PENN Entertainment (NASDAQ:PENN) Raised to "Strong-Buy" at Zacks Research

Key Points

• Zacks Research upgraded PENN Entertainment to “strong buy” from “hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $24.
• Recent analyst actions were generally positive: Benchmark and Barclays raised their price targets, Piper Sandler upgraded the stock to “buy,” and Citigroup reaffirmed “market outperform,” though Morgan Stanley maintained an “underperform” rating.
• PENN reported quarterly EPS of $0.44, beating expectations of $0.37, while revenue reached $1.86 billion, up 5.2% year over year. Shares opened at $15.37, and institutional investors own 91.69% of the stock.

PENN Entertainment (NASDAQ:PENN - Get Free Report) was upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Monday, Zacks reports.

Several other research analysts also recently commented on PENN. Benchmark lifted their price target on shares of PENN Entertainment from $21.00 to $22.00 and gave the stock a "buy" rating in a research note on Friday, August 7th. Barclays lifted their target price on shares of PENN Entertainment from $26.00 to $27.00 and gave the company an "overweight" rating in a research note on Friday. Morgan Stanley reaffirmed an "underperform" rating on shares of PENN Entertainment in a research report on Wednesday, August 12th. Citigroup reissued a "market outperform" rating on shares of PENN Entertainment in a report on Tuesday. Finally, Piper Sandler upgraded PENN Entertainment from a "neutral" rating to a "buy" rating and set a $26.00 target price on the stock in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $24.00.

PENN Entertainment Stock Performance

Shares of PENN opened at $15.37 on Monday. The firm has a market cap of $2.06 billion, a PE ratio of 38.50, a PEG ratio of 0.39 and a beta of 1.39. PENN Entertainment has a 1 year low of $11.65 and a 1 year high of $22.36. The company has a debt-to-equity ratio of 3.79, a current ratio of 0.89 and a quick ratio of 0.89. The stock's fifty day moving average price is $17.10 and its two-hundred day moving average price is $18.05.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.07. The business had revenue of $1.86 billion for the quarter, compared to analysts' expectations of $1.86 billion. PENN Entertainment had a negative net margin of 12.66% and a positive return on equity of 2.93%. The business's revenue for the quarter was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.12) EPS. On average, equities research analysts forecast that PENN Entertainment will post 1.20 EPS for the current year.

Institutional Trading of PENN Entertainment

Several institutional investors and hedge funds have recently made changes to their positions in the business. Versant Capital Management Inc lifted its stake in shares of PENN Entertainment by 29.6% in the third quarter. Versant Capital Management Inc now owns 3,513 shares of the company's stock worth $51,000 after buying an additional 803 shares in the last quarter. GAMMA Investing LLC boosted its stake in PENN Entertainment by 19.4% during the second quarter. GAMMA Investing LLC now owns 5,506 shares of the company's stock worth $118,000 after buying an additional 895 shares during the last quarter. NorthCrest Asset Manangement LLC grew its holdings in PENN Entertainment by 11.0% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 11,303 shares of the company's stock valued at $178,000 after buying an additional 1,117 shares in the last quarter. Nykredit A S purchased a new position in shares of PENN Entertainment during the 2nd quarter worth $25,000. Finally, PNC Financial Services Group Inc. boosted its position in shares of PENN Entertainment by 13.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 14,298 shares of the company's stock valued at $215,000 after acquiring an additional 1,745 shares during the last quarter. 91.69% of the stock is currently owned by institutional investors.

PENN Entertainment Company Profile

PENN Entertainment, Inc is a North American provider of integrated entertainment, gaming and sports betting. The company operates casinos, racetracks and hotels, offering casino gaming, sports wagering, dining, live entertainment and other hospitality services. Its property portfolio includes regional gaming destinations serving customers across the United States.

PENN also develops and operates digital gaming products, including online sports betting and iCasino services. Its digital operations have included the ESPN BET sportsbook, developed through a strategic relationship with ESPN, as well as theScore Bet, supported by the company's acquisition of Canadian digital media and sports betting business theScore.

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