PENN Entertainment Sees Unusually High Options Volume (NASDAQ:PENN)

PENN Entertainment, Inc. (NASDAQ:PENN - Get Free Report) saw unusually large options trading activity on Wednesday. Stock investors bought 65,631 call options on the company. This is an increase of approximately 308% compared to the average daily volume of 16,100 call options.

Insider Buying and Selling

In other PENN Entertainment news, CEO Jay A. Snowden acquired 54,200 shares of PENN Entertainment stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average price of $18.44 per share, with a total value of $999,448.00. Following the completion of the purchase, the chief executive officer now directly owns 853,045 shares of the company's stock, valued at approximately $15,730,149.80. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other PENN Entertainment news, Director Anuj Dhanda acquired 15,000 shares of PENN Entertainment stock in a transaction that occurred 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 completion of the purchase, the director now directly owns 31,523 shares of the company's stock, valued at approximately $580,023.20. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jay A. Snowden purchased 54,200 shares of PENN Entertainment stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average cost of $18.44 per share, for a total transaction of $999,448.00. Following the completion of the transaction, the chief executive officer now owns 853,045 shares of the company's stock, valued at approximately $15,730,149.80. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 79,200 shares of company stock valued at $1,450,548 over the last 90 days. Corporate insiders own 2.19% of the company's stock.

Institutional Investors Weigh In On PENN Entertainment

A number of institutional investors have recently modified their holdings of PENN. Northwestern Mutual Wealth Management Co. grew its position in shares of PENN Entertainment by 4,624.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,456,094 shares of the company's stock valued at $28,183,000 after acquiring an additional 1,425,274 shares during the period. Assenagon Asset Management S.A. grew its position in shares of PENN Entertainment by 1,051.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,421,471 shares of the company's stock valued at $26,809,000 after acquiring an additional 1,297,976 shares during the period. Armistice Capital LLC grew its position in shares of PENN Entertainment by 91.9% during the 2nd quarter. Armistice Capital LLC now owns 2,643,060 shares of the company's stock valued at $51,156,000 after acquiring an additional 1,266,023 shares during the period. Invenomic Capital Management LP grew its position in shares of PENN Entertainment by 71.9% during the 1st quarter. Invenomic Capital Management LP now owns 1,884,284 shares of the company's stock valued at $34,313,000 after acquiring an additional 787,968 shares during the period. Finally, National Bank of Canada FI lifted its stake 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 valued at $17,637,000 after buying an additional 716,686 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Mizuho reduced their price target on PENN Entertainment from $25.00 to $24.00 and set an "outperform" rating on the stock in a research report on Tuesday, October 22nd. Macquarie reaffirmed an "outperform" rating and set a $26.00 price target on shares of PENN Entertainment in a research report on Friday, August 9th. Deutsche Bank Aktiengesellschaft upped their price target on PENN Entertainment from $18.00 to $20.00 and gave the stock a "hold" rating in a research report on Friday, August 9th. Barclays reduced their price target on PENN Entertainment from $23.00 to $22.00 and set an "overweight" rating on the stock in a research report on Thursday, October 17th. Finally, Wells Fargo & Company upped their price target on PENN Entertainment from $18.00 to $20.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 17th. 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, the stock currently has an average rating of "Hold" and an average price target of $22.96.

PENN Entertainment Stock Performance

NASDAQ:PENN traded down $0.09 during mid-day trading on Wednesday, hitting $20.70. The company's stock had a trading volume of 2,903,328 shares, compared to its average volume of 5,189,485. PENN Entertainment has a 1 year low of $13.50 and a 1 year high of $27.20. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market cap of $3.16 billion, a price-to-earnings ratio of -2.55 and a beta of 2.10. The business's fifty day moving average is $18.96 and its two-hundred day moving average is $18.20.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last posted 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 period in the prior year, the company earned $0.48 earnings per share. The firm's revenue was down .7% on a year-over-year basis. Analysts anticipate that PENN Entertainment will post -1.4 EPS for the current fiscal year.

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.