worth approximately $45,000. GAMMA Investing LLC boosted its stake in shares of PENN Entertainment by 88.5% in the third quarter. GAMMA Investing LLC now owns 2,716 shares of the company’s stock valued at $51,000 after buying an additional 1,275 shares in the last quarter. Quest Partners LLC acquired a new position in PENN Entertainment during the third quarter worth $56,000. International Assets Investment Management LLC raised its position in PENN Entertainment by 1,634.8% in the third quarter. International Assets Investment Management LLC now owns 3,244 shares of the company’s stock worth $61,000 after acquiring an additional 3,057 shares in the last quarter. Finally, Modus Advisors LLC acquired a new stake in PENN Entertainment in the fourth quarter valued at $63,000. Institutional investors and hedge funds own 91.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on PENN shares. Macquarie boosted their price target on shares of PENN Entertainment from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Barclays lowered their target price on shares of PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Craig Hallum restated a “buy” rating and issued a $30.00 price target on shares of PENN Entertainment in a research note on Tuesday, October 8th. Bank of America began coverage on PENN Entertainment in a research report on Wednesday, November 13th. They set a “neutral” rating and a $22.00 price objective for the company. Finally, Mizuho dropped their price objective on PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $23.44.

PENN Entertainment Price Performance

PENN Entertainment stock opened at $20.65 on Wednesday. The company has a debt-to-equity ratio of 2.34, a current ratio of 0.94 and a quick ratio of 0.94. The business has a 50 day simple moving average of $19.93 and a 200-day simple moving average of $19.34. PENN Entertainment has a 12 month low of $13.50 and a 12 month high of $24.57. The stock has a market capitalization of $3.15 billion, a PE ratio of -5.82 and a beta of 2.08.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.04. The company had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.65 billion. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. PENN Entertainment’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.21 EPS. Equities analysts predict that PENN Entertainment will post -1.55 earnings per share for the current year.

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.