PENN Entertainment (NASDAQ:PENN) Earns Neutral Rating from Analysts at Bank of America

Equities researchers at Bank of America initiated coverage on shares of PENN Entertainment (NASDAQ:PENN - Get Free Report) in a research report issued on Wednesday, MarketBeat.com reports. The brokerage set a "neutral" rating and a $22.00 price target on the stock. Bank of America's price objective indicates a potential upside of 3.63% from the company's previous close.

PENN has been the topic of several other reports. Needham & Company LLC reiterated a "buy" rating and set a $26.00 target price on shares of PENN Entertainment in a research report on Friday, November 8th. Truist Financial reduced their target price on shares of PENN Entertainment from $25.00 to $23.00 and set a "buy" rating for the company in a report on Wednesday, October 23rd. Barclays dropped their price target on shares of PENN Entertainment from $23.00 to $22.00 and set an "overweight" rating for the company in a research report on Thursday, October 17th. Morgan Stanley decreased their price objective on shares of PENN Entertainment from $20.00 to $19.00 and set an "equal weight" rating on the stock in a research report on Tuesday, October 22nd. Finally, Deutsche Bank Aktiengesellschaft increased their target price on PENN Entertainment from $18.00 to $20.00 and gave the stock a "hold" rating in a research report on Friday, August 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $23.29.

PENN Entertainment Stock Performance

Shares of NASDAQ PENN traded down $0.31 during midday trading on Wednesday, hitting $21.23. 2,392,729 shares of the stock traded hands, compared to its average volume of 5,092,648. PENN Entertainment has a one year low of $13.50 and a one year high of $27.20. The firm has a 50-day moving average of $19.12 and a two-hundred day moving average of $18.40. 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 $3.24 billion, a P/E ratio of -6.05 and a beta of 2.09.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its quarterly earnings data 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. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The firm had revenue of $1.64 billion for the quarter, compared to analysts' expectations of $1.65 billion. During the same quarter in the prior year, the business earned $1.21 EPS. The business's quarterly revenue was up 1.2% on a year-over-year basis. On average, equities analysts forecast that PENN Entertainment will post -1.5 EPS for the current fiscal year.

Insider Activity at PENN Entertainment

In related news, CEO Jay A. Snowden acquired 54,200 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average cost of $18.44 per share, with a total value of $999,448.00. Following 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 trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other PENN Entertainment news, Director David A. Handler bought 10,000 shares of PENN Entertainment stock in a transaction on Tuesday, September 10th. The shares were acquired at an average price of $17.51 per share, for a total transaction of $175,100.00. Following the completion of the purchase, the director now directly owns 293,450 shares in the company, valued at approximately $5,138,309.50. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jay A. Snowden bought 54,200 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average cost 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 trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 79,200 shares of company stock valued at $1,450,548. Insiders own 2.19% of the company's stock.

Institutional Investors Weigh In On PENN Entertainment

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its position in shares of PENN Entertainment by 233.6% during the second quarter. GAMMA Investing LLC now owns 1,441 shares of the company's stock worth $28,000 after acquiring an additional 1,009 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in PENN Entertainment during the 3rd quarter worth $45,000. Quest Partners LLC bought a new stake in PENN Entertainment during the 3rd quarter valued at $56,000. International Assets Investment Management LLC lifted its holdings in shares of PENN Entertainment by 1,634.8% in the 3rd quarter. International Assets Investment Management LLC now owns 3,244 shares of the company's stock worth $61,000 after buying an additional 3,057 shares during the period. Finally, J.Safra Asset Management Corp bought a new position in shares of PENN Entertainment during the 2nd quarter worth $83,000. Institutional investors 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.