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

PENN Entertainment, Inc. (NASDAQ:PENN) was the recipient of some unusual options trading activity on Wednesday. Stock investors bought 41,944 call options on the stock. This is an increase of 117% compared to the average daily volume of 19,292 call options.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on PENN shares. Deutsche Bank Aktiengesellschaft raised their price objective 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. Needham & Company LLC restated a “buy” rating and set a $26.00 target price on shares of PENN Entertainment in a research report on Tuesday. 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 report on Wednesday, September 4th. Macquarie restated an “outperform” rating and set a $26.00 price objective on shares of PENN Entertainment in a report on Friday, August 9th. Finally, Truist Financial raised their target price on shares of PENN Entertainment from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, June 14th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, PENN Entertainment presently has an average rating of “Hold” and an average target price of $23.77.

Insider Activity

In other PENN Entertainment news, CEO Jay A. Snowden bought 54,200 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average price of $18.44 per share, for a total transaction of $999,448.00. Following the completion of the acquisition, the chief executive officer now directly owns 853,045 shares in the company, valued at $15,730,149.80. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Anuj Dhanda acquired 15,000 shares of PENN Entertainment stock in a transaction on Friday, September 6th. The stock was acquired at an average cost of $18.40 per share, for a total transaction of $276,000.00. Following the purchase, the director now owns 31,523 shares in the company, valued at $580,023.20. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jay A. Snowden acquired 54,200 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average cost of $18.44 per share, for a total transaction of $999,448.00. Following the completion of the transaction, the chief executive officer now directly owns 853,045 shares in the company, valued at $15,730,149.80. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 79,200 shares of company stock valued at $1,450,548. Insiders own 2.19% of the company’s stock.

Hedge Funds Weigh In On PENN Entertainment

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its stake in PENN Entertainment by 233.6% in the second quarter. GAMMA Investing LLC now owns 1,441 shares of the company’s stock worth $28,000 after acquiring an additional 1,009 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in PENN Entertainment during the 4th quarter worth approximately $40,000. J.Safra Asset Management Corp acquired a new stake in shares of PENN Entertainment during the second quarter worth $83,000. Quarry LP boosted its holdings in shares of PENN Entertainment by 76.7% in the second quarter. Quarry LP now owns 4,291 shares of the company’s stock valued at $83,000 after acquiring an additional 1,862 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in PENN Entertainment by 18.3% in the 2nd quarter. Blue Trust Inc. now owns 10,060 shares of the company’s stock valued at $183,000 after purchasing an additional 1,555 shares in the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.

PENN Entertainment Stock Performance

NASDAQ PENN opened at $18.46 on Friday. 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 has a fifty-two week low of $13.50 and a fifty-two week high of $27.20. The stock’s fifty day moving average is $18.82 and its two-hundred day moving average is $18.04. The firm has a market capitalization of $2.81 billion, a P/E ratio of -2.48 and a beta of 2.10.

PENN Entertainment (NASDAQ:PENN) last announced its earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $1.65 billion. During the same quarter last year, the firm posted $0.48 earnings per share. PENN Entertainment’s revenue was down .7% compared to the same quarter last year. On average, research analysts anticipate that PENN Entertainment will post -1.32 earnings per share 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.