#5 - Penn National Gaming (NASDAQ:PENN)
Online gaming was a high-growth sector during the pandemic. However, as the economy began its tepid reopening last summer, the demand to go to casinos was real. That dynamic should prove to be a catalyst for Penn National Gaming (NASDAQ:PENN). The company has an asset-light approach to its properties. While that was a drag at the onset of the pandemic, it should work to the company’s advantage in the recovery.
Penn National has a partnership with Barstool Sports in 2020. When the online sports betting app launched in Pennsylvania, consumers wagered $11 million in the first week.
PENN stock soared after last November’s election as an increasing number of states either passed ballot initiatives or announced future ballot initiatives to legalize online gaming.
But like many things, the reality is setting for investors. And while some large states are now on board with online gambling, the rollout may not be as soon as expected. That’s actually good for PENN stock. It’s taken a bit of a haircut since February and not it appears to be a much more attractive buy heading into summer.
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.
Read More - Current Price
- $20.52
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 8 Buy Ratings, 8 Hold Ratings, 0 Sell Ratings.
- Consensus Price Target
- $23.29 (13.5% Upside)
