PENN Entertainment (NASDAQ:PENN) Raised to Hold at StockNews.com

StockNews.com upgraded shares of PENN Entertainment (NASDAQ:PENN) from a sell rating to a hold rating in a report published on Tuesday.

Other equities research analysts also recently issued reports about the company. Bank of America initiated coverage on PENN Entertainment in a research report on Wednesday, November 13th. They issued a “neutral” rating and a $22.00 price target on the stock. Barclays reduced 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 note on Thursday, October 17th. Needham & Company LLC restated a “buy” rating and set a $26.00 price target on shares of PENN Entertainment in a research note on Friday, November 8th. Wells Fargo & Company lifted their price objective on PENN Entertainment from $18.00 to $20.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Finally, Mizuho cut their target price on PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Tuesday, October 22nd. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, PENN Entertainment has an average rating of “Moderate Buy” and a consensus price target of $23.53.

PENN Entertainment Price Performance

PENN opened at $19.16 on Tuesday. PENN Entertainment has a 1 year low of $13.50 and a 1 year high of $27.20. The stock has a fifty day moving average price of $19.99 and a 200 day moving average price of $19.22. 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 market cap of $2.92 billion, a price-to-earnings ratio of -5.40 and a beta of 2.08.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.04. The business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.65 billion. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. PENN Entertainment’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.21 EPS. Analysts forecast that PENN Entertainment will post -1.55 EPS for the current fiscal year.

Institutional Trading of PENN Entertainment

Hedge funds have recently modified their holdings of the company. DME Capital Management LP raised its position 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 increased its position in shares of PENN Entertainment by 4.6% during the second quarter. Earnest Partners LLC now owns 4,117,946 shares of the company’s stock worth $79,703,000 after acquiring an additional 179,813 shares in the last quarter. Armistice Capital LLC raised its holdings in shares of PENN Entertainment by 91.9% during the second quarter. Armistice Capital LLC now owns 2,643,060 shares of the company’s stock worth $51,156,000 after acquiring an additional 1,266,023 shares during the period. Sei Investments Co. boosted its stake in PENN Entertainment by 3.7% in the 2nd quarter. Sei Investments Co. now owns 2,461,074 shares of the company’s stock worth $47,634,000 after purchasing an additional 88,797 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in PENN Entertainment by 4,624.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,456,094 shares of the company’s stock worth $28,183,000 after purchasing an additional 1,425,274 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors and hedge funds.

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.