Envestnet Asset Management Inc. Cuts Holdings in PENN Entertainment, Inc. (NASDAQ:PENN)

Envestnet Asset Management Inc. trimmed its position in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 12.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 314,755 shares of the company's stock after selling 45,953 shares during the period. Envestnet Asset Management Inc. owned approximately 0.21% of PENN Entertainment worth $6,238,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. IFP Advisors Inc boosted its stake in shares of PENN Entertainment by 201.5% in the 4th quarter. IFP Advisors Inc now owns 1,574 shares of the company's stock valued at $31,000 after purchasing an additional 1,052 shares in the last quarter. Modus Advisors LLC acquired a new position in shares of PENN Entertainment in the 4th quarter valued at about $63,000. Lee Danner & Bass Inc. bought a new position in shares of PENN Entertainment during the 4th quarter worth approximately $92,000. KBC Group NV raised its stake in shares of PENN Entertainment by 36.5% in the fourth quarter. KBC Group NV now owns 5,501 shares of the company's stock worth $109,000 after purchasing an additional 1,470 shares during the last quarter. Finally, CIBC Private Wealth Group LLC grew its holdings in PENN Entertainment by 914.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 6,492 shares of the company's stock worth $119,000 after buying an additional 5,852 shares in the last quarter. 91.69% of the stock is owned by institutional investors.

PENN Entertainment Price Performance

Shares of PENN Entertainment stock traded up $0.86 during trading on Friday, hitting $16.01. The stock had a trading volume of 2,221,481 shares, compared to its average volume of 4,552,569. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of -4.51, a P/E/G ratio of 1.55 and a beta of 1.96. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 2.34. The business's 50-day moving average is $17.12 and its 200 day moving average is $19.00. PENN Entertainment, Inc. has a 12 month low of $13.25 and a 12 month high of $23.08.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PENN shares. Macquarie reiterated an "outperform" rating and issued a $26.00 target price on shares of PENN Entertainment in a research note on Friday, February 28th. Jefferies Financial Group upped 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. Benchmark restated a "hold" rating on shares of PENN Entertainment in a research note on Monday, March 3rd. JMP Securities reissued a "market perform" rating on shares of PENN Entertainment in a research report on Thursday, January 16th. Finally, Wells Fargo & Company boosted their target price on PENN Entertainment from $20.00 to $24.00 and gave the company an "equal weight" rating in a research note on Monday, March 3rd. Eleven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $23.09.

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.