PENN Entertainment (NASDAQ:PENN) Sees Large Volume Increase - Here's What Happened

Shares of PENN Entertainment, Inc. (NASDAQ:PENN - Get Free Report) saw unusually-high trading volume on Monday . Approximately 7,918,603 shares were traded during trading, an increase of 42% from the previous session's volume of 5,570,471 shares.The stock last traded at $19.71 and had previously closed at $19.19.

Wall Street Analyst Weigh In

PENN has been the topic of a number of research reports. JMP Securities restated a "market perform" rating on shares of PENN Entertainment in a research report on Friday, October 4th. Bank of America initiated coverage on PENN Entertainment in a research report on Wednesday, November 13th. They issued a "neutral" rating and a $22.00 price target on the stock. Needham & Company LLC reissued a "buy" rating and issued a $26.00 price objective on shares of PENN Entertainment in a research note on Friday, November 8th. Susquehanna dropped their price objective 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. Finally, Macquarie upped their price target on PENN Entertainment from $26.00 to $27.00 and gave the stock an "outperform" rating in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $23.44.

PENN Entertainment Trading Up 3.0 %

The company has a market capitalization of $3.02 billion, a P/E ratio of -5.57 and a beta of 2.08. The company has a debt-to-equity ratio of 2.34, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a fifty day moving average price of $19.87 and a 200-day moving average price of $19.32.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.04. PENN Entertainment had a negative return on equity of 14.44% and a negative net margin of 8.51%. The business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same period in the prior year, the company earned $1.21 earnings per share. PENN Entertainment's revenue was up 1.2% compared to the same quarter last year. On average, equities research analysts anticipate that PENN Entertainment, Inc. will post -1.55 earnings per share for the current year.

Hedge Funds Weigh In On PENN Entertainment

A number of large investors have recently made changes to their positions in PENN. Commonwealth Equity Services LLC raised its position in PENN Entertainment by 2.7% during the second quarter. Commonwealth Equity Services LLC now owns 49,872 shares of the company's stock valued at $965,000 after purchasing an additional 1,289 shares in the last quarter. Arizona State Retirement System grew its stake in shares of PENN Entertainment by 2.5% during the second quarter. Arizona State Retirement System now owns 38,403 shares of the company's stock valued at $743,000 after buying an additional 944 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in shares of PENN Entertainment by 62.5% during the second quarter. Envestnet Asset Management Inc. now owns 434,571 shares of the company's stock valued at $8,411,000 after buying an additional 167,164 shares during the last quarter. WINTON GROUP Ltd bought a new position in shares of PENN Entertainment during the second quarter valued at about $227,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of PENN Entertainment by 2.4% during the second quarter. Dimensional Fund Advisors LP now owns 1,299,014 shares of the company's stock valued at $25,140,000 after buying an additional 30,932 shares during the last quarter. 91.69% of the stock is owned by institutional investors.

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.