Investors Purchase Large Volume of Call Options on PENN Entertainment (NASDAQ:PENN)

PENN Entertainment, Inc. (NASDAQ:PENN - Get Free Report) saw unusually large options trading on Tuesday. Stock traders bought 25,071 call options on the company. This is an increase of approximately 39% compared to the typical daily volume of 17,984 call options.

PENN Entertainment Stock Down 0.2 %

Shares of PENN traded down $0.04 during trading hours on Wednesday, reaching $20.86. The company's stock had a trading volume of 2,213,830 shares, compared to its average volume of 5,351,015. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 2.34. The firm has a market cap of $3.18 billion, a price-to-earnings ratio of -5.88, a P/E/G ratio of 1.52 and a beta of 2.09. The company has a 50 day moving average of $19.85 and a two-hundred day moving average of $19.43. PENN Entertainment has a 1-year low of $13.50 and a 1-year high of $23.81.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last released its earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter in the prior year, the firm earned $1.21 EPS. The company's revenue was up 1.2% compared to the same quarter last year. As a group, research analysts predict that PENN Entertainment will post -1.63 EPS for the current fiscal year.

Institutional Investors Weigh In On PENN Entertainment

Several large investors have recently made changes to their positions in PENN. Bank of Montreal Can raised its position in shares of PENN Entertainment by 98.9% in the second quarter. Bank of Montreal Can now owns 50,331 shares of the company's stock valued at $977,000 after purchasing an additional 25,027 shares during the period. Algert Global LLC bought a new position in PENN Entertainment in the 2nd quarter worth $267,000. Creative Planning lifted its position in PENN Entertainment by 16.2% during the 2nd quarter. Creative Planning now owns 14,775 shares of the company's stock worth $286,000 after acquiring an additional 2,057 shares during the last quarter. Cetera Investment Advisers boosted its holdings in PENN Entertainment by 7.8% during the second quarter. Cetera Investment Advisers now owns 136,694 shares of the company's stock valued at $2,646,000 after acquiring an additional 9,887 shares during the period. Finally, Sanctuary Advisors LLC acquired a new stake in shares of PENN Entertainment in the second quarter valued at about $1,236,000. Institutional investors own 91.69% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Benchmark restated a "hold" rating on shares of PENN Entertainment in a research note on Friday, November 8th. Susquehanna lowered their price objective on PENN Entertainment from $26.00 to $25.00 and set a "positive" rating for the company in a research note on Monday, November 4th. Mizuho reduced their price target on shares of PENN Entertainment from $25.00 to $24.00 and set an "outperform" rating for the company in a report on Tuesday, October 22nd. Macquarie lifted their price objective on shares of PENN Entertainment from $26.00 to $27.00 and gave the company an "outperform" rating in a research report on Friday, November 8th. Finally, Craig Hallum restated a "buy" rating and issued a $30.00 target price on shares of PENN Entertainment in a research report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $23.44.

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.