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

PENN Entertainment, Inc. (NASDAQ:PENN) was the target of unusually large options trading activity on Friday. Stock traders purchased 31,360 call options on the company. This represents an increase of 66% compared to the average daily volume of 18,906 call options.

PENN Entertainment Trading Down 1.2 %

Shares of PENN Entertainment stock opened at $16.92 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 2.34. The stock has a fifty day simple moving average of $19.68 and a 200 day simple moving average of $19.61. PENN Entertainment has a 12-month low of $13.50 and a 12-month high of $23.08. The company has a market capitalization of $2.59 billion, a P/E ratio of -4.77, a price-to-earnings-growth ratio of 1.55 and a beta of 2.19.

Institutional Trading of PENN Entertainment

Several institutional investors and hedge funds have recently made changes to their positions in PENN. DME Capital Management LP grew its position in shares of PENN Entertainment by 2.3% during the 4th quarter. DME Capital Management LP now owns 5,748,440 shares of the company’s stock valued at $113,934,000 after acquiring an additional 127,670 shares during the period. Invesco Ltd. lifted its position in PENN Entertainment by 28.0% during the fourth quarter. Invesco Ltd. now owns 3,882,009 shares of the company’s stock valued at $76,941,000 after purchasing an additional 848,066 shares during the last quarter. Geode Capital Management LLC grew its position in PENN Entertainment by 6.5% in the fourth quarter. Geode Capital Management LLC now owns 2,500,342 shares of the company’s stock worth $49,572,000 after acquiring an additional 152,791 shares in the last quarter. Kettle Hill Capital Management LLC increased its position in shares of PENN Entertainment by 43.1% during the 4th quarter. Kettle Hill Capital Management LLC now owns 1,801,787 shares of the company’s stock valued at $35,711,000 after purchasing an additional 542,585 shares during the last quarter. Finally, Contrarius Group Holdings Ltd purchased a new position in shares of PENN Entertainment during the fourth quarter worth approximately $34,994,000. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently commented on PENN. JPMorgan Chase & Co. upgraded PENN Entertainment from a “neutral” rating to an “overweight” rating and increased their price target for the company from $19.00 to $27.00 in a research note on Friday, December 13th. Benchmark reissued a “hold” rating on shares of PENN Entertainment in a research report on Monday, March 3rd. Mizuho lifted their price target on shares of PENN Entertainment from $24.00 to $25.00 and gave the company an “outperform” rating in a research note on Tuesday, March 4th. Macquarie reissued an “outperform” rating and set a $26.00 price objective on shares of PENN Entertainment in a research report on Friday, February 28th. Finally, JMP Securities restated a “market perform” rating on shares of PENN Entertainment in a research note on Thursday, January 16th. Ten analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, PENN Entertainment has a consensus rating of “Hold” and an average target price of $23.56.

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.