PENN Entertainment’s (PENN) “Buy” Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of PENN Entertainment (NASDAQ:PENN) in a research note published on Wednesday, Benzinga reports. The brokerage currently has a $26.00 target price on the stock.

A number of other analysts also recently issued reports on the company. Benchmark reissued a hold rating on shares of PENN Entertainment in a research report on Friday, May 3rd. Craig Hallum reduced their price target on shares of PENN Entertainment from $25.00 to $20.00 and set a hold rating on the stock in a research note on Friday, May 3rd. Canaccord Genuity Group dropped their target price on shares of PENN Entertainment from $32.00 to $28.00 and set a buy rating for the company in a report on Monday, April 29th. Macquarie decreased their price target on PENN Entertainment from $35.00 to $33.00 and set an outperform rating on the stock in a research note on Friday, February 16th. Finally, Truist Financial raised PENN Entertainment from a hold rating to a buy rating and set a $23.00 price objective for the company in a research note on Tuesday, April 23rd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of Hold and a consensus target price of $24.50.

PENN Entertainment Trading Down 1.0 %

Shares of PENN Entertainment stock traded down $0.16 during mid-day trading on Wednesday, hitting $15.74. The stock had a trading volume of 953,132 shares, compared to its average volume of 5,890,888. The firm has a market cap of $2.40 billion, a P/E ratio of -2.13 and a beta of 2.06. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 2.33. The firm has a 50-day moving average of $17.19 and a two-hundred day moving average of $20.98. PENN Entertainment has a 12-month low of $13.50 and a 12-month high of $29.38.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings data on Thursday, February 15th. The company reported ($1.75) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($1.18). PENN Entertainment had a negative return on equity of 3.53% and a negative net margin of 17.77%. The business had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.54 billion. Sell-side analysts forecast that PENN Entertainment will post -1.34 earnings per share for the current year.

Insider Buying and Selling

In other PENN Entertainment news, Director David A. Handler purchased 20,000 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was bought at an average cost of $15.37 per share, with a total value of $307,400.00. Following the acquisition, the director now directly owns 243,450 shares of the company’s stock, valued at $3,741,826.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director David A. Handler purchased 20,000 shares of the company’s stock in a transaction on Monday, May 6th. The shares were bought at an average cost of $15.37 per share, for a total transaction of $307,400.00. Following the completion of the purchase, the director now directly owns 243,450 shares of the company’s stock, valued at approximately $3,741,826.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Felicia Hendrix acquired 16,157 shares of PENN Entertainment stock in a transaction dated Monday, May 6th. The shares were bought at an average price of $15.47 per share, with a total value of $249,948.79. Following the transaction, the chief financial officer now directly owns 68,596 shares in the company, valued at approximately $1,061,180.12. The disclosure for this purchase can be found here. Insiders own 2.19% of the company’s stock.

Institutional Trading of PENN Entertainment

A number of hedge funds and other institutional investors have recently made changes to their positions in PENN. Vanguard Group Inc. boosted its position in shares of PENN Entertainment by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 14,789,817 shares of the company’s stock valued at $269,323,000 after purchasing an additional 59,897 shares during the period. Earnest Partners LLC grew its position in shares of PENN Entertainment by 4.0% during the first quarter. Earnest Partners LLC now owns 3,938,133 shares of the company’s stock worth $71,713,000 after acquiring an additional 151,025 shares during the last quarter. Sei Investments Co. increased its holdings in shares of PENN Entertainment by 13.1% in the 1st quarter. Sei Investments Co. now owns 2,372,277 shares of the company’s stock valued at $43,199,000 after acquiring an additional 274,074 shares during the period. Invenomic Capital Management LP raised its position in PENN Entertainment by 71.9% in the 1st 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 during the last quarter. Finally, Norges Bank acquired a new stake in PENN Entertainment during the 4th quarter worth $42,758,000. Institutional investors and hedge funds own 91.69% of the company’s stock.

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.