PENN Entertainment (NASDAQ:PENN) Shares Up 4.4% - Here's Why

PENN Entertainment, Inc. (NASDAQ:PENN - Get Free Report)'s share price rose 4.4% during mid-day trading on Tuesday . The stock traded as high as $19.62 and last traded at $19.55. Approximately 2,178,744 shares traded hands during trading, a decline of 55% from the average daily volume of 4,805,648 shares. The stock had previously closed at $18.73.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Needham & Company LLC reissued a "buy" rating and issued a $26.00 target price on shares of PENN Entertainment in a report on Friday, November 8th. Benchmark reiterated a "hold" rating on shares of PENN Entertainment in a research note on Friday, November 8th. Susquehanna cut their price objective on PENN Entertainment from $26.00 to $25.00 and set a "positive" rating for the company in a research report on Monday, November 4th. Truist Financial decreased their target price on PENN Entertainment from $25.00 to $23.00 and set a "buy" rating on the stock in a research report on Wednesday, October 23rd. Finally, StockNews.com raised PENN Entertainment from a "sell" rating to a "hold" rating in a research note on Tuesday, December 17th. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, PENN Entertainment presently has an average rating of "Moderate Buy" and a consensus target price of $23.53.

PENN Entertainment Price Performance

The stock's 50-day simple moving average is $19.99 and its two-hundred day simple moving average is $19.31. The firm has a market cap of $3.03 billion, a P/E ratio of -5.58 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.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.24) earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same period in the prior year, the company posted $1.21 EPS. The firm's revenue for the quarter was up 1.2% on a year-over-year basis. Equities research analysts forecast that PENN Entertainment, Inc. will post -1.55 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PENN Entertainment

A number of large investors have recently bought and sold shares of PENN. DME Capital Management LP lifted its position in shares of 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 purchasing an additional 540,630 shares during the last quarter. Earnest Partners LLC increased its stake in PENN Entertainment by 4.6% in the 2nd 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 period. Armistice Capital LLC lifted its holdings in PENN Entertainment by 91.9% during the 2nd quarter. Armistice Capital LLC now owns 2,643,060 shares of the company's stock valued at $51,156,000 after buying an additional 1,266,023 shares in the last quarter. Sei Investments Co. lifted its holdings in PENN Entertainment by 3.7% during the 2nd quarter. Sei Investments Co. now owns 2,461,074 shares of the company's stock valued at $47,634,000 after buying an additional 88,797 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in PENN Entertainment by 4,624.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,456,094 shares of the company's stock valued at $28,183,000 after buying an additional 1,425,274 shares during the period. Hedge funds and other institutional investors own 91.69% of the company's stock.

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.