Traders Buy Large Volume of Call Options on PENN Entertainment (NASDAQ:PENN)

PENN Entertainment, Inc. (NASDAQ:PENN - Get Free Report) saw unusually large options trading on Wednesday. Stock investors acquired 39,391 call options on the company. This is an increase of approximately 137% compared to the typical daily volume of 16,588 call options.

Analyst Upgrades and Downgrades

PENN has been the subject of a number of recent analyst reports. Wells Fargo & Company lifted their price objective on PENN Entertainment from $18.00 to $20.00 and gave the company an "equal weight" rating in a research report on Thursday, October 17th. Macquarie upped their price objective on shares of PENN Entertainment from $26.00 to $27.00 and gave the company an "outperform" rating in a research note on Friday, November 8th. Bank of America started coverage on shares of PENN Entertainment in a research report on Wednesday, November 13th. They issued a "neutral" rating and a $22.00 target price on the stock. JMP Securities restated a "market perform" rating on shares of PENN Entertainment in a report on Friday, October 4th. Finally, StockNews.com downgraded shares of PENN Entertainment from a "hold" rating to a "sell" rating in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $23.44.

PENN Entertainment Stock Down 2.3 %

Shares of NASDAQ PENN traded down $0.48 on Wednesday, hitting $20.17. The company had a trading volume of 5,871,846 shares, compared to its average volume of 6,722,820. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 2.34. PENN Entertainment has a 12-month low of $13.50 and a 12-month high of $24.57. The firm has a market capitalization of $3.08 billion, a P/E ratio of -5.68 and a beta of 2.08. The business has a 50 day moving average of $19.94 and a two-hundred day moving average of $19.34.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. DekaBank Deutsche Girozentrale acquired a new position in PENN Entertainment in the 3rd quarter worth $45,000. GAMMA Investing LLC increased its position in shares of PENN Entertainment by 88.5% during the third quarter. GAMMA Investing LLC now owns 2,716 shares of the company's stock worth $51,000 after acquiring an additional 1,275 shares during the last quarter. Quest Partners LLC acquired a new position in shares of PENN Entertainment in the third quarter worth about $56,000. International Assets Investment Management LLC lifted its stake in shares of PENN Entertainment by 1,634.8% in the third quarter. International Assets Investment Management LLC now owns 3,244 shares of the company's stock worth $61,000 after acquiring an additional 3,057 shares in the last quarter. Finally, Modus Advisors LLC purchased a new position in PENN Entertainment in the fourth quarter valued at about $63,000. 91.69% of the stock is currently owned by hedge funds and other 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.