Wells Fargo & Company Raises PENN Entertainment (NASDAQ:PENN) Price Target to $20.00

PENN Entertainment (NASDAQ:PENN) had its target price increased by Wells Fargo & Company from $18.00 to $20.00 in a research note released on Thursday morning, Benzinga reports. They currently have an equal weight rating on the stock.

A number of other research firms also recently weighed in on PENN. Macquarie reaffirmed an “outperform” rating and set a $26.00 price target on shares of PENN Entertainment in a research report on Friday, August 9th. Barclays decreased 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 report on Thursday. Craig Hallum restated a “buy” rating and set a $30.00 price objective on shares of PENN Entertainment in a research note on Tuesday, October 8th. JMP Securities restated a “market perform” rating on shares of PENN Entertainment in a report on Friday, October 4th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $26.00 target price on shares of PENN Entertainment in a report on Tuesday, October 8th. 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 company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $23.75.

PENN Entertainment Trading Up 1.1 %

Shares of NASDAQ:PENN opened at $18.99 on Thursday. The firm has a market cap of $2.89 billion, a price-to-earnings ratio of -2.55 and a beta of 2.10. PENN Entertainment has a 12 month low of $13.50 and a 12 month high of $27.20. The company’s fifty day simple moving average is $18.92 and its 200 day simple moving average is $18.08. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.35.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.09. The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.65 billion. PENN Entertainment had a negative return on equity of 7.13% and a negative net margin of 19.48%. The company’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter last year, the business posted $0.48 EPS. As a group, research analysts forecast that PENN Entertainment will post -1.32 EPS for the current fiscal year.

Insider Buying and Selling at PENN Entertainment

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

Hedge Funds Weigh In On PENN Entertainment

Several institutional investors and hedge funds have recently modified their holdings of PENN. Vanguard Group Inc. raised its stake in PENN Entertainment by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 14,789,817 shares of the company’s stock worth $269,323,000 after purchasing an additional 59,897 shares in the last quarter. DME Capital Management LP increased its holdings in shares of PENN Entertainment by 11.9% during the second quarter. DME Capital Management LP now owns 5,095,340 shares of the company’s stock worth $98,620,000 after purchasing an additional 540,630 shares during the period. Earnest Partners LLC raised its position in shares of PENN Entertainment by 4.6% in the second quarter. Earnest Partners LLC now owns 4,117,946 shares of the company’s stock valued at $79,703,000 after buying an additional 179,813 shares in the last quarter. Armistice Capital LLC boosted its stake in shares of PENN Entertainment by 91.9% in the second quarter. Armistice Capital LLC now owns 2,643,060 shares of the company’s stock valued at $51,156,000 after buying an additional 1,266,023 shares during the period. Finally, Sei Investments Co. grew its position in PENN Entertainment by 3.7% during the second quarter. Sei Investments Co. now owns 2,461,074 shares of the company’s stock worth $47,634,000 after buying an additional 88,797 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors and hedge funds.

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.