PENN Entertainment (NASDAQ:PENN) Reaches New 12-Month High – Here’s What Happened

Shares of PENN Entertainment, Inc. (NASDAQ:PENN) reached a new 52-week high during trading on Wednesday . The stock traded as high as $21.00 and last traded at $21.0390, with a volume of 253478 shares traded. The stock had previously closed at $20.32.

Analysts Set New Price Targets

Several analysts have commented on the stock. Susquehanna lowered their target price on shares of PENN Entertainment from $20.00 to $17.00 and set a “positive” rating for the company in a research note on Wednesday, February 11th. Barclays lifted their target price on shares of PENN Entertainment from $23.00 to $24.00 and gave the stock an “overweight” rating in a research note on Friday, April 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PENN Entertainment in a research note on Friday, March 27th. JPMorgan Chase & Co. boosted their price objective on shares of PENN Entertainment from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, April 24th. Finally, Citigroup boosted their price objective on shares of 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 given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $20.29.

PENN Entertainment Price Performance

The company’s 50 day moving average price is $16.78 and its 200-day moving average price is $15.01. The company has a market capitalization of $2.83 billion, a PE ratio of -3.13, a PEG ratio of 0.62 and a beta of 1.44. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 3.94.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.06. PENN Entertainment had a negative net margin of 13.55% and a positive return on equity of 0.44%. The company had revenue of $1.78 billion during the quarter, compared to analysts’ expectations of $1.74 billion. During the same period in the previous year, the company earned $0.68 EPS. The business’s quarterly revenue was up 6.4% compared to the same quarter last year. On average, sell-side analysts forecast that PENN Entertainment, Inc. will post 1.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PENN Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Shapiro Capital Management LLC lifted its holdings in shares of PENN Entertainment by 6.6% during the 3rd quarter. Shapiro Capital Management LLC now owns 6,856,778 shares of the company’s stock valued at $132,062,000 after acquiring an additional 425,190 shares in the last quarter. Hill Path Capital LP lifted its holdings in shares of PENN Entertainment by 64.4% during the 3rd quarter. Hill Path Capital LP now owns 5,759,820 shares of the company’s stock valued at $110,934,000 after acquiring an additional 2,257,000 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of PENN Entertainment by 57.9% during the 1st quarter. Bank of America Corp DE now owns 4,351,310 shares of the company’s stock valued at $65,400,000 after acquiring an additional 1,595,502 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of PENN Entertainment by 74.7% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,930,293 shares of the company’s stock valued at $75,697,000 after acquiring an additional 1,679,953 shares in the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of PENN Entertainment by 824.3% during the 4th quarter. AQR Capital Management LLC now owns 3,499,700 shares of the company’s stock valued at $51,341,000 after acquiring an additional 3,121,051 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.