PENN Entertainment (NASDAQ:PENN) Stock Price Up 8.3% – Still a Buy?

PENN Entertainment, Inc. (NASDAQ:PENN) traded up 8.3% during mid-day trading on Wednesday . The stock traded as high as $18.29 and last traded at $18.4750. 1,860,141 shares were traded during mid-day trading, a decline of 56% from the average session volume of 4,194,284 shares. The stock had previously closed at $17.06.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Mizuho increased their price objective on PENN Entertainment from $22.00 to $23.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Canaccord Genuity Group reduced their price objective 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. Stifel Nicolaus raised their price target on PENN Entertainment from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Friday, April 24th. Morgan Stanley raised their price target on PENN Entertainment from $16.00 to $17.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 6th. Finally, Citigroup raised their price target on PENN Entertainment from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Monday, March 2nd. Eight analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $20.29.

PENN Entertainment Stock Performance

The stock has a 50 day simple moving average of $15.69 and a two-hundred day simple moving average of $14.66. The company has a debt-to-equity ratio of 3.94, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market capitalization of $2.50 billion, a price-to-earnings ratio of -2.77, a PEG ratio of 0.55 and a beta of 1.43.

PENN Entertainment (NASDAQ:PENN) last posted its earnings results on Thursday, April 23rd. The company reported $0.11 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.06. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.The business had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.74 billion. During the same quarter in the previous year, the firm earned $0.68 earnings per share. The business’s revenue was up 6.4% compared to the same quarter last year. As a group, analysts anticipate that PENN Entertainment, Inc. will post 1 earnings per share for the current year.

Institutional Trading of PENN Entertainment

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Treasurer of the State of North Carolina increased its position in shares of PENN Entertainment by 1.1% during the second quarter. Treasurer of the State of North Carolina now owns 69,676 shares of the company’s stock worth $1,245,000 after purchasing an additional 745 shares in the last quarter. Jones Financial Companies Lllp increased its position in shares of PENN Entertainment by 33.7% during 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 in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of PENN Entertainment by 3.6% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 26,730 shares of the company’s stock worth $394,000 after purchasing an additional 922 shares in the last quarter. IFP Advisors Inc increased its position in shares of PENN Entertainment by 76.2% during the fourth quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock worth $41,000 after purchasing an additional 1,196 shares in the last quarter. Finally, Tidal Investments LLC increased its position in shares of PENN Entertainment by 8.1% during the second quarter. Tidal Investments LLC now owns 19,689 shares of the company’s stock worth $352,000 after purchasing an additional 1,483 shares in the last quarter. Institutional investors and hedge funds own 91.69% of the company’s stock.

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.