PENN Entertainment (NASDAQ:PENN) Shares Gap Down to $19.34

PENN Entertainment, Inc. (NASDAQ:PENNGet Free Report)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $19.34, but opened at $18.68. PENN Entertainment shares last traded at $18.45, with a volume of 674,341 shares traded.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Benchmark reiterated a “hold” rating on shares of PENN Entertainment in a research report on Friday, May 3rd. Raymond James downgraded PENN Entertainment from an “outperform” rating to a “market perform” rating in a report on Tuesday. Needham & Company LLC reaffirmed a “buy” rating and issued a $26.00 price objective on shares of PENN Entertainment in a research note on Wednesday, May 15th. Susquehanna reaffirmed a “positive” rating and issued a $26.00 price objective on shares of PENN Entertainment in a research note on Friday. Finally, Truist Financial upped their price objective on shares of PENN Entertainment from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $25.10.

Check Out Our Latest Analysis on PENN Entertainment

PENN Entertainment Price Performance

The firm has a market capitalization of $2.80 billion, a P/E ratio of -2.46 and a beta of 2.06. The company has a debt-to-equity ratio of 2.33, a current ratio of 1.04 and a quick ratio of 1.04. The stock’s fifty day simple moving average is $16.77 and its 200 day simple moving average is $19.58.

PENN Entertainment (NASDAQ:PENNGet Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.59) by ($0.20). PENN Entertainment had a negative net margin of 17.77% and a negative return on equity of 3.53%. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. On average, equities research analysts predict that PENN Entertainment, Inc. will post -1.35 EPS for the current year.

Insider Activity

In related news, Director David A. Handler acquired 20,000 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were purchased at an average price of $15.37 per share, for a total transaction of $307,400.00. Following the completion of the acquisition, the director now directly owns 243,450 shares in the company, valued at approximately $3,741,826.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other PENN Entertainment news, Director David A. Handler purchased 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The shares were bought at an average price of $14.94 per share, for a total transaction of $597,600.00. Following the acquisition, the director now owns 283,450 shares in the company, valued at $4,234,743. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David A. Handler purchased 20,000 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The stock was acquired at an average price of $15.37 per share, for a total transaction of $307,400.00. Following the acquisition, the director now owns 243,450 shares in the company, valued at approximately $3,741,826.50. The disclosure for this purchase can be found here. Insiders have purchased a total of 76,157 shares of company stock worth $1,154,949 over the last 90 days. 2.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PENN Entertainment

Hedge funds and other institutional investors have recently bought and sold shares of the business. Flight Deck Capital LP acquired a new position in PENN Entertainment in the 4th quarter worth approximately $3,511,000. Kettle Hill Capital Management LLC acquired a new position in PENN Entertainment in the 3rd quarter worth approximately $19,792,000. Contrarius Investment Management Ltd increased its holdings in PENN Entertainment by 139.0% in the 4th quarter. Contrarius Investment Management Ltd now owns 892,394 shares of the company’s stock worth $23,220,000 after buying an additional 518,995 shares during the period. Seven Eight Capital LP boosted its position in PENN Entertainment by 95.3% in the 4th quarter. Seven Eight Capital LP now owns 213,019 shares of the company’s stock worth $5,543,000 after purchasing an additional 103,937 shares in the last quarter. Finally, Gabelli Funds LLC boosted its position in PENN Entertainment by 50.0% in the 4th quarter. Gabelli Funds LLC now owns 24,000 shares of the company’s stock worth $624,000 after purchasing an additional 8,000 shares in the last quarter. Institutional investors and hedge funds own 91.69% of the company’s stock.

PENN Entertainment Company Profile

(Get Free Report)

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.

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