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

Envestnet Asset Management Inc. raised its position in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 62.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 434,571 shares of the company's stock after buying an additional 167,164 shares during the period. Envestnet Asset Management Inc. owned about 0.29% of PENN Entertainment worth $8,411,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of PENN. GAMMA Investing LLC lifted its stake in shares of PENN Entertainment by 233.6% in the second quarter. GAMMA Investing LLC now owns 1,441 shares of the company's stock worth $28,000 after buying an additional 1,009 shares in the last quarter. Neo Ivy Capital Management purchased a new position in PENN Entertainment in the 4th quarter worth approximately $40,000. J.Safra Asset Management Corp acquired a new position in shares of PENN Entertainment during the 2nd quarter worth approximately $83,000. TFO Wealth Partners LLC grew its position in shares of PENN Entertainment by 123,033.3% in the fourth quarter. TFO Wealth Partners LLC now owns 3,694 shares of the company's stock valued at $96,000 after purchasing an additional 3,691 shares in the last quarter. Finally, Blue Trust Inc. increased its holdings in shares of PENN Entertainment by 18.3% in the second quarter. Blue Trust Inc. now owns 10,060 shares of the company's stock valued at $183,000 after purchasing an additional 1,555 shares during the last quarter. 91.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Morgan Stanley dropped their target price on PENN Entertainment from $21.00 to $20.00 and set an "equal weight" rating for the company in a report on Wednesday, September 4th. Raymond James cut shares of PENN Entertainment from an "outperform" rating to a "market perform" rating in a research report on Tuesday, June 25th. JMP Securities reiterated a "market perform" rating on shares of PENN Entertainment in a report on Tuesday, June 4th. Susquehanna reissued a "positive" rating and issued a $26.00 price target on shares of PENN Entertainment in a research note on Friday, June 21st. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of PENN Entertainment from $18.00 to $20.00 and gave the company a "hold" rating in a research report on Friday, August 9th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $23.77.

PENN Entertainment Price Performance

PENN Entertainment stock traded up $0.24 during midday trading on Friday, reaching $19.28. 2,566,494 shares of the stock traded hands, compared to its average volume of 3,281,086. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.03 and a current ratio of 1.03. The company has a 50-day simple moving average of $18.90 and a two-hundred day simple moving average of $18.01. PENN Entertainment, Inc. has a 12-month low of $13.50 and a 12-month high of $27.20.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.18) earnings per share for the quarter, beating analysts' consensus estimates of ($0.27) by $0.09. The firm had revenue of $1.66 billion during the quarter, compared to analysts' expectations of $1.65 billion. PENN Entertainment had a negative net margin of 19.48% and a negative return on equity of 7.13%. The business's quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.48 earnings per share. Analysts expect that PENN Entertainment, Inc. will post -1.32 earnings per share for the current year.

Insider Transactions at PENN Entertainment

In related news, CEO Jay A. Snowden bought 54,200 shares of the firm's stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average cost of $18.44 per share, for a total transaction of $999,448.00. Following the completion of the acquisition, the chief executive officer now owns 853,045 shares in the company, valued at approximately $15,730,149.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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, for a total transaction of $276,000.00. Following the acquisition, the director now directly owns 31,523 shares of the company's stock, valued at approximately $580,023.20. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jay A. Snowden acquired 54,200 shares of PENN Entertainment stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average price of $18.44 per share, for a total transaction of $999,448.00. Following the completion of the acquisition, the chief executive officer now directly owns 853,045 shares in the company, valued at approximately $15,730,149.80. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 79,200 shares of company stock valued at $1,450,548. 2.19% of the stock is currently owned by company insiders.

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.