Ionic Capital Management LLC Sells 72,162 Shares of PENN Entertainment, Inc. $PENN

Ionic Capital Management LLC reduced its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 64.3% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 40,000 shares of the company’s stock after selling 72,162 shares during the period. Ionic Capital Management LLC’s holdings in PENN Entertainment were worth $770,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of PENN. Hill Path Capital LP raised its position in PENN Entertainment by 64.4% in the 3rd quarter. Hill Path Capital LP now owns 5,759,820 shares of the company’s stock valued at $110,934,000 after buying an additional 2,257,000 shares during the last quarter. Earnest Partners LLC lifted its stake in PENN Entertainment by 0.6% during the 3rd quarter. Earnest Partners LLC now owns 2,961,273 shares of the company’s stock valued at $57,034,000 after acquiring an additional 18,099 shares in the last quarter. Capula Management Ltd purchased a new position in PENN Entertainment during the 3rd quarter worth $318,000. Cinctive Capital Management LP bought a new stake in shares of PENN Entertainment in the 3rd quarter worth $812,000. Finally, California Public Employees Retirement System grew its stake in shares of PENN Entertainment by 6.9% in the 3rd quarter. California Public Employees Retirement System now owns 261,026 shares of the company’s stock worth $5,027,000 after acquiring an additional 16,897 shares in the last quarter. Institutional investors own 91.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Mizuho raised their price target on shares of PENN Entertainment from $19.00 to $22.00 and gave the company an “outperform” rating in a research report on Thursday. Benchmark upgraded shares of PENN Entertainment from a “hold” rating to a “buy” rating and set a $21.00 price objective for the company in a research note on Thursday, March 5th. Deutsche Bank Aktiengesellschaft boosted their target price on PENN Entertainment from $16.00 to $17.00 and gave the stock a “hold” rating in a research note on Friday, February 27th. Jefferies Financial Group reissued a “hold” rating and issued a $17.00 price objective on shares of PENN Entertainment in a research report on Wednesday, December 24th. Finally, Wall Street Zen upgraded PENN Entertainment from a “strong sell” rating to a “hold” rating in a research note on Monday, March 2nd. Eight investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, PENN Entertainment has an average rating of “Hold” and an average price target of $19.67.

PENN Entertainment Trading Down 1.5%

NASDAQ:PENN opened at $14.31 on Monday. The company has a market cap of $1.91 billion, a P/E ratio of -2.38, a P/E/G ratio of 0.43 and a beta of 1.33. The stock’s fifty day moving average price is $13.78 and its two-hundred day moving average price is $15.62. PENN Entertainment, Inc. has a 1 year low of $11.65 and a 1 year high of $20.60. The company has a debt-to-equity ratio of 3.92, a current ratio of 0.79 and a quick ratio of 0.79.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, February 26th. The company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.30. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.76 billion. PENN Entertainment had a negative return on equity of 1.94% and a negative net margin of 12.11%.The business’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period last year, the company earned ($0.44) earnings per share. As a group, analysts expect that PENN Entertainment, Inc. will post -1.61 EPS for the current year.

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.