PENN Entertainment (NASDAQ:PENN) Price Target Cut to $19.00

PENN Entertainment (NASDAQ:PENNGet Free Report) had its target price dropped by equities researchers at Morgan Stanley from $20.00 to $19.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price target suggests a potential upside of 0.85% from the stock’s previous close.

Other analysts have also recently issued reports about the stock. Stifel Nicolaus raised their target price on shares of PENN Entertainment from $19.00 to $20.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Raymond James lowered shares of PENN Entertainment from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 25th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Wells Fargo & Company raised their price objective on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Finally, Mizuho cut their target price on shares of PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Tuesday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $23.11.

Read Our Latest Research Report on PENN Entertainment

PENN Entertainment Stock Performance

PENN traded up $0.44 on Tuesday, hitting $18.84. 1,552,577 shares of the company’s stock were exchanged, compared to its average volume of 5,252,947. The firm has a market cap of $2.87 billion, a PE ratio of -2.50 and a beta of 2.10. PENN Entertainment has a twelve month low of $13.50 and a twelve month high of $27.20. The stock has a fifty day moving average of $18.91 and a two-hundred day moving average of $18.09. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.35.

PENN Entertainment (NASDAQ:PENNGet Free Report) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.09. PENN Entertainment had a negative net margin of 19.48% and a negative return on equity of 7.13%. The company had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same quarter last year, the business earned $0.48 earnings per share. PENN Entertainment’s revenue was down .7% compared to the same quarter last year. On average, research analysts anticipate that PENN Entertainment will post -1.32 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Jay A. Snowden purchased 54,200 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were bought at an average cost of $18.44 per share, for a total transaction of $999,448.00. Following the transaction, the chief executive officer now directly owns 853,045 shares of the company’s stock, valued at approximately $15,730,149.80. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Anuj Dhanda bought 15,000 shares of the company’s stock in a transaction on Friday, September 6th. The stock was bought at an average cost of $18.40 per share, with a total value of $276,000.00. Following the completion of the purchase, the director now owns 31,523 shares in the company, valued at approximately $580,023.20. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Jay A. Snowden bought 54,200 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was bought at an average cost of $18.44 per share, with a total value of $999,448.00. Following the completion of the purchase, the chief executive officer now owns 853,045 shares of the company’s stock, valued at approximately $15,730,149.80. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 79,200 shares of company stock worth $1,450,548 in the last ninety days. Insiders own 2.19% of the company’s stock.

Institutional Investors Weigh In On PENN Entertainment

Institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC grew its holdings in PENN Entertainment by 233.6% during the second quarter. GAMMA Investing LLC now owns 1,441 shares of the company’s stock valued at $28,000 after purchasing an additional 1,009 shares during the period. J.Safra Asset Management Corp acquired a new position in PENN Entertainment during the second quarter worth $83,000. Quarry LP raised its position in PENN Entertainment by 76.7% during the second quarter. Quarry LP now owns 4,291 shares of the company’s stock worth $83,000 after acquiring an additional 1,862 shares in the last quarter. Blue Trust Inc. raised its position in PENN Entertainment by 18.3% during the second quarter. Blue Trust Inc. now owns 10,060 shares of the company’s stock worth $183,000 after acquiring an additional 1,555 shares in the last quarter. Finally, SeaCrest Wealth Management LLC bought a new stake in PENN Entertainment during the third quarter worth $213,000. 91.69% of the stock is owned by institutional investors.

About PENN Entertainment

(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.

Recommended Stories

Analyst Recommendations for PENN Entertainment (NASDAQ:PENN)

Receive News & Ratings for PENN Entertainment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PENN Entertainment and related companies with MarketBeat.com's FREE daily email newsletter.