PENN Entertainment (NASDAQ:PENN) Trading Up 4.7%

Shares of PENN Entertainment, Inc. (NASDAQ:PENN) were up 4.7% during mid-day trading on Friday . The stock traded as high as $19.90 and last traded at $19.77. Approximately 2,230,000 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 6,354,547 shares. The stock had previously closed at $18.89.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on PENN shares. Canaccord Genuity Group cut their target price on shares of PENN Entertainment from $32.00 to $28.00 and set a “buy” rating for the company in a research report on Monday, April 29th. Wells Fargo & Company lowered their target price on PENN Entertainment from $21.00 to $18.00 and set an “equal weight” rating on the stock in a report on Friday, May 3rd. Mizuho boosted their price target on PENN Entertainment from $29.00 to $32.00 and gave the company a “buy” rating in a research note on Friday, May 3rd. Benchmark reiterated a “hold” rating on shares of PENN Entertainment in a research note on Friday, May 3rd. Finally, Bank of America lowered shares of PENN Entertainment from a “buy” rating to a “neutral” rating and cut their target price for the company from $28.00 to $17.50 in a research report on Monday, May 13th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, PENN Entertainment currently has a consensus rating of “Hold” and a consensus price target of $25.10.

PENN Entertainment Price Performance

The firm has a 50 day moving average of $16.90 and a 200-day moving average of $19.53. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 2.33. The company has a market cap of $2.95 billion, a P/E ratio of -2.67 and a beta of 2.06.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings data on Thursday, May 2nd. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.59) by ($0.20). PENN Entertainment had a negative net margin of 17.77% and a negative return on equity of 3.53%. The company had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. On average, equities research analysts predict that PENN Entertainment, Inc. will post -1.35 EPS for the current year.

Insiders Place Their Bets

In other news, Director David A. Handler acquired 20,000 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was purchased at an average price of $15.37 per share, for a total transaction of $307,400.00. Following the completion of the transaction, the director now directly owns 243,450 shares in the company, valued at approximately $3,741,826.50. The acquisition was disclosed in a filing with the SEC, which is available through this link. In related news, Director David A. Handler purchased 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The shares were bought at an average price of $14.94 per share, for a total transaction of $597,600.00. Following the acquisition, the director now owns 283,450 shares of the company’s stock, valued at approximately $4,234,743. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director David A. Handler acquired 20,000 shares of the company’s stock in a transaction on Monday, May 6th. The shares were purchased at an average cost of $15.37 per share, with a total value of $307,400.00. Following the completion of the purchase, the director now directly owns 243,450 shares of the company’s stock, valued at $3,741,826.50. The disclosure for this purchase can be found here. Insiders have purchased a total of 76,157 shares of company stock worth $1,154,949 in the last 90 days. 2.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PENN Entertainment

Institutional investors have recently made changes to their positions in the company. Harbor Investment Advisory LLC purchased a new stake in PENN Entertainment in the 4th quarter worth about $32,000. Lindbrook Capital LLC raised its holdings in shares of PENN Entertainment by 57.1% in the fourth quarter. Lindbrook Capital LLC now owns 1,521 shares of the company’s stock worth $40,000 after buying an additional 553 shares during the period. Neo Ivy Capital Management bought a new stake in shares of PENN Entertainment during the 4th quarter worth approximately $40,000. Tyler Stone Wealth Management boosted its holdings in PENN Entertainment by 34.0% during the 3rd quarter. Tyler Stone Wealth Management now owns 1,971 shares of the company’s stock valued at $45,000 after acquiring an additional 500 shares during the period. Finally, DekaBank Deutsche Girozentrale bought a new position in PENN Entertainment in the 3rd quarter valued at $55,000. Institutional investors own 91.69% of the company’s stock.

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.