PENN Entertainment (NASDAQ:PENN) Upgraded at JPMorgan Chase & Co.

PENN Entertainment (NASDAQ:PENN) was upgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research report issued on Friday,Benzinga reports. The firm presently has a $27.00 price target on the stock, up from their previous price target of $19.00. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 34.93% from the company’s current price.

Several other brokerages have also recently weighed in on PENN. JMP Securities reaffirmed a “market perform” rating on shares of PENN Entertainment in a research note on Friday, October 4th. Macquarie raised their target price on PENN Entertainment from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Mizuho decreased their target price on PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Tuesday, October 22nd. Bank of America started coverage on PENN Entertainment in a research note on Wednesday, November 13th. They set a “neutral” rating and a $22.00 target price for the company. Finally, Craig Hallum reaffirmed a “buy” rating and set a $30.00 target price on shares of PENN Entertainment in a research note on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $23.53.

PENN Entertainment Trading Up 3.0 %

NASDAQ:PENN opened at $20.01 on Friday. PENN Entertainment has a 1 year low of $13.50 and a 1 year high of $27.20. The stock has a market cap of $3.05 billion, a price-to-earnings ratio of -5.64 and a beta of 2.08. The business has a fifty day moving average of $19.93 and a 200-day moving average of $19.09. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.94 and a current ratio of 0.94.

PENN Entertainment (NASDAQ:PENN) last released its quarterly 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 return on equity of 14.44% and a negative net margin of 8.51%. The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the prior year, the business posted $1.21 earnings per share. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. Equities analysts predict that PENN Entertainment will post -1.53 earnings per share for the current year.

Institutional Investors Weigh In On PENN Entertainment

Several hedge funds have recently bought and sold shares of PENN. DekaBank Deutsche Girozentrale purchased a new stake in PENN Entertainment in the 3rd quarter worth about $45,000. GAMMA Investing LLC lifted its stake in PENN Entertainment by 88.5% in the 3rd quarter. GAMMA Investing LLC now owns 2,716 shares of the company’s stock worth $51,000 after acquiring an additional 1,275 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of PENN Entertainment during the 3rd quarter worth about $56,000. International Assets Investment Management LLC raised its stake in shares of PENN Entertainment by 1,634.8% during the 3rd quarter. International Assets Investment Management LLC now owns 3,244 shares of the company’s stock worth $61,000 after purchasing an additional 3,057 shares in the last quarter. Finally, Quarry LP raised its stake in shares of PENN Entertainment by 76.7% during the 2nd quarter. Quarry LP now owns 4,291 shares of the company’s stock worth $83,000 after purchasing an additional 1,862 shares in the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.

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.