PENN Entertainment Target of Unusually High Options Trading (NASDAQ:PENN)

PENN Entertainment, Inc. (NASDAQ:PENN) saw some unusual options trading activity on Wednesday. Stock investors purchased 29,869 call options on the stock. This is an increase of approximately 36% compared to the typical daily volume of 21,899 call options.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PENN shares. Macquarie reduced their price objective on shares of PENN Entertainment from $35.00 to $33.00 and set an “outperform” rating on the stock in a research note on Friday, February 16th. JMP Securities reissued a “market perform” rating on shares of PENN Entertainment in a research note on Tuesday. Barclays reduced their price objective on shares of PENN Entertainment from $27.00 to $26.00 and set an “overweight” rating on the stock in a research note on Friday, April 19th. StockNews.com lowered shares of PENN Entertainment from a “hold” rating to a “sell” rating in a research note on Wednesday, March 6th. Finally, Needham & Company LLC reduced their price objective on shares of PENN Entertainment from $33.00 to $32.00 and set a “buy” rating on the stock in a research note on Friday, February 16th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, PENN Entertainment currently has an average rating of “Moderate Buy” and a consensus target price of $29.80.

PENN Entertainment Price Performance

NASDAQ PENN opened at $17.19 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 1.60. PENN Entertainment has a 12-month low of $15.88 and a 12-month high of $31.63. The company has a market capitalization of $2.62 billion, a PE ratio of -4.72 and a beta of 2.06. The firm’s 50 day moving average is $17.61 and its 200-day moving average is $21.36.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings data on Thursday, February 15th. The company reported ($1.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.57) by ($1.18). PENN Entertainment had a negative net margin of 7.70% and a positive return on equity of 1.31%. The business had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.54 billion. Equities research analysts anticipate that PENN Entertainment will post -0.87 earnings per share for the current fiscal year.

Institutional Trading of PENN Entertainment

Hedge funds and other institutional investors have recently made changes to their positions in the business. Kettle Hill Capital Management LLC bought a new position in shares of PENN Entertainment in the third quarter valued at $19,792,000. Source Financial Advisors LLC grew its stake in shares of PENN Entertainment by 1,061.1% in the third quarter. Source Financial Advisors LLC now owns 322,633 shares of the company’s stock valued at $7,404,000 after buying an additional 294,845 shares in the last quarter. Fred Alger Management LLC bought a new position in shares of PENN Entertainment in the third quarter valued at $1,750,000. Sei Investments Co. grew its stake in shares of PENN Entertainment by 13.9% in the third quarter. Sei Investments Co. now owns 1,372,982 shares of the company’s stock valued at $31,510,000 after buying an additional 167,445 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in shares of PENN Entertainment by 20.0% in the fourth quarter. Blue Trust Inc. now owns 5,374 shares of the company’s stock valued at $140,000 after buying an additional 896 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors and hedge funds.

About PENN Entertainment

PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates online sports betting in various jurisdictions; and iCasino under Hollywood Casino, L'Auberge, ESPN BET, and theScore Bet Sportsbook and Casino brands.