PENN Entertainment (NASDAQ:PENN) Hits New 1-Year High – Here’s What Happened

PENN Entertainment, Inc. (NASDAQ:PENN) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $22.17 and last traded at $21.84, with a volume of 3027356 shares changing hands. The stock had previously closed at $21.68.

Wall Street Analysts Forecast Growth

PENN has been the topic of a number of recent research reports. Wells Fargo & Company upped their target price on shares of PENN Entertainment from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Thursday, April 16th. Barclays upped their target price on shares of PENN Entertainment from $23.00 to $24.00 and gave the company an “overweight” rating in a report on Friday, April 24th. JPMorgan Chase & Co. upped their target price on shares of PENN Entertainment from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, April 24th. Weiss Ratings restated a “sell (d-)” rating on shares of PENN Entertainment in a report on Friday, March 27th. Finally, Stifel Nicolaus upped their target price on shares of PENN Entertainment from $23.00 to $25.00 and gave the company a “buy” rating in a report on Friday. Eight analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, PENN Entertainment currently has an average rating of “Hold” and a consensus target price of $20.43.

PENN Entertainment Stock Performance

The stock’s 50 day moving average price is $17.33 and its 200 day moving average price is $15.22. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 3.94. The company has a market cap of $2.92 billion, a price-to-earnings ratio of -3.25, a P/E/G ratio of 0.70 and a beta of 1.45.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $1.74 billion. During the same quarter in the prior year, the company posted $0.68 EPS. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. On average, analysts expect that PENN Entertainment, Inc. will post 1.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Shapiro Capital Management LLC increased its stake 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 during the last quarter. Hill Path Capital LP increased its stake 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 during the last quarter. Bank of America Corp DE increased its stake 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 during the last quarter. Arrowstreet Capital Limited Partnership increased its stake 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 during the last quarter. Finally, AQR Capital Management LLC increased its stake 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 during 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.