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

Posted by Defense World Staff on Mar 18th, 2023

PENN Entertainment, Inc. (NASDAQ:PENN – Get Rating) has been given an average recommendation of “Moderate Buy” by the seventeen brokerages that are presently covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $40.13.

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

Insider Activity at PENN Entertainment

In other PENN Entertainment news, Director Saul Reibstein sold 39,457 shares of PENN Entertainment stock in a transaction dated Monday, February 6th. The shares were sold at an average price of $33.39, for a total transaction of $1,317,469.23. Following the completion of the transaction, the director now owns 37,055 shares in the company, valued at $1,237,266.45. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other PENN Entertainment news, CEO Jay A. Snowden sold 163,475 shares of PENN Entertainment stock in a transaction dated Tuesday, December 27th. The shares were sold at an average price of $30.12, for a total transaction of $4,923,867.00. Following the completion of the transaction, the chief executive officer now owns 604,527 shares in the company, valued at $18,208,353.24. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Saul Reibstein sold 39,457 shares of PENN Entertainment stock in a transaction dated Monday, February 6th. The stock was sold at an average price of $33.39, for a total transaction of $1,317,469.23. Following the transaction, the director now owns 37,055 shares of the company’s stock, valued at approximately $1,237,266.45. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.

Hedge Funds Weigh In On PENN Entertainment

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

PENN Entertainment Price Performance

Shares of NASDAQ:PENN 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 low of $25.49 and a 12 month high of $45.41. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.74 and a quick ratio of 1.74. The firm 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 issued its quarterly earnings data on Thursday, February 2nd. The company reported $0.13 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.20). PENN Entertainment had a return on equity of 5.98% and a net margin of 3.47%. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. During the same period in the previous year, the business posted $0.26 earnings per share. The company’s revenue for the quarter was up .8% on a year-over-year basis. As a group, sell-side analysts predict that PENN Entertainment will post 1.44 earnings per share for the current fiscal year.

PENN Entertainment Company Profile

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PENN Entertainment, Inc owns and manages gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. It operates through the following business segments: Northeast, South, West, Midwest, Interactive, and Other. The Northeast segment consists of properties including Ameristar East Chicago, Greektown Casino-Hotel, and Hollywood Casino Bangor.