Adage Capital Partners GP L.L.C. Takes Position in PENN Entertainment, Inc. (NASDAQ:PENN)

Adage Capital Partners GP L.L.C. purchased a new position in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 232,253 shares of the company's stock, valued at approximately $4,603,000. Adage Capital Partners GP L.L.C. owned about 0.15% of PENN Entertainment as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. IFP Advisors Inc raised its position in PENN Entertainment by 201.5% during the fourth quarter. IFP Advisors Inc now owns 1,574 shares of the company's stock worth $31,000 after acquiring an additional 1,052 shares during the last quarter. Modus Advisors LLC purchased a new position in shares of PENN Entertainment during the 4th quarter worth approximately $63,000. Lee Danner & Bass Inc. purchased a new position in shares of PENN Entertainment during the 4th quarter worth approximately $92,000. KBC Group NV lifted its stake in PENN Entertainment by 36.5% in the 4th quarter. KBC Group NV now owns 5,501 shares of the company's stock valued at $109,000 after buying an additional 1,470 shares in the last quarter. Finally, CIBC Private Wealth Group LLC grew its holdings in PENN Entertainment by 914.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 6,492 shares of the company's stock valued at $119,000 after buying an additional 5,852 shares during the last quarter. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

PENN Entertainment Trading Up 2.8 %

Shares of NASDAQ:PENN traded up $0.43 during trading on Friday, reaching $15.97. 2,509,226 shares of the stock were exchanged, compared to its average volume of 4,338,692. The firm's 50-day moving average price is $16.46 and its 200 day moving average price is $18.88. The firm has a market cap of $2.41 billion, a price-to-earnings ratio of -4.50, a price-to-earnings-growth ratio of 1.55 and a beta of 1.96. PENN Entertainment, Inc. has a 12-month low of $13.25 and a 12-month high of $23.08. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.94 and a current ratio of 0.94.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Wells Fargo & Company upped their price objective on PENN Entertainment from $20.00 to $24.00 and gave the company an "equal weight" rating in a research report on Monday, March 3rd. JMP Securities restated a "market perform" rating on shares of PENN Entertainment in a report on Thursday, January 16th. Truist Financial lowered their price target on shares of PENN Entertainment from $23.00 to $20.00 and set a "hold" rating for the company in a report on Wednesday, April 23rd. Susquehanna reduced their price objective on shares of PENN Entertainment from $26.00 to $23.00 and set a "positive" rating on the stock in a research note on Tuesday, April 15th. Finally, Stifel Nicolaus lowered their target price on shares of PENN Entertainment from $22.00 to $19.00 and set a "hold" rating for the company in a research note on Tuesday, March 18th. Eleven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $22.77.

PENN Entertainment 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.