Barclays Forecasts Strong Price Appreciation for PENN Entertainment (NASDAQ:PENN) Stock

PENN Entertainment (NASDAQ:PENN) had its price objective increased by equities researchers at Barclays from $24.00 to $26.00 in a report released on Thursday, MarketBeat Ratings reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s target price suggests a potential upside of 27.70% from the stock’s current price.

PENN has been the topic of several other reports. Stifel Nicolaus increased their price target on PENN Entertainment from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, June 12th. Truist Financial raised their price target on shares of PENN Entertainment from $20.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, June 26th. Mizuho boosted their price objective on shares of PENN Entertainment from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Friday, April 24th. Morgan Stanley increased their price objective on shares of PENN Entertainment from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Finally, Jefferies Financial Group reissued a “hold” rating on shares of PENN Entertainment in a research report on Thursday, July 2nd. Ten investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.88.

PENN Entertainment Price Performance

NASDAQ PENN opened at $20.36 on Thursday. The stock has a 50-day moving average of $19.30 and a 200 day moving average of $16.12. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of -3.03, a PEG ratio of 0.66 and a beta of 1.42. PENN Entertainment has a one year low of $11.65 and a one year high of $22.36. 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 (NASDAQ:PENN) last posted 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. The firm had revenue of $1.78 billion during the quarter, compared to analyst estimates of $1.74 billion. PENN Entertainment had a negative net margin of 13.55% and a positive return on equity of 0.44%. PENN Entertainment’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period last year, the firm posted $0.68 earnings per share. On average, sell-side analysts forecast that PENN Entertainment will post 1.02 EPS for the current year.

Hedge Funds Weigh In On PENN Entertainment

A number of hedge funds have recently made changes to their positions in PENN. Quarry LP purchased a new position in PENN Entertainment in the 4th quarter worth approximately $36,000. IFP Advisors Inc grew its stake in PENN Entertainment by 76.2% during the 4th 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 acquired a new position in shares of PENN Entertainment in the 4th quarter valued at approximately $47,000. Triumph Capital Management acquired a new stake in shares of PENN Entertainment during the third quarter worth approximately $54,000. Finally, Hantz Financial Services Inc. boosted its stake 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 acquiring an additional 2,954 shares during the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.

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.