Westside Investment Management Inc. Acquires 3,722 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Westside Investment Management Inc. increased its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 27.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,274 shares of the company’s stock after buying an additional 3,722 shares during the period. Westside Investment Management Inc.’s holdings in PENN Entertainment were worth $315,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. CWM LLC raised its stake in shares of PENN Entertainment by 80.3% during the first quarter. CWM LLC now owns 13,614 shares of the company’s stock worth $248,000 after buying an additional 6,063 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in PENN Entertainment by 12.3% in the fourth quarter. PNC Financial Services Group Inc. now owns 13,942 shares of the company’s stock valued at $363,000 after purchasing an additional 1,522 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its stake in PENN Entertainment by 7.0% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 9,674 shares of the company’s stock valued at $252,000 after purchasing an additional 632 shares in the last quarter. Vanguard Group Inc. increased its stake in PENN Entertainment by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 14,729,920 shares of the company’s stock valued at $383,273,000 after purchasing an additional 97,945 shares in the last quarter. Finally, Wellington Management Group LLP bought a new stake in PENN Entertainment in the fourth quarter valued at approximately $16,341,000. 91.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on PENN shares. Canaccord Genuity Group lowered 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 note on Monday, April 29th. Benchmark reaffirmed a “hold” rating on shares of PENN Entertainment in a research note on Friday, May 3rd. Wells Fargo & Company lowered their target price on shares of PENN Entertainment from $21.00 to $18.00 and set an “equal weight” rating for the company in a research note on Friday, May 3rd. Bank of America downgraded shares of PENN Entertainment from a “buy” rating to a “neutral” rating and lowered their target price for the company from $28.00 to $17.50 in a research note on Monday, May 13th. Finally, Barclays lowered their target price on shares of PENN Entertainment from $26.00 to $22.00 and set an “overweight” rating for the company in a research note on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, PENN Entertainment presently has a consensus rating of “Hold” and an average target price of $25.10.

Insider Buying and Selling at PENN Entertainment

In other news, Director David A. Handler purchased 20,000 shares of the business’s stock in a transaction on 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 purchase, the director now directly owns 243,450 shares in the company, valued at approximately $3,741,826.50. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director David A. Handler purchased 20,000 shares of the business’s stock in a transaction on 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 purchase, the director now directly owns 243,450 shares in the company, valued at approximately $3,741,826.50. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Felicia Hendrix purchased 16,157 shares of the business’s stock in a transaction on Monday, May 6th. The stock was purchased at an average price of $15.47 per share, with a total value of $249,948.79. Following the purchase, the chief financial officer now owns 68,596 shares of the company’s stock, valued at $1,061,180.12. The disclosure for this purchase can be found here. Insiders bought a total of 76,157 shares of company stock worth $1,154,949 over the last quarter. 2.19% of the stock is currently owned by insiders.

PENN Entertainment Stock Performance

Shares of PENN opened at $18.74 on Thursday. PENN Entertainment, Inc. has a 12 month low of $13.50 and a 12 month high of $29.38. The firm has a fifty day simple moving average of $17.04 and a 200 day simple moving average of $19.30. The stock has a market capitalization of $2.86 billion, a price-to-earnings ratio of -2.52 and a beta of 2.11. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 2.33.

PENN Entertainment (NASDAQ:PENN) last announced its earnings results on Thursday, May 2nd. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.20). PENN Entertainment had a negative return on equity of 3.53% and a negative net margin of 17.77%. The business had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. Research analysts forecast that PENN Entertainment, Inc. will post -1.35 EPS for the current fiscal year.

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.