Readystate Asset Management LP Has $2.84 Million Position in PENN Entertainment, Inc. (NASDAQ:PENN)

Readystate Asset Management LP lessened its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 13.8% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 150,611 shares of the company's stock after selling 24,058 shares during the period. Readystate Asset Management LP owned 0.10% of PENN Entertainment worth $2,841,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of PENN. GAMMA Investing LLC raised its position in shares of PENN Entertainment by 233.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,441 shares of the company's stock worth $28,000 after purchasing an additional 1,009 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in PENN Entertainment during the 3rd quarter worth approximately $45,000. Quest Partners LLC acquired a new stake in PENN Entertainment during the 3rd quarter worth approximately $56,000. International Assets Investment Management LLC raised 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 valued at $61,000 after purchasing an additional 3,057 shares in the last quarter. Finally, J.Safra Asset Management Corp acquired a new stake in PENN Entertainment during the 2nd quarter worth $83,000. Institutional investors and hedge funds own 91.69% of the company's stock.

Insiders Place Their Bets

In related news, Director David A. Handler acquired 10,000 shares of the stock in a transaction dated 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 owns 293,450 shares in the company, valued at approximately $5,138,309.50. The trade was a 3.53 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Anuj Dhanda purchased 15,000 shares of the firm's stock in a transaction on Friday, September 6th. The shares were acquired at an average price of $18.40 per share, for a total transaction of $276,000.00. Following the purchase, the director now directly owns 31,523 shares of the company's stock, valued at approximately $580,023.20. This represents a 90.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.19% of the stock is owned by insiders.

PENN Entertainment Stock Performance

Shares of PENN stock traded down $0.34 on Thursday, hitting $21.57. The stock had a trading volume of 681,072 shares, compared to its average volume of 4,900,576. The stock's 50 day moving average is $19.77 and its 200-day moving average is $18.95. 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, Inc. has a 52-week low of $13.50 and a 52-week high of $27.20.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last posted its quarterly 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 firm had revenue of $1.64 billion for the quarter, compared to analysts' expectations of $1.65 billion. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The firm's quarterly revenue was up 1.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.21 earnings per share. On average, sell-side analysts forecast that PENN Entertainment, Inc. will post -1.53 EPS for the current year.

Wall Street Analysts Forecast Growth

PENN has been the topic of several research reports. Stifel Nicolaus raised their price objective on shares of PENN Entertainment from $19.00 to $20.00 and gave the stock a "hold" rating in a research report on Friday, August 9th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock a "hold" rating in a report on Friday, August 9th. Mizuho cut their target price on shares of PENN Entertainment from $25.00 to $24.00 and set an "outperform" rating for the company in a research report on Tuesday, October 22nd. Morgan Stanley cut their price objective on shares of PENN Entertainment from $20.00 to $19.00 and set an "equal weight" rating for the company in a research report on Tuesday, October 22nd. Finally, JMP Securities restated a "market perform" rating on shares of PENN Entertainment in a report on Friday, October 4th. One investment 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. According to MarketBeat, PENN Entertainment presently has a consensus rating of "Hold" and a consensus price target of $23.29.

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.