PENN Entertainment (NASDAQ:PENN) Coverage Initiated at Bank of America

Bank of America assumed coverage on shares of PENN Entertainment (NASDAQ:PENN) in a report published on Wednesday, Marketbeat Ratings reports. The brokerage issued a neutral rating and a $22.00 price objective on the stock.

Other analysts also recently issued research reports about the company. Craig Hallum reaffirmed a “buy” rating and issued a $30.00 price objective on shares of PENN Entertainment in a research note on Tuesday, October 8th. Morgan Stanley lowered their price target on shares of PENN Entertainment from $20.00 to $19.00 and set an “equal weight” rating for the company in a report on Tuesday, October 22nd. Benchmark reissued a “hold” rating on shares of PENN Entertainment in a research report on Friday, November 8th. Susquehanna dropped their price objective on shares of PENN Entertainment from $26.00 to $25.00 and set a “positive” rating for the company in a research note on Monday, November 4th. Finally, Mizuho lowered their target price on shares of PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating for the company in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, PENN Entertainment currently has a consensus rating of “Hold” and a consensus price target of $23.29.

PENN Entertainment Stock Performance

Shares of NASDAQ:PENN opened at $20.78 on Wednesday. PENN Entertainment has a 1-year low of $13.50 and a 1-year high of $27.20. The firm’s 50 day simple moving average is $19.26 and its two-hundred day simple moving average is $18.47. 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 (NASDAQ:PENN) last released 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 return on equity of 14.44% and a negative net margin of 8.51%. The firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter last year, the business posted $1.21 earnings per share. The firm’s revenue was up 1.2% on a year-over-year basis. On average, research analysts anticipate that PENN Entertainment will post -1.53 EPS for the current year.

Insider Buying and Selling

In related news, Director Anuj Dhanda bought 15,000 shares of the company’s stock in a transaction on Friday, September 6th. The shares were bought at an average price of $18.40 per share, with a total value of $276,000.00. Following the transaction, the director now owns 31,523 shares in the company, valued at approximately $580,023.20. This trade represents a 90.78 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jay A. Snowden acquired 54,200 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of $18.44 per share, with a total value of $999,448.00. Following the completion of the purchase, 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 6.78 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 79,200 shares of company stock worth $1,450,548 in the last 90 days. 2.19% of the stock is owned by corporate insiders.

Institutional Trading of PENN Entertainment

Several large investors have recently made changes to their positions in the business. M&T Bank Corp boosted its holdings in PENN Entertainment by 4.2% in the third quarter. M&T Bank Corp now owns 12,460 shares of the company’s stock valued at $235,000 after purchasing an additional 497 shares during the last quarter. XTX Topco Ltd boosted its stake in shares of PENN Entertainment by 2.8% in the third 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 last quarter. Nisa Investment Advisors LLC grew its holdings in PENN Entertainment by 4.0% during the third quarter. Nisa Investment Advisors LLC now owns 17,410 shares of the company’s stock worth $328,000 after acquiring an additional 665 shares during the period. United Services Automobile Association raised its position in PENN Entertainment by 6.3% during the second quarter. United Services Automobile Association now owns 12,009 shares of the company’s stock valued at $232,000 after acquiring an additional 712 shares in the last quarter. Finally, Aaron Wealth Advisors LLC raised its position in PENN Entertainment by 6.0% during the second quarter. Aaron Wealth Advisors LLC now owns 12,778 shares of the company’s stock valued at $247,000 after acquiring an additional 720 shares in the last quarter. 91.69% of the stock is 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.