PENN Entertainment (NASDAQ:PENN) Cut to Sell at StockNews.com

StockNews.com cut shares of PENN Entertainment (NASDAQ:PENN) from a hold rating to a sell rating in a research note published on Tuesday morning.

Several other analysts also recently weighed in on the company. Jefferies Financial Group boosted their target price on PENN Entertainment from $21.00 to $22.00 and gave the company a “hold” rating in a report on Friday, January 3rd. JPMorgan Chase & Co. raised PENN Entertainment from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $19.00 to $27.00 in a report on Friday, December 13th. Barclays reduced their price target on shares of PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Bank of America assumed coverage on shares of PENN Entertainment in a research report on Wednesday, November 13th. They set a “neutral” rating and a $22.00 price objective on the stock. Finally, Susquehanna reduced their target price on shares of PENN Entertainment from $26.00 to $25.00 and set a “positive” rating for the company in a report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $23.44.

PENN Entertainment Price Performance

PENN stock opened at $18.29 on Tuesday. The stock has a market cap of $2.79 billion, a price-to-earnings ratio of -5.15 and a beta of 2.08. PENN Entertainment has a fifty-two week low of $13.50 and a fifty-two week high of $24.98. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 2.34. The business has a 50 day moving average price of $19.87 and a 200 day moving average price of $19.31.

PENN Entertainment (NASDAQ:PENN) last issued its earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.04. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The business had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the prior year, the business posted $1.21 EPS. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. Equities research analysts anticipate that PENN Entertainment will post -1.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PENN Entertainment

A number of institutional investors and hedge funds have recently made changes to their positions in PENN. Driehaus Capital Management LLC acquired a new position in PENN Entertainment during the second quarter worth about $4,535,000. Janus Henderson Group PLC grew its holdings in shares of PENN Entertainment by 244.7% in the 3rd quarter. Janus Henderson Group PLC now owns 249,106 shares of the company’s stock worth $4,697,000 after acquiring an additional 176,844 shares during the period. Quantbot Technologies LP increased its stake in PENN Entertainment by 84.7% in the 3rd quarter. Quantbot Technologies LP now owns 208,094 shares of the company’s stock valued at $3,925,000 after purchasing an additional 95,423 shares in the last quarter. Verition Fund Management LLC raised its holdings in PENN Entertainment by 367.2% during the third quarter. Verition Fund Management LLC now owns 452,988 shares of the company’s stock worth $8,543,000 after purchasing an additional 356,029 shares during the last quarter. Finally, Public Sector Pension Investment Board purchased a new stake in PENN Entertainment during the second quarter worth $6,363,000. 91.69% of the stock is 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.