PENN Entertainment (NASDAQ:PENN) PT Lowered to $23.00

PENN Entertainment (NASDAQ:PENN) had its price target decreased by Truist Financial from $25.00 to $23.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price objective would suggest a potential upside of 19.85% from the stock’s previous close.

Several other equities research analysts also recently commented on PENN. Raymond James downgraded shares of PENN Entertainment from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 25th. JMP Securities reaffirmed a “market perform” rating on shares of PENN Entertainment in a research note on Friday, October 4th. Needham & Company LLC reissued a “buy” rating and issued a $26.00 price target on shares of PENN Entertainment in a research report on Tuesday, October 8th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of PENN Entertainment from $18.00 to $20.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Finally, Morgan Stanley cut their target price on shares of PENN Entertainment from $20.00 to $19.00 and set an “equal weight” rating for the company in a research report on Tuesday. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, PENN Entertainment presently has a consensus rating of “Hold” and a consensus target price of $22.96.

PENN Entertainment Stock Performance

Shares of PENN opened at $19.19 on Wednesday. PENN Entertainment has a 12-month low of $13.50 and a 12-month high of $27.20. The stock has a market capitalization of $2.93 billion, a P/E ratio of -2.37 and a beta of 2.10. The firm’s 50 day moving average is $18.91 and its 200-day moving average is $18.11. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.03 and a quick ratio of 1.03.

PENN Entertainment (NASDAQ:PENN) last issued its earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.09. PENN Entertainment had a negative return on equity of 7.13% and a negative net margin of 19.48%. The business had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same period in the previous year, the firm posted $0.48 EPS. The company’s quarterly revenue was down .7% on a year-over-year basis. Equities research analysts anticipate that PENN Entertainment will post -1.37 EPS for the current fiscal year.

Insider Activity

In related news, CEO Jay A. Snowden purchased 54,200 shares of the stock in a transaction on Tuesday, September 3rd. The shares were bought at an average price of $18.44 per share, for a total transaction of $999,448.00. Following the completion of the acquisition, the chief executive officer now directly owns 853,045 shares in the company, valued at approximately $15,730,149.80. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director David A. Handler bought 10,000 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was purchased at an average price of $17.51 per share, with a total value of $175,100.00. Following the transaction, the director now directly owns 293,450 shares in the company, valued at approximately $5,138,309.50. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jay A. Snowden purchased 54,200 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were purchased at an average price of $18.44 per share, with a total value of $999,448.00. Following the completion of 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 trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 79,200 shares of company stock valued at $1,450,548. Insiders own 2.19% of the company’s stock.

Hedge Funds Weigh In On PENN Entertainment

Several large investors have recently made changes to their positions in PENN. Driehaus Capital Management LLC bought a new position in PENN Entertainment in the 2nd quarter worth approximately $4,535,000. Vanguard Group Inc. raised its stake in PENN Entertainment by 0.7% during the 4th 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 during the last quarter. Capstone Investment Advisors LLC boosted its holdings in PENN Entertainment by 281.4% in the 1st quarter. Capstone Investment Advisors LLC now owns 59,049 shares of the company’s stock valued at $1,075,000 after purchasing an additional 43,566 shares during the period. Virtu Financial LLC acquired a new stake in PENN Entertainment in the 1st quarter worth $1,098,000. Finally, Cetera Advisors LLC increased its holdings in shares of PENN Entertainment by 184.3% during the 1st quarter. Cetera Advisors LLC now owns 60,708 shares of the company’s stock worth $1,105,000 after purchasing an additional 39,356 shares during the period. Institutional investors and hedge funds own 91.69% of the company’s stock.

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.