PENN Entertainment (NASDAQ:PENN) Rating Lowered to Hold at Zacks Research

PENN Entertainment (NASDAQ:PENN - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report issued on Tuesday, Zacks reports.

A number of other equities research analysts have also weighed in on PENN. Jefferies Financial Group restated a "hold" rating and set a $22.00 price objective on shares of PENN Entertainment in a research note on Friday, August 7th. Capital One Financial upgraded PENN Entertainment from an "equal weight" rating to an "overweight" rating and set a $26.00 target price for the company in a research note on Thursday, July 23rd. Citizens Jmp raised their price target on shares of PENN Entertainment from $24.00 to $26.00 and gave the stock a "market outperform" rating in a research report on Thursday, July 16th. The Goldman Sachs Group reissued a "buy" rating and set a $21.00 price target on shares of PENN Entertainment in a research report on Friday, November 6th. Finally, Mizuho set a $28.00 price target on shares of PENN Entertainment in a research note on Friday, August 7th. Thirteen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, PENN Entertainment has an average rating of "Moderate Buy" and an average target price of $23.67.

PENN Entertainment Stock Performance

PENN Entertainment stock opened at $18.15 on Tuesday. PENN Entertainment has a 12-month low of $11.65 and a 12-month high of $22.36. The company has a market capitalization of $2.44 billion, a price-to-earnings ratio of 19.63, a price-to-earnings-growth ratio of 0.59 and a beta of 1.40. The company has a debt-to-equity ratio of 3.69, a current ratio of 0.96 and a quick ratio of 0.96. The firm's fifty day moving average price is $16.10 and its 200 day moving average price is $16.92.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last announced its earnings results on Thursday, November 5th. The company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.15. PENN Entertainment had a positive return on equity of 6.99% and a negative net margin of 0.13%. The company had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.84 billion. During the same period last year, the firm earned ($0.22) earnings per share. The company's revenue was up 7.1% on a year-over-year basis. On average, research analysts forecast that PENN Entertainment will post 0.95 EPS for the current fiscal year.

Hedge Funds Weigh In On PENN Entertainment

Several hedge funds and other institutional investors have recently modified their holdings of PENN. Public Sector Pension Investment Board grew its position in PENN Entertainment by 134.3% in the 3rd quarter. Public Sector Pension Investment Board now owns 1,022,452 shares of the company's stock worth $15,695,000 after purchasing an additional 586,008 shares during the last quarter. Edgestream Partners L.P. bought a new stake in shares of PENN Entertainment during the third quarter valued at approximately $436,000. Intech Investment Management LLC raised its holdings in shares of PENN Entertainment by 190.4% during the third quarter. Intech Investment Management LLC now owns 60,266 shares of the company's stock valued at $883,000 after buying an additional 39,513 shares during the last quarter. Allworth Financial LP boosted its position in shares of PENN Entertainment by 122.5% during the third quarter. Allworth Financial LP now owns 13,637 shares of the company's stock worth $200,000 after buying an additional 7,508 shares during the period. Finally, Eurizon Capital SGR S.p.A. acquired a new position in shares of PENN Entertainment during the third quarter worth approximately $25,000. Institutional investors and hedge funds own 91.69% of the company's stock.

PENN Entertainment Company Profile

PENN Entertainment is a diversified gaming and entertainment company that operates casinos, racetracks and sports betting facilities. Its properties offer casino games, hotel accommodations, dining, live entertainment and other hospitality services, with brands including Hollywood Casino, Ameristar and L'Auberge. The company also offers online sports betting and iCasino products in markets where they are permitted. Its digital operations complement its retail properties and include the PENN Play customer loyalty program.

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