PENN Entertainment (NASDAQ:PENN) Price Target Raised to $26.00 at JPMorgan Chase & Co.

PENN Entertainment (NASDAQ:PENN) had its price objective lifted by JPMorgan Chase & Co. from $23.00 to $26.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 28.84% from the company’s previous close.

PENN has been the topic of a number of other research reports. Jefferies Financial Group reaffirmed a “hold” rating on shares of PENN Entertainment in a report on Thursday, July 2nd. Susquehanna raised their target price on PENN Entertainment from $24.00 to $28.00 and gave the stock a “positive” rating in a research report on Wednesday, July 1st. Stifel Nicolaus boosted their price objective on PENN Entertainment from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, June 12th. Deutsche Bank Aktiengesellschaft increased their target price on shares of PENN Entertainment from $17.00 to $18.00 and gave the stock a “hold” rating in a research report on Friday, April 24th. Finally, The Goldman Sachs Group initiated coverage on shares of PENN Entertainment in a research note on Friday, June 26th. They issued a “buy” rating and a $26.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $22.38.

PENN Entertainment Stock Performance

NASDAQ PENN opened at $20.18 on Wednesday. The company has a market capitalization of $2.70 billion, a PE ratio of -3.00, a price-to-earnings-growth ratio of 0.65 and a beta of 1.42. The company has a debt-to-equity ratio of 3.94, a quick ratio of 0.82 and a current ratio of 0.82. PENN Entertainment has a 52-week low of $11.65 and a 52-week high of $22.36. The company has a 50-day simple moving average of $19.42 and a 200 day simple moving average of $16.21.

PENN Entertainment (NASDAQ:PENN) last released its earnings results on Thursday, April 23rd. The company reported $0.11 earnings per share 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 firm had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.74 billion. During the same period in the previous year, the company earned $0.68 earnings per share. The company’s quarterly revenue was up 6.4% on a year-over-year basis. On average, research analysts predict that PENN Entertainment will post 1.02 EPS for the current year.

Institutional Investors Weigh In On PENN Entertainment

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP bought a new position in shares of PENN Entertainment in the fourth quarter valued at approximately $36,000. IFP Advisors Inc raised its stake in PENN Entertainment by 76.2% in the fourth quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock valued at $41,000 after purchasing an additional 1,196 shares in the last quarter. Modus Advisors LLC bought a new stake in PENN Entertainment during the fourth quarter valued at approximately $47,000. Triumph Capital Management bought a new stake in PENN Entertainment during the third quarter valued at approximately $54,000. Finally, Hantz Financial Services Inc. grew its stake in PENN Entertainment by 385.1% in the 4th quarter. Hantz Financial Services Inc. now owns 3,721 shares of the company’s stock worth $55,000 after buying an additional 2,954 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors.

About PENN Entertainment

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.