PENN Entertainment (NASDAQ:PENN - Get Free Report) had its target price raised by Macquarie from $26.00 to $27.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Macquarie's price objective indicates a potential upside of 31.71% from the stock's current price.
Several other brokerages have also issued reports on PENN. Mizuho reduced their target price on shares of PENN Entertainment from $25.00 to $24.00 and set an "outperform" rating on the stock in a research note on Tuesday, October 22nd. Barclays reduced their price objective on shares of PENN Entertainment from $23.00 to $22.00 and set an "overweight" rating on the stock in a research note on Thursday, October 17th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock a "hold" rating in a research note on Friday, August 9th. JMP Securities reissued a "market perform" rating on shares of PENN Entertainment in a research note on Friday, October 4th. Finally, Wells Fargo & Company lifted their price objective on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 17th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $22.96.
Read Our Latest Research Report on PENN
PENN Entertainment Trading Up 1.4 %
Shares of NASDAQ PENN traded up $0.28 during mid-day trading on Friday, hitting $20.50. The company's stock had a trading volume of 3,864,415 shares, compared to its average volume of 5,122,847. The stock has a market cap of $3.13 billion, a price-to-earnings ratio of -2.53 and a beta of 2.09. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.03 and a quick ratio of 1.03. PENN Entertainment has a one year low of $13.50 and a one year high of $27.20. The company's fifty day simple moving average is $18.98 and its 200-day simple moving average is $18.31.
PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.04. The company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.65 billion. PENN Entertainment had a negative net margin of 19.48% and a negative return on equity of 7.13%. The company's revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.21 EPS. On average, sell-side analysts anticipate that PENN Entertainment will post -1.41 earnings per share for the current fiscal year.
Insider Activity
In other PENN Entertainment news, 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 acquisition, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director David A. Handler bought 10,000 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were acquired at an average cost of $17.51 per share, for a total transaction of $175,100.00. Following the completion of the acquisition, the director now owns 293,450 shares in the company, valued at approximately $5,138,309.50. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jay A. Snowden bought 54,200 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average price of $18.44 per share, for a total transaction of $999,448.00. Following the completion of the acquisition, the chief executive officer now owns 853,045 shares of the company's stock, valued at $15,730,149.80. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 79,200 shares of company stock worth $1,450,548 over the last ninety days. Insiders own 2.19% of the company's stock.
Hedge Funds Weigh In On PENN Entertainment
A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in PENN Entertainment by 0.4% during the first quarter. Vanguard Group Inc. now owns 14,789,817 shares of the company's stock worth $269,323,000 after buying an additional 59,897 shares during the last quarter. DME Capital Management LP increased its holdings in PENN Entertainment by 11.9% during the second quarter. DME Capital Management LP now owns 5,095,340 shares of the company's stock worth $98,620,000 after buying an additional 540,630 shares during the last quarter. Earnest Partners LLC increased its holdings in PENN Entertainment by 4.6% during the second quarter. Earnest Partners LLC now owns 4,117,946 shares of the company's stock worth $79,703,000 after buying an additional 179,813 shares during the last quarter. Armistice Capital LLC increased its holdings in PENN Entertainment by 91.9% during the second quarter. Armistice Capital LLC now owns 2,643,060 shares of the company's stock worth $51,156,000 after buying an additional 1,266,023 shares during the last quarter. Finally, Sei Investments Co. increased its holdings in PENN Entertainment by 3.7% during the second quarter. Sei Investments Co. now owns 2,461,074 shares of the company's stock worth $47,634,000 after buying an additional 88,797 shares during the last quarter. 91.69% of the stock is currently owned by institutional investors and hedge funds.
About PENN Entertainment
(
Get Free Report)
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.
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