Morgan Stanley Trims PENN Entertainment (NASDAQ:PENN) Target Price to $20.00

PENN Entertainment (NASDAQ:PENN) had its price objective lowered by Morgan Stanley from $21.00 to $20.00 in a research note released on Wednesday, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other analysts also recently commented on PENN. Craig Hallum raised PENN Entertainment from a hold rating to a buy rating and increased their price target for the company from $20.00 to $30.00 in a research report on Friday, June 21st. Macquarie reiterated an outperform rating and set a $26.00 target price on shares of PENN Entertainment in a research note on Friday, August 9th. Deutsche Bank Aktiengesellschaft increased their price target 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. Susquehanna reaffirmed a positive rating and issued a $26.00 price objective on shares of PENN Entertainment in a research report on Friday, June 21st. Finally, Stifel Nicolaus increased their target price on shares of PENN Entertainment from $19.00 to $20.00 and gave the company a hold rating in a research report on Friday, August 9th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, PENN Entertainment currently has an average rating of Hold and an average price target of $23.77.

PENN Entertainment Price Performance

PENN opened at $18.07 on Wednesday. PENN Entertainment has a 1 year low of $13.50 and a 1 year high of $27.20. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market capitalization of $2.76 billion, a price-to-earnings ratio of -2.43 and a beta of 2.10. The firm’s fifty day moving average price is $19.03 and its two-hundred day moving average price is $17.87.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.09. The business had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.65 billion. PENN Entertainment had a negative net margin of 19.48% and a negative return on equity of 7.13%. The firm’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.48 earnings per share. As a group, analysts anticipate that PENN Entertainment will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Jay A. Snowden bought 54,200 shares of PENN Entertainment stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average price of $18.44 per share, with a total value of $999,448.00. Following the acquisition, the chief executive officer now directly owns 853,045 shares of the company’s stock, valued at $15,730,149.80. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.19% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Norges Bank bought a new stake in PENN Entertainment during the fourth quarter valued at $42,758,000. Northwestern Mutual Wealth Management Co. grew its holdings in shares of PENN Entertainment by 4,624.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,456,094 shares of the company’s stock worth $28,183,000 after purchasing an additional 1,425,274 shares in the last quarter. Armistice Capital LLC increased its position in shares of PENN Entertainment by 91.9% in the second quarter. Armistice Capital LLC now owns 2,643,060 shares of the company’s stock worth $51,156,000 after purchasing an additional 1,266,023 shares during the last quarter. ING Groep NV bought a new position in shares of PENN Entertainment in the fourth quarter worth approximately $32,556,000. Finally, Invenomic Capital Management LP raised its stake in PENN Entertainment by 71.9% in the first quarter. Invenomic Capital Management LP now owns 1,884,284 shares of the company’s stock valued at $34,313,000 after purchasing an additional 787,968 shares in the last quarter. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

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.