PENN Entertainment (NASDAQ:PENN) Earns Neutral Rating from Analysts at Bank of America

Bank of America started coverage on shares of PENN Entertainment (NASDAQ:PENN) in a research report report published on Wednesday morning, Marketbeat.com reports. The firm issued a neutral rating and a $22.00 target price on the stock.

A number of other analysts have also commented on PENN. Truist Financial dropped their price target on PENN Entertainment from $25.00 to $23.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. JMP Securities reaffirmed a “market perform” rating on shares of PENN Entertainment in a research note on Friday, October 4th. Deutsche Bank Aktiengesellschaft raised their price target on PENN Entertainment from $18.00 to $20.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Stifel Nicolaus raised their price target on PENN Entertainment from $19.00 to $20.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Finally, Benchmark reissued a “hold” rating on shares of PENN Entertainment in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $23.29.

PENN Entertainment Trading Down 0.8 %

Shares of PENN Entertainment stock traded down $0.16 on Wednesday, hitting $20.78. The stock had a trading volume of 2,045,595 shares, compared to its average volume of 5,064,240. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 2.34. PENN Entertainment has a one year low of $13.50 and a one year high of $27.20. The stock has a market cap of $3.17 billion, a price-to-earnings ratio of -5.85 and a beta of 2.09. The stock’s 50-day simple moving average is $19.26 and its two-hundred day simple moving average is $18.47.

PENN Entertainment (NASDAQ:PENN) last issued its earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter last year, the business earned $1.21 earnings per share. The business’s revenue was up 1.2% on a year-over-year basis. As a group, sell-side analysts predict that PENN Entertainment will post -1.53 EPS for the current year.

Insider Activity

In related news, CEO Jay A. Snowden bought 54,200 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 853,045 shares in the company, valued at $15,730,149.80. This trade represents a 6.78 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David A. Handler bought 10,000 shares of the business’s stock in a transaction dated 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 transaction, the director now owns 293,450 shares in the company, valued at approximately $5,138,309.50. The trade was a 3.53 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 79,200 shares of company stock valued at $1,450,548. 2.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On PENN Entertainment

Several hedge funds have recently bought and sold shares of the business. Sender Co & Partners Inc. bought a new position in PENN Entertainment in the 3rd quarter valued at $321,000. M&T Bank Corp grew its position in PENN Entertainment by 4.2% in the 3rd quarter. M&T Bank Corp now owns 12,460 shares of the company’s stock valued at $235,000 after acquiring an additional 497 shares during the last quarter. MML Investors Services LLC lifted its holdings in shares of PENN Entertainment by 27.6% in the 3rd quarter. MML Investors Services LLC now owns 49,613 shares of the company’s stock worth $936,000 after buying an additional 10,740 shares during the period. XTX Topco Ltd lifted its holdings in shares of PENN Entertainment by 2.8% in the 3rd quarter. XTX Topco Ltd now owns 23,362 shares of the company’s stock worth $441,000 after buying an additional 641 shares during the period. Finally, Systematic Financial Management LP purchased a new stake in shares of PENN Entertainment in the 3rd quarter worth $726,000. Institutional investors own 91.69% of the company’s stock.

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.