Pinnacle Entertainment Inc. (PNK) Lowered to Hold at TheStreet
Several other research analysts have also recently issued reports on the stock. Bank of America Corp. initiated coverage on shares of Pinnacle Entertainment in a report on Monday, August 22nd. They issued a buy rating and a $15.00 target price for the company. Deutsche Bank AG reaffirmed a hold rating and issued a $12.00 target price on shares of Pinnacle Entertainment in a report on Sunday, June 19th. Finally, Zacks Investment Research raised shares of Pinnacle Entertainment from a strong sell rating to a hold rating in a report on Wednesday, July 13th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company’s stock. Pinnacle Entertainment presently has an average rating of Buy and an average target price of $24.14.
Shares of Pinnacle Entertainment (NASDAQ:PNK) opened at 12.72 on Monday. Pinnacle Entertainment has a 52 week low of $9.72 and a 52 week high of $12.86. The company’s 50 day moving average is $12.11 and its 200-day moving average is $11.33. The stock’s market capitalization is $726.69 million.
Pinnacle Entertainment (NASDAQ:PNK) last issued its earnings results on Tuesday, August 9th. The company reported ($8.04) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by $8.17. The firm earned $566.20 million during the quarter, compared to analysts’ expectations of $573 million. Pinnacle Entertainment had a negative return on equity of 30.68% and a negative net margin of 19.62%. The firm’s revenue was down 2.7% compared to the same quarter last year. On average, equities analysts predict that Pinnacle Entertainment will post ($1.86) earnings per share for the current year.
In other Pinnacle Entertainment news, CEO Anthony Michael Sanfilippo bought 20,750 shares of the business’s stock in a transaction that occurred on Wednesday, September 14th. The stock was bought at an average cost of $11.20 per share, for a total transaction of $232,400.00. Following the completion of the transaction, the chief executive officer now owns 723,543 shares of the company’s stock, valued at approximately $8,103,681.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.65% of the company’s stock.
A number of hedge funds have recently made changes to their positions in PNK. Goldentree Asset Management LP purchased a new position in Pinnacle Entertainment during the first quarter worth $8,200,000. Springbok Capital Management LLC purchased a new position in Pinnacle Entertainment during the first quarter worth $585,000. Adage Capital Partners GP L.L.C. purchased a new position in Pinnacle Entertainment during the first quarter worth $4,984,000. Anandar Capital Management LP purchased a new position in Pinnacle Entertainment during the first quarter worth $1,053,000. Finally, Renaissance Technologies LLC raised its position in Pinnacle Entertainment by 18.0% in the first quarter. Renaissance Technologies LLC now owns 967,400 shares of the company’s stock worth $33,956,000 after buying an additional 147,900 shares during the last quarter. Institutional investors own 95.17% of the company’s stock.
Pinnacle Entertainment Company Profile
Pinnacle Entertainment, Inc is an owner, operator and developer of casinos and related hospitality and entertainment facilities. The Company operates through three segments: Midwest, South and West. The properties in the Company’s Midwest segment include Ameristar Council Bluffs, Ameristar East Chicago, Ameristar Kansas City, Ameristar St.
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