Mizuho Initiates Coverage on PENN Entertainment (NASDAQ:PENN)

Mizuho initiated coverage on shares of PENN Entertainment (NASDAQ:PENN) in a research note published on Tuesday morning, MarketBeat.com reports. The firm issued a buy rating and a $29.00 target price on the stock.

Other equities analysts have also recently issued research reports about the stock. Morgan Stanley lowered their target price on shares of PENN Entertainment from $23.00 to $21.00 and set an equal weight rating on the stock in a research note on Wednesday, February 28th. Macquarie dropped their target price on shares of PENN Entertainment from $35.00 to $33.00 and set an outperform rating on the stock in a report on Friday, February 16th. Truist Financial decreased their target price on shares of PENN Entertainment from $27.00 to $23.00 and set a hold rating for the company in a research note on Friday, February 16th. StockNews.com downgraded PENN Entertainment from a hold rating to a sell rating in a research note on Wednesday, March 6th. Finally, Needham & Company LLC lowered their target price on PENN Entertainment from $33.00 to $32.00 and set a buy rating on the stock in a report on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average price target of $31.31.

PENN Entertainment Trading Down 0.5 %

NASDAQ:PENN opened at $18.21 on Tuesday. The company has a 50-day moving average price of $19.68 and a 200-day moving average price of $22.05. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 1.60. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of -5.00 and a beta of 2.06. PENN Entertainment has a 12 month low of $16.46 and a 12 month high of $31.63.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, February 15th. The company reported ($1.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($1.18). The company had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.54 billion. PENN Entertainment had a positive return on equity of 1.31% and a negative net margin of 7.70%. Equities analysts predict that PENN Entertainment will post -0.82 EPS for the current year.

Insider Buying and Selling at PENN Entertainment

In other news, EVP Christopher Byron Rogers sold 5,017 shares of the stock in a transaction on Wednesday, January 3rd. The shares were sold at an average price of $25.23, for a total value of $126,578.91. Following the completion of the sale, the executive vice president now directly owns 30,214 shares of the company’s stock, valued at $762,299.22. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On PENN Entertainment

A number of hedge funds have recently made changes to their positions in PENN. Kettle Hill Capital Management LLC bought a new position in PENN Entertainment in the 3rd quarter worth approximately $19,792,000. Source Financial Advisors LLC grew its stake in PENN Entertainment by 1,061.1% during the third quarter. Source Financial Advisors LLC now owns 322,633 shares of the company’s stock valued at $7,404,000 after acquiring an additional 294,845 shares in the last quarter. Fred Alger Management LLC bought a new stake in PENN Entertainment in the 3rd quarter valued at $1,750,000. Sei Investments Co. lifted its stake in PENN Entertainment by 13.9% in the 3rd quarter. Sei Investments Co. now owns 1,372,982 shares of the company’s stock worth $31,510,000 after purchasing an additional 167,445 shares in the last quarter. Finally, Exchange Traded Concepts LLC boosted its holdings in shares of PENN Entertainment by 126.2% during the 4th quarter. Exchange Traded Concepts LLC now owns 123,706 shares of the company’s stock valued at $3,219,000 after purchasing an additional 69,020 shares during the last quarter. Institutional investors own 91.69% of the company’s stock.

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.