Stock Traders Purchase Large Volume of Call Options on PENN Entertainment (NASDAQ:PENN)

PENN Entertainment, Inc. (NASDAQ:PENN) saw unusually large options trading activity on Wednesday. Stock traders acquired 39,391 call options on the company. This is an increase of approximately 137% compared to the typical daily volume of 16,588 call options.

Institutional Investors Weigh In On PENN Entertainment

Several institutional investors have recently made changes to their positions in PENN. DekaBank Deutsche Girozentrale purchased a new stake in shares of PENN Entertainment during the 3rd quarter worth $45,000. GAMMA Investing LLC boosted its position in shares of PENN Entertainment by 88.5% during the 3rd quarter. GAMMA Investing LLC now owns 2,716 shares of the company’s stock worth $51,000 after purchasing an additional 1,275 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of PENN Entertainment during the 3rd quarter worth $56,000. International Assets Investment Management LLC boosted its position in shares of PENN Entertainment by 1,634.8% during the 3rd quarter. International Assets Investment Management LLC now owns 3,244 shares of the company’s stock worth $61,000 after purchasing an additional 3,057 shares in the last quarter. Finally, Modus Advisors LLC purchased a new stake in shares of PENN Entertainment during the 4th quarter worth $63,000. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on PENN shares. Truist Financial cut their price objective on shares of PENN Entertainment from $25.00 to $23.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Needham & Company LLC reissued a “buy” rating and set a $26.00 price objective on shares of PENN Entertainment in a report on Friday, November 8th. JPMorgan Chase & Co. raised shares of PENN Entertainment from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $19.00 to $27.00 in a report on Friday, December 13th. Barclays cut their price objective on shares of PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Finally, Mizuho cut their target price on shares of PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $23.44.

PENN Entertainment Stock Performance

Shares of PENN opened at $20.46 on Friday. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market capitalization of $3.12 billion, a P/E ratio of -5.76, a P/E/G ratio of 1.27 and a beta of 2.08. The company’s fifty day moving average is $19.95 and its two-hundred day moving average is $19.35. PENN Entertainment has a 1 year low of $13.50 and a 1 year high of $24.57.

PENN Entertainment (NASDAQ:PENN) last announced 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 company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations 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 revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.21 EPS. On average, sell-side analysts predict that PENN Entertainment will post -1.54 earnings per share for the current year.

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.