PENN Entertainment (NASDAQ:PENN) Hits New 52-Week Low – What’s Next?

PENN Entertainment, Inc. (NASDAQ:PENN) shares reached a new 52-week low on Wednesday . The company traded as low as $11.65 and last traded at $12.05, with a volume of 3993680 shares. The stock had previously closed at $11.76.

Analyst Upgrades and Downgrades

PENN has been the topic of a number of research reports. Susquehanna dropped their price objective on PENN Entertainment from $20.00 to $17.00 and set a “positive” rating on the stock in a report on Wednesday, February 11th. Weiss Ratings restated a “sell (d-)” rating on shares of PENN Entertainment in a research note on Monday, December 29th. Deutsche Bank Aktiengesellschaft cut their price target on shares of PENN Entertainment from $19.00 to $17.00 and set a “hold” rating on the stock in a report on Friday, November 7th. Canaccord Genuity Group decreased their price objective on shares of PENN Entertainment from $26.00 to $21.00 and set a “buy” rating for the company in a report on Tuesday, February 3rd. Finally, Jefferies Financial Group restated a “hold” rating and set a $17.00 target price on shares of PENN Entertainment in a report on Wednesday, December 24th. Nine equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $19.67.

PENN Entertainment Trading Up 2.5%

The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 3.65. The company has a 50-day moving average price of $13.91 and a 200-day moving average price of $16.14. The company has a market capitalization of $1.61 billion, a price-to-earnings ratio of -1.90, a P/E/G ratio of 0.39 and a beta of 1.39.

Insider Buying and Selling

In other PENN Entertainment news, CFO Felicia Hendrix acquired 7,315 shares of PENN Entertainment stock in a transaction dated Friday, November 21st. The stock was bought at an average cost of $13.79 per share, with a total value of $100,873.85. Following the completion of the transaction, the chief financial officer owned 119,448 shares of the company’s stock, valued at $1,647,187.92. The trade was a 6.52% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.67% of the stock is currently owned by corporate insiders.

Institutional Trading of PENN Entertainment

A number of hedge funds have recently bought and sold shares of the stock. Hill Path Capital LP acquired a new position in shares of PENN Entertainment in the 2nd quarter worth approximately $62,595,000. ING Groep NV bought a new stake in PENN Entertainment in the third quarter valued at $5,790,000. Arrowstreet Capital Limited Partnership acquired a new position in PENN Entertainment during the second quarter worth $40,214,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of PENN Entertainment by 711.8% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 119,490 shares of the company’s stock valued at $2,135,000 after acquiring an additional 104,770 shares during the period. Finally, Peregrine Capital Management LLC boosted its stake in shares of PENN Entertainment by 13.6% in the 2nd quarter. Peregrine Capital Management LLC now owns 315,633 shares of the company’s stock valued at $5,640,000 after purchasing an additional 37,888 shares in the last quarter. 91.69% of the stock is owned by institutional investors.

PENN Entertainment Company Profile

PENN Entertainment, Inc (NASDAQ: PENN) is a leading operator of gaming and racing facilities in the United States. The company’s business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company’s portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.