NewEdge Wealth LLC Decreases Stock Position in PENN Entertainment, Inc. $PENN

NewEdge Wealth LLC reduced its position in PENN Entertainment, Inc. (NASDAQ:PENN) by 64.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 278,884 shares of the company’s stock after selling 515,419 shares during the period. NewEdge Wealth LLC owned about 0.21% of PENN Entertainment worth $4,114,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Hill Path Capital LP grew its position in PENN Entertainment by 64.4% in the 3rd quarter. Hill Path Capital LP now owns 5,759,820 shares of the company’s stock worth $110,934,000 after purchasing an additional 2,257,000 shares during the period. Arrowstreet Capital Limited Partnership grew its position in PENN Entertainment by 74.7% in the 3rd 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. Amundi grew its position in PENN Entertainment by 3,058.9% in the 3rd quarter. Amundi now owns 781,949 shares of the company’s stock worth $14,458,000 after purchasing an additional 757,195 shares during the period. Armistice Capital LLC grew its position in PENN Entertainment by 48.8% in the 3rd quarter. Armistice Capital LLC now owns 2,103,666 shares of the company’s stock worth $40,517,000 after purchasing an additional 690,078 shares during the period. Finally, Sequoia Financial Advisors LLC bought a new stake in PENN Entertainment in the 4th quarter worth approximately $6,376,000. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

PENN Entertainment Trading Down 4.8%

Shares of PENN stock opened at $15.94 on Tuesday. PENN Entertainment, Inc. has a 1 year low of $11.65 and a 1 year high of $20.60. The firm has a fifty day moving average price of $15.37 and a 200-day moving average price of $14.71. The company has a debt-to-equity ratio of 3.94, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market cap of $2.13 billion, a price-to-earnings ratio of -2.37, a PEG ratio of 0.54 and a beta of 1.43.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $0.11 earnings per share (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 firm had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $1.74 billion. During the same quarter in the previous year, the firm posted $0.68 EPS. The company’s revenue for the quarter was up 6.4% compared to the same quarter last year. As a group, equities analysts predict that PENN Entertainment, Inc. will post 1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on PENN shares. JPMorgan Chase & Co. lifted their target price on shares of PENN Entertainment from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, April 24th. Benchmark raised shares of PENN Entertainment from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a research report on Thursday, March 5th. 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 report on Friday, April 24th. Mizuho lifted their target price on shares of PENN Entertainment from $22.00 to $23.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Finally, Susquehanna cut 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 report on Wednesday, February 11th. Eight research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, PENN Entertainment presently has a consensus rating of “Hold” and an average price target of $20.29.

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.