PENN Entertainment (NASDAQ:PENN) Shares Up 4.9% on Insider Buying Activity

PENN Entertainment, Inc. (NASDAQ:PENN)’s share price shot up 4.9% during mid-day trading on Wednesday following insider buying activity. The company traded as high as $19.15 and last traded at $19.14. 429,237 shares were traded during mid-day trading, a decline of 92% from the average session volume of 5,646,938 shares. The stock had previously closed at $18.24.

Specifically, CEO Jay A. Snowden bought 54,200 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was bought at an average cost of $18.44 per share, with a total value of $999,448.00. Following the completion of the purchase, the chief executive officer now owns 853,045 shares in the company, valued at approximately $15,730,149.80. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and set a $26.00 price target on shares of PENN Entertainment in a research note on Thursday, August 8th. JMP Securities reissued a “market perform” rating on shares of PENN Entertainment in a research note on Tuesday, June 4th. Deutsche Bank Aktiengesellschaft increased their target price on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Craig Hallum upgraded shares of PENN Entertainment from a “hold” rating to a “buy” rating and increased their target price for the stock from $20.00 to $30.00 in a report on Friday, June 21st. Finally, Macquarie reiterated an “outperform” rating and issued a $26.00 target price on shares of PENN Entertainment in a report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, PENN Entertainment presently has a consensus rating of “Hold” and a consensus price target of $23.77.

PENN Entertainment Trading Up 5.0 %

The business’s 50-day moving average price is $19.04 and its 200 day moving average price is $17.86. The company has a market cap of $2.92 billion, a P/E ratio of -2.57 and a beta of 2.10. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.03 and a current ratio of 1.03.

PENN Entertainment (NASDAQ:PENN) last issued its earnings results on Thursday, August 8th. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.09. The company had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.65 billion. PENN Entertainment had a negative net margin of 19.48% and a negative return on equity of 7.13%. The business’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.48 EPS. As a group, analysts expect that PENN Entertainment, Inc. will post -1.32 earnings per share for the current year.

Institutional Investors Weigh In On PENN Entertainment

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC grew its holdings in shares of PENN Entertainment by 233.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,441 shares of the company’s stock valued at $28,000 after purchasing an additional 1,009 shares during the last quarter. Neo Ivy Capital Management bought a new stake in shares of PENN Entertainment during the 4th quarter valued at approximately $40,000. TFO Wealth Partners LLC grew its holdings in shares of PENN Entertainment by 123,033.3% during the 4th quarter. TFO Wealth Partners LLC now owns 3,694 shares of the company’s stock valued at $96,000 after purchasing an additional 3,691 shares during the last quarter. J.Safra Asset Management Corp bought a new stake in shares of PENN Entertainment during the 2nd quarter valued at approximately $83,000. Finally, Quarry LP grew its holdings in shares of PENN Entertainment by 76.7% during the 2nd quarter. Quarry LP now owns 4,291 shares of the company’s stock valued at $83,000 after purchasing an additional 1,862 shares during the last quarter. 91.69% of the stock is owned by institutional investors.

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.