Neo Ivy Capital Management Buys New Position in PENN Entertainment, Inc. (NASDAQ:PENN)

Neo Ivy Capital Management purchased a new position in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 37,954 shares of the company's stock, valued at approximately $716,000.

Several other hedge funds have also recently made changes to their positions in PENN. Northwestern Mutual Wealth Management Co. grew its stake 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 purchasing an additional 1,425,274 shares during the period. Assenagon Asset Management S.A. increased its holdings in PENN Entertainment by 1,051.0% during the third quarter. Assenagon Asset Management S.A. now owns 1,421,471 shares of the company's stock valued at $26,809,000 after buying an additional 1,297,976 shares during the last quarter. Armistice Capital LLC raised its position in PENN Entertainment by 91.9% in the second quarter. Armistice Capital LLC now owns 2,643,060 shares of the company's stock worth $51,156,000 after acquiring an additional 1,266,023 shares during the period. Long Focus Capital Management LLC bought a new position in PENN Entertainment in the second quarter worth approximately $11,613,000. Finally, DME Capital Management LP boosted its stake in shares of PENN Entertainment by 11.9% during the 2nd quarter. DME Capital Management LP now owns 5,095,340 shares of the company's stock worth $98,620,000 after acquiring an additional 540,630 shares during the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.

PENN Entertainment Stock Up 3.0 %

Shares of PENN traded up $0.58 during midday trading on Thursday, reaching $20.01. 5,199,793 shares of the stock were exchanged, compared to its average volume of 4,885,747. The company has a market capitalization of $3.05 billion, a P/E ratio of -5.64 and a beta of 2.08. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 2.34. PENN Entertainment, Inc. has a 52 week low of $13.50 and a 52 week high of $27.20. The company's 50 day moving average is $19.93 and its two-hundred day moving average is $19.09.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate of ($0.28) by $0.04. The firm had revenue of $1.64 billion during the quarter, compared to analysts' expectations of $1.65 billion. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The company's revenue was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.21 EPS. On average, sell-side analysts anticipate that PENN Entertainment, Inc. will post -1.53 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. JMP Securities reiterated a "market perform" rating on shares of PENN Entertainment in a research report on Friday, October 4th. Mizuho cut their price target on PENN Entertainment from $25.00 to $24.00 and set an "outperform" rating for the company in a research note on Tuesday, October 22nd. Wells Fargo & Company raised their price target on PENN Entertainment from $18.00 to $20.00 and gave the company an "equal weight" rating in a report on Thursday, October 17th. Barclays dropped their price objective on PENN Entertainment from $23.00 to $22.00 and set an "overweight" rating for the company in a research note on Thursday, October 17th. Finally, Susquehanna decreased their target price on PENN Entertainment from $26.00 to $25.00 and set a "positive" rating on the stock in a research note on Monday, November 4th. 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 company's stock. According to MarketBeat.com, PENN Entertainment currently has a consensus rating of "Hold" and an average target price of $23.29.

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.