PENN Entertainment, Inc. (NASDAQ:PENN) Shares Purchased by Point72 Hong Kong Ltd

Point72 Hong Kong Ltd raised its holdings in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 4,965.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,728 shares of the company's stock after buying an additional 51,687 shares during the period. Point72 Hong Kong Ltd's holdings in PENN Entertainment were worth $994,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PENN. Price T Rowe Associates Inc. MD raised its stake in PENN Entertainment by 5.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 88,958 shares of the company's stock valued at $1,620,000 after buying an additional 4,493 shares in the last quarter. Cetera Investment Advisers raised its stake in PENN Entertainment by 186.2% in the first quarter. Cetera Investment Advisers now owns 126,807 shares of the company's stock valued at $2,309,000 after buying an additional 82,494 shares in the last quarter. Cetera Advisors LLC raised its stake in PENN Entertainment by 184.3% in the first quarter. Cetera Advisors LLC now owns 60,708 shares of the company's stock valued at $1,105,000 after buying an additional 39,356 shares in the last quarter. GAMMA Investing LLC raised its stake in PENN Entertainment by 233.6% in the second quarter. GAMMA Investing LLC now owns 1,441 shares of the company's stock valued at $28,000 after buying an additional 1,009 shares in the last quarter. Finally, Harbor Capital Advisors Inc. raised its stake in PENN Entertainment by 192.5% in the second quarter. Harbor Capital Advisors Inc. now owns 303,089 shares of the company's stock valued at $5,866,000 after buying an additional 199,465 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors and hedge funds.

PENN Entertainment Stock Performance

NASDAQ:PENN traded up $0.46 during mid-day trading on Monday, reaching $22.05. The stock had a trading volume of 1,354,323 shares, compared to its average volume of 4,931,036. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a market capitalization of $3.37 billion, a price-to-earnings ratio of -6.21 and a beta of 2.09. PENN Entertainment, Inc. has a twelve month low of $13.50 and a twelve month high of $27.20. The business has a 50 day simple moving average of $19.60 and a 200 day simple moving average of $18.84.

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

Insider Activity at PENN Entertainment

In related news, Director David A. Handler purchased 10,000 shares of PENN Entertainment stock in a transaction dated Tuesday, September 10th. The stock was bought at an average cost of $17.51 per share, for a total transaction of $175,100.00. Following the transaction, the director now owns 293,450 shares in the company, valued at approximately $5,138,309.50. The trade was a 3.53 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Jay A. Snowden purchased 54,200 shares of PENN Entertainment stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of $18.44 per share, with a total value of $999,448.00. Following the completion of the transaction, the chief executive officer now owns 853,045 shares in the company, valued at approximately $15,730,149.80. This trade represents a 6.78 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 79,200 shares of company stock worth $1,450,548 over the last 90 days. Company insiders own 2.19% of the company's stock.

Analyst Upgrades and Downgrades

PENN has been the topic of a number of analyst reports. Benchmark restated a "hold" rating on shares of PENN Entertainment in a research note on Friday, November 8th. JMP Securities reaffirmed a "market perform" rating on shares of PENN Entertainment in a report on Friday, October 4th. Susquehanna dropped their price objective on PENN Entertainment from $26.00 to $25.00 and set a "positive" rating on the stock in a report on Monday, November 4th. Morgan Stanley dropped their price objective on PENN Entertainment from $20.00 to $19.00 and set an "equal weight" rating on the stock in a report on Tuesday, October 22nd. Finally, Craig Hallum reaffirmed a "buy" rating and set a $30.00 price objective on shares of PENN Entertainment in a report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average 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.