Exchange Traded Concepts LLC Reduces Holdings in PENN Entertainment, Inc. (NASDAQ:PENN)

Exchange Traded Concepts LLC decreased its position in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 13.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 90,027 shares of the company’s stock after selling 13,550 shares during the quarter. Exchange Traded Concepts LLC owned approximately 0.06% of PENN Entertainment worth $1,698,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in PENN. Driehaus Capital Management LLC purchased a new position in shares of PENN Entertainment during the second quarter worth about $4,535,000. Vanguard Group Inc. grew its holdings in shares of PENN Entertainment by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 14,729,920 shares of the company’s stock worth $383,273,000 after buying an additional 97,945 shares during the last quarter. Capstone Investment Advisors LLC grew its holdings in shares of PENN Entertainment by 281.4% during the first quarter. Capstone Investment Advisors LLC now owns 59,049 shares of the company’s stock worth $1,075,000 after buying an additional 43,566 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of PENN Entertainment during the first quarter worth about $1,098,000. Finally, Cetera Advisors LLC grew its holdings in shares of PENN Entertainment by 184.3% during the first quarter. Cetera Advisors LLC now owns 60,708 shares of the company’s stock worth $1,105,000 after buying an additional 39,356 shares during the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.

PENN Entertainment Price Performance

PENN stock opened at $18.51 on Wednesday. The firm has a 50 day moving average of $18.87 and a 200-day moving average of $18.06. PENN Entertainment, Inc. has a 12-month low of $13.50 and a 12-month high of $27.20. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.35. The company has a market cap of $2.82 billion, a price-to-earnings ratio of -2.48 and a beta of 2.10.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share (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 period last year, the firm earned $0.48 EPS. The company’s revenue for the quarter was down .7% on a year-over-year basis. As a group, equities analysts expect that PENN Entertainment, Inc. will post -1.32 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on PENN. Needham & Company LLC reissued a “buy” rating and set a $26.00 price target on shares of PENN Entertainment in a report on Tuesday, October 8th. Barclays lifted their price objective on PENN Entertainment from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, August 9th. Macquarie reaffirmed an “outperform” rating and issued a $26.00 price objective on shares of PENN Entertainment in a report on Friday, August 9th. Morgan Stanley lowered their price objective on PENN Entertainment from $21.00 to $20.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 4th. Finally, Stifel Nicolaus lifted their price objective on PENN Entertainment from $19.00 to $20.00 and gave the company a “hold” rating in a report on Friday, August 9th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $23.68.

Insider Buying and Selling

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

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.