PENN Entertainment (NASDAQ:PENN) Price Target Cut to $22.00 by Analysts at Barclays

PENN Entertainment (NASDAQ:PENN - Get Free Report) had its price target cut by stock analysts at Barclays from $23.00 to $22.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has an "overweight" rating on the stock. Barclays's target price would suggest a potential upside of 17.15% from the stock's current price.

A number of other equities research analysts have also issued reports on the company. Morgan Stanley decreased their price target on PENN Entertainment from $21.00 to $20.00 and set an "equal weight" rating for the company in a research note on Wednesday, September 4th. Macquarie reaffirmed an "outperform" rating and set a $26.00 target price on shares of PENN Entertainment in a research report on Friday, August 9th. Raymond James lowered PENN Entertainment from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 25th. JMP Securities reaffirmed a "market perform" rating on shares of PENN Entertainment in a research report on Friday, October 4th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $26.00 target price on shares of PENN Entertainment in a research report on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, PENN Entertainment presently has a consensus rating of "Hold" and a consensus target price of $23.75.

PENN Entertainment Trading Up 0.2 %

Shares of PENN stock traded up $0.04 on Thursday, reaching $18.78. 2,030,122 shares of the company's stock were exchanged, compared to its average volume of 5,304,745. PENN Entertainment has a 52 week low of $13.50 and a 52 week high of $27.20. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.35. The stock has a market capitalization of $2.86 billion, a PE ratio of -2.49 and a beta of 2.10. The company's fifty day simple moving average is $18.90 and its 200 day simple moving average is $18.06.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.27) by $0.09. PENN Entertainment had a negative return on equity of 7.13% and a negative net margin of 19.48%. The firm had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same period last year, the company earned $0.48 EPS. PENN Entertainment's quarterly revenue was down .7% compared to the same quarter last year. As a group, analysts forecast that PENN Entertainment will post -1.32 EPS for the current year.

Insiders Place Their Bets

In other news, Director Anuj Dhanda purchased 15,000 shares of the stock in a transaction on Friday, September 6th. The stock was bought at an average price of $18.40 per share, with a total value of $276,000.00. Following the transaction, the director now owns 31,523 shares in the company, valued at $580,023.20. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Jay A. Snowden acquired 54,200 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average price of $18.44 per share, with a total value of $999,448.00. Following the acquisition, the chief executive officer now directly owns 853,045 shares in the company, valued at $15,730,149.80. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Anuj Dhanda acquired 15,000 shares of the firm's stock in a transaction dated 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 acquisition, the director now owns 31,523 shares in the company, valued at approximately $580,023.20. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders bought 79,200 shares of company stock valued at $1,450,548. 2.19% of the stock is owned by company insiders.

Hedge Funds Weigh In On PENN Entertainment

Several institutional investors and hedge funds have recently modified their holdings of PENN. Northwestern Mutual Wealth Management Co. raised its holdings in PENN Entertainment by 4,624.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,456,094 shares of the company's stock worth $28,183,000 after purchasing an additional 1,425,274 shares during the period. Armistice Capital LLC raised its holdings in PENN Entertainment by 91.9% in the 2nd quarter. Armistice Capital LLC now owns 2,643,060 shares of the company's stock worth $51,156,000 after purchasing an additional 1,266,023 shares during the period. Invenomic Capital Management LP raised its holdings in PENN Entertainment by 71.9% in the 1st quarter. Invenomic Capital Management LP now owns 1,884,284 shares of the company's stock worth $34,313,000 after purchasing an additional 787,968 shares during the period. National Bank of Canada FI raised its holdings in PENN Entertainment by 284.6% in the 1st quarter. National Bank of Canada FI now owns 968,514 shares of the company's stock worth $17,637,000 after purchasing an additional 716,686 shares during the period. Finally, Wellington Management Group LLP acquired a new position in PENN Entertainment in the 4th quarter worth about $16,341,000. Institutional investors and hedge funds own 91.69% of the company's stock.

PENN Entertainment Company Profile

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.