Melqart Asset Management UK Ltd Sells 40,837 Shares of PENN Entertainment, Inc. $PENN

Melqart Asset Management UK Ltd reduced its position in PENN Entertainment, Inc. (NASDAQ:PENN) by 5.4% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 713,416 shares of the company’s stock after selling 40,837 shares during the period. Melqart Asset Management UK Ltd’s holdings in PENN Entertainment were worth $10,523,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Quarry LP acquired a new position in shares of PENN Entertainment during the fourth quarter valued at $36,000. IFP Advisors Inc increased its position in PENN Entertainment by 76.2% in 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 during the period. Modus Advisors LLC bought a new stake in PENN Entertainment during the 4th quarter worth about $47,000. Triumph Capital Management acquired a new position in PENN Entertainment during the 3rd quarter valued at about $54,000. Finally, Hantz Financial Services Inc. lifted its position in PENN Entertainment by 385.1% during the 4th quarter. Hantz Financial Services Inc. now owns 3,721 shares of the company’s stock valued at $55,000 after purchasing an additional 2,954 shares during the period. Institutional investors own 91.69% of the company’s stock.

PENN Entertainment Price Performance

PENN Entertainment stock opened at $21.86 on Wednesday. The firm has a market capitalization of $2.93 billion, a P/E ratio of -3.25, a PEG ratio of 0.70 and a beta of 1.44. PENN Entertainment, Inc. has a 1 year low of $11.65 and a 1 year high of $22.36. The business has a 50-day moving average of $17.47 and a 200-day moving average of $15.27. 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 results on Thursday, April 23rd. The company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.06. The company had revenue of $1.78 billion during the quarter, compared to analysts’ expectations of $1.74 billion. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.PENN Entertainment’s revenue was up 6.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.68 EPS. On average, equities analysts anticipate that PENN Entertainment, Inc. will post 1.02 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PENN. Barclays lifted their price target on shares of PENN Entertainment from $23.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, April 24th. Wells Fargo & Company increased their price objective 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. JPMorgan Chase & Co. raised 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. Morgan Stanley lifted their target price on shares of PENN Entertainment from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. Finally, Wall Street Zen upgraded shares of PENN Entertainment from a “strong sell” rating to a “hold” rating in a research report on Monday, March 2nd. Eight equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $20.43.

PENN Entertainment 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.