NewEdge Wealth LLC Sells 278,392 Shares of PENN Entertainment, Inc. $PENN

NewEdge Wealth LLC lowered its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 26.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 794,303 shares of the company’s stock after selling 278,392 shares during the quarter. NewEdge Wealth LLC owned about 0.54% of PENN Entertainment worth $15,298,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Cloud Capital Management LLC bought a new stake in shares of PENN Entertainment during the 3rd quarter worth $54,000. GAMMA Investing LLC grew its position in shares of PENN Entertainment by 22.4% in the third quarter. GAMMA Investing LLC now owns 3,042 shares of the company’s stock valued at $59,000 after purchasing an additional 556 shares during the last quarter. Jones Financial Companies Lllp increased its stake in shares of PENN Entertainment by 33.7% in the third quarter. Jones Financial Companies Lllp now owns 3,273 shares of the company’s stock worth $65,000 after purchasing an additional 825 shares during the period. PNC Financial Services Group Inc. lifted its position in shares of PENN Entertainment by 20.9% during the 2nd quarter. PNC Financial Services Group Inc. now owns 8,358 shares of the company’s stock worth $149,000 after purchasing an additional 1,446 shares during the last quarter. Finally, CWM LLC boosted its stake in PENN Entertainment by 89.6% during the 3rd quarter. CWM LLC now owns 7,964 shares of the company’s stock valued at $153,000 after purchasing an additional 3,764 shares during the period. Institutional investors own 91.69% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on PENN. Citigroup reaffirmed a “market outperform” rating on shares of PENN Entertainment in a research report on Monday, December 1st. Deutsche Bank Aktiengesellschaft cut their target price on shares of PENN Entertainment from $19.00 to $17.00 and set a “hold” rating for the company in a research note on Friday, November 7th. Wells Fargo & Company began coverage on shares of PENN Entertainment in a research report on Tuesday, November 18th. They issued an “underweight” rating and a $15.00 price target on the stock. Susquehanna cut their price objective on shares of PENN Entertainment from $20.00 to $17.00 and set a “positive” rating for the company in a research report on Wednesday, February 11th. Finally, Canaccord Genuity Group lowered their price target on PENN Entertainment from $26.00 to $21.00 and set a “buy” rating on the stock in a research note on Tuesday, February 3rd. Nine analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $19.67.

Insiders Place Their Bets

In related news, CFO Felicia Hendrix acquired 7,315 shares of the business’s stock in a transaction on 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 acquisition, the chief financial officer owned 119,448 shares in the company, valued at $1,647,187.92. The trade was a 6.52% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.67% of the stock is owned by company insiders.

PENN Entertainment Trading Up 9.0%

PENN stock opened at $13.14 on Thursday. PENN Entertainment, Inc. has a 1-year low of $11.65 and a 1-year high of $22.13. The firm has a market cap of $1.75 billion, a P/E ratio of -2.07, a P/E/G ratio of 0.40 and a beta of 1.39. The business’s 50 day moving average is $13.90 and its 200-day moving average is $16.11. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 3.65.

About PENN Entertainment

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.