PENN Entertainment, Inc. (NASDAQ:PENN) Receives Average Analyst Rating of “Moderate Buy”

Deniece ChevalierMarch 17, 2023

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PENN Entertainment, Inc. (NASDAQ:PENN – Get Rating) received an average recommendation of “Moderate Buy” from the seventeen brokerages that currently cover the company, MarketBeat reports. Five investment analysts rated the stock with a hold recommendation and nine gave the company a buy recommendation. The 1-year average price target among analysts who updated their coverage on the stock in the last year is $40.13.

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Several research analysts have published reports on the stock. Needham & Company LLC lowered its price target on PENN Entertainment shares from $60.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, February 3. Truist Financial raised its price target on PENN Entertainment shares from $36.00 to $40.00 and gave the company a “buy” rating in a Friday, February 3, report. Jefferies Financial Group downgraded shares of PENN Entertainment from a “buy” rating to a “hold” rating and lowered its target price for the company from $50.00 to $34.00 in a Monday, Jan. 9, report. Morgan Stanley lowered its price target on PENN Entertainment shares from $34.00 to $31.00 and set an “equal weight” rating on the stock in a Wednesday, March 1, report. Finally, Credit Suisse Group lowered its price target on PENN Entertainment shares from $50.00 to $46.00 and set an “outperform” rating on the stock in a Friday, February 3, report.

Insider Activity at PENN Entertainment

In other PENN Entertainment news, Director Saul Reibstein has sold 39,457 shares of PENN Entertainment in a trade dated Monday, February 6. The shares were sold at an average price of $33.39, for a total transaction of $1,317,469.23. Following completion of the transaction, the administrator now owns 37,055 shares of the company, valued at $1,237,266.45. The sale was disclosed in a document filed with the SEC, accessible via this hyperlink. In other PENN Entertainment news, CEO Jay A. Snowden sold 163,475 PENN Entertainment shares in a trade dated Tuesday, December 27. The shares were sold at an average price of $30.12, for a total transaction of $4,923,867.00. Following completion of the transaction, the CEO now owns 604,527 shares of the company, valued at $18,208,353.24. The sale was disclosed in a document filed with the SEC, accessible via this hyperlink. Additionally, manager Saul Reibstein sold 39,457 shares of PENN Entertainment in a transaction dated Monday, February 6. The stock was sold at an average price of $33.39, for a total transaction of $1,317,469.23. Following the transaction, the administrator now owns 37,055 shares of the company, valued at approximately $1,237,266.45. The disclosure of this sale can be found here. Insiders of the company hold 1.50% of the shares of the company.

Hedge funds weigh on PENN Entertainment

Hedge funds and other institutional investors have recently increased or reduced their stakes in the company. Occudo Quantitative Strategies LP increased its position in PENN Entertainment shares by 260.7% in the second quarter. Occudo Quantitative Strategies LP now owns 45,163 shares of the company valued at $1,374,000 after purchasing an additional 32,641 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of PENN Entertainment in the second quarter worth approximately $309,000. Envestnet Asset Management Inc. raised its position in PENN Entertainment shares by 22.2% in the third quarter. Envestnet Asset Management Inc. now owns 100,873 shares of the company valued at $2,775,000 after purchasing an additional 18,296 shares in the last quarter. Commerce Bank acquired a new position in shares of PENN Entertainment in the second quarter worth approximately $338,000. Finally, Boothbay Fund Management LLC acquired a new stake in PENN Entertainment in the third quarter worth approximately $333,000. Institutional investors and hedge funds hold 84.40% of the company’s shares.

PENN Entertainment Awards Performance

NASDAQ:PENN shares opened at $27.48 on Friday. The company’s fifty-day moving average price is $31.65 and its 200-day moving average price is $31.69. PENN Entertainment has a 12 month minimum of $25.49 and a 12 month maximum of $45.41. The company has a debt ratio of 1.87, a current ratio of 1.74 and a quick ratio of 1.74. The company has a market capitalization of $4.19 billion, a P/E ratio of 21.30, a P/E/G ratio of 1.03 and a beta of 2.22.

PENN Entertainment (NASDAQ:PENN – Get Rating) last released its quarterly earnings data on Thursday, February 2. The company reported earnings per share (EPS) of $0.13 for the quarter, missing the consensus estimate of $0.33 per ($0.20). PENN Entertainment had a return on equity of 5.98% and a net margin of 3.47%. The company posted revenue of $1.59 billion for the quarter, versus $1.58 billion for analysts. In the same period a year earlier, the company posted earnings per share of $0.26. The company’s revenue for the quarter increased 0.8% year over year. As a group, sell-side analysts expect PENN Entertainment to post 1.44 earnings per share for the current fiscal year.

PENN Entertainment Company Profile (Get Rating)

PENN Entertainment, Inc. owns and operates gaming and racing facilities and video game terminal operations with an emphasis on slot machine entertainment. It operates through the following business segments: Northeast, South, West, Midwest, Interactive and Others. The Northeast segment includes properties such as Ameristar East Chicago, Greektown Casino-Hotel and Hollywood Casino Bangor.