PENN Entertainment (NASDAQ:PENN) Issues Earnings Results

PENN Entertainment (NASDAQ:PENN - Get Free Report) announced its earnings results on Thursday. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.28) by $0.04, Briefing.com reports. PENN Entertainment had a negative net margin of 19.48% and a negative return on equity of 7.13%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same period last year, the firm posted $1.21 earnings per share. The company's revenue for the quarter was up 1.2% compared to the same quarter last year.

PENN Entertainment Stock Up 1.3 %

NASDAQ:PENN traded up $0.27 during trading hours on Friday, hitting $20.49. 3,870,106 shares of the company traded hands, compared to its average volume of 5,122,848. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.35. The firm's 50-day simple moving average is $19.02 and its 200-day simple moving average is $18.34. PENN Entertainment has a one year low of $13.50 and a one year high of $27.20. The company has a market cap of $3.13 billion, a PE ratio of -2.53 and a beta of 2.09.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on PENN shares. Truist Financial reduced their target price on PENN Entertainment from $25.00 to $23.00 and set a "buy" rating for the company in a report on Wednesday, October 23rd. JMP Securities reiterated a "market perform" rating on shares of PENN Entertainment in a report on Friday, October 4th. Benchmark reissued a "hold" rating on shares of PENN Entertainment in a research report on Friday. Morgan Stanley cut their target price on 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 upped their price objective on PENN Entertainment from $18.00 to $20.00 and gave the stock a "hold" rating in a research note on Friday, August 9th. One research 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 data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $22.96.

Insider Buying and Selling

In related news, CEO Jay A. Snowden acquired 54,200 shares of the firm's stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought 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 in the company, valued at approximately $15,730,149.80. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other PENN Entertainment news, Director Anuj Dhanda acquired 15,000 shares of the company's stock in a transaction that occurred on Friday, September 6th. The shares were bought at an average cost of $18.40 per share, with a total value of $276,000.00. Following the completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jay A. Snowden acquired 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, for a total transaction 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 represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 79,200 shares of company stock valued at $1,450,548. 2.19% of the stock is owned by 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.