Entropy Technologies LP Makes New $586,000 Investment in PENN Entertainment, Inc. (NASDAQ:PENN)

Entropy Technologies LP purchased a new position in PENN Entertainment, Inc. (NASDAQ:PENN) in the 3rd quarter, HoldingsChannel reports. The fund purchased 31,092 shares of the company’s stock, valued at approximately $586,000.

Other institutional investors have also modified their holdings of the company. Driehaus Capital Management LLC acquired a new position in shares of PENN Entertainment in the second quarter worth $4,535,000. Virtu Financial LLC acquired a new position in shares of PENN Entertainment in the first quarter worth $1,098,000. Cetera Advisors LLC grew its stake in shares of PENN Entertainment by 184.3% in the first quarter. Cetera Advisors LLC now owns 60,708 shares of the company’s stock worth $1,105,000 after acquiring an additional 39,356 shares in the last quarter. Axxcess Wealth Management LLC grew its stake in shares of PENN Entertainment by 300.5% in the first quarter. Axxcess Wealth Management LLC now owns 36,975 shares of the company’s stock worth $673,000 after acquiring an additional 27,743 shares in the last quarter. Finally, Public Sector Pension Investment Board purchased a new stake in shares of PENN Entertainment during the 2nd quarter worth $6,363,000. Institutional investors and hedge funds own 91.69% of the company’s stock.

Insiders Place Their Bets

In related news, Director David A. Handler bought 10,000 shares of the stock in a transaction on Tuesday, September 10th. The shares were bought at an average cost of $17.51 per share, for a total transaction of $175,100.00. Following the completion of the transaction, the director now owns 293,450 shares of the company’s stock, valued at $5,138,309.50. This represents a 3.53 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jay A. Snowden purchased 54,200 shares of PENN Entertainment stock in a transaction 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 acquisition, the chief executive officer now directly owns 853,045 shares of the company’s stock, valued at approximately $15,730,149.80. This represents a 6.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 79,200 shares of company stock worth $1,450,548. 2.19% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on PENN. Needham & Company LLC reaffirmed a “buy” rating and set a $26.00 price objective on shares of PENN Entertainment in a research report on Friday, November 8th. Craig Hallum reaffirmed a “buy” rating and set a $30.00 price objective on shares of PENN Entertainment in a research report on Tuesday, October 8th. Stifel Nicolaus lifted their price objective on shares of PENN Entertainment from $19.00 to $20.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Finally, Wells Fargo & Company boosted their price target on shares of PENN Entertainment from $18.00 to $20.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, PENN Entertainment currently has an average rating of “Hold” and a consensus target price of $23.29.

PENN Entertainment Trading Down 1.4 %

Shares of PENN Entertainment stock opened at $20.94 on Friday. PENN Entertainment, Inc. has a 52-week low of $13.50 and a 52-week high of $27.20. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 2.34. The company’s 50-day simple moving average is $19.17 and its 200-day simple moving average is $18.42. The firm has a market cap of $3.20 billion, a price-to-earnings ratio of -5.90 and a beta of 2.09.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.04. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same period in the previous year, the business posted $1.21 earnings per share. The business’s revenue was up 1.2% compared to the same quarter last year. As a group, equities research analysts anticipate that PENN Entertainment, Inc. will post -1.5 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.