PENN Entertainment, Inc. (NASDAQ:PENN) Given Consensus Rating of “Hold” by Analysts

Shares of PENN Entertainment, Inc. (NASDAQ:PENN) have been given an average recommendation of “Hold” by the eighteen analysts that are currently covering the company, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $20.50.

A number of research firms have weighed in on PENN. Citigroup reaffirmed a “market outperform” rating on shares of PENN Entertainment in a research note on Monday, December 1st. Mizuho set a $19.00 price objective on PENN Entertainment in a report on Monday. Wells Fargo & Company initiated coverage on PENN Entertainment in a report on Tuesday, November 18th. They issued an “underweight” rating and a $15.00 target price on the stock. Stifel Nicolaus upgraded PENN Entertainment from a “hold” rating to a “buy” rating and upped their price target for the stock from $19.00 to $21.00 in a report on Friday, November 7th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of PENN Entertainment in a research report on Friday, November 7th.

PENN Entertainment Price Performance

Shares of NASDAQ PENN opened at $13.04 on Friday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 3.65. The firm’s 50-day moving average price is $14.20 and its 200-day moving average price is $16.51. The firm has a market capitalization of $1.74 billion, a P/E ratio of -2.05, a P/E/G ratio of 0.42 and a beta of 1.39. PENN Entertainment has a 1-year low of $12.26 and a 1-year high of $23.08.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.12). PENN Entertainment had a negative return on equity of 4.59% and a negative net margin of 13.24%.The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period last year, the company posted ($0.24) earnings per share. The firm’s quarterly revenue was up 4.8% compared to the same quarter last year. Equities research analysts anticipate that PENN Entertainment will post -1.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Jay A. Snowden purchased 34,700 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The shares were bought at an average cost of $14.32 per share, with a total value of $496,904.00. Following the acquisition, the chief executive officer owned 1,117,325 shares of the company’s stock, valued at $16,000,094. This represents a 3.21% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director David A. Handler acquired 20,000 shares of the stock in a transaction on Monday, November 17th. The stock was bought at an average cost of $14.25 per share, for a total transaction of $285,000.00. Following the transaction, the director owned 362,941 shares of the company’s stock, valued at approximately $5,171,909.25. This trade represents a 5.83% increase in their position. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders purchased 62,015 shares of company stock valued at $882,778. Insiders own 2.67% of the company’s stock.

Institutional Investors Weigh In On PENN Entertainment

A number of hedge funds have recently modified their holdings of the stock. Shapiro Capital Management LLC raised its stake in shares of PENN Entertainment by 6.6% in the third quarter. Shapiro Capital Management LLC now owns 6,856,778 shares of the company’s stock valued at $132,062,000 after buying an additional 425,190 shares during the period. Hill Path Capital LP lifted its holdings in PENN Entertainment by 64.4% during the third quarter. Hill Path Capital LP now owns 5,759,820 shares of the company’s stock valued at $110,934,000 after purchasing an additional 2,257,000 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in PENN Entertainment by 74.7% during the third quarter. Arrowstreet Capital Limited Partnership now owns 3,930,293 shares of the company’s stock worth $75,697,000 after purchasing an additional 1,679,953 shares during the period. Earnest Partners LLC increased its stake in shares of PENN Entertainment by 0.6% in the third quarter. Earnest Partners LLC now owns 2,961,273 shares of the company’s stock worth $57,034,000 after purchasing an additional 18,099 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of PENN Entertainment in the second quarter valued at approximately $39,737,000. Institutional investors 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.