PENN Entertainment, Inc. (NASDAQ:PENN) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• PENN Entertainment has a “Moderate Buy” consensus rating from 20 brokerages, with 12 buys, 7 holds and 1 sell. The average 12-month price target is $23.53, above the stock’s reported price of $17.82.
• Institutional investors own 91.69% of PENN’s shares, with several funds—including Corient Private Wealth and HighTower Advisors—recently increasing their positions.
• PENN beat quarterly earnings expectations, reporting adjusted EPS of $0.44 versus the $0.37 consensus and revenue of $1.86 billion, up 5.2% year over year. However, the company remained unprofitable overall, with a negative 12.66% net margin.

PENN Entertainment, Inc. (NASDAQ:PENN - Get Free Report) has earned a consensus rating of "Moderate Buy" from the twenty brokerages that are currently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $23.5294.

Several equities analysts have recently commented on the company. Barclays increased their price objective on PENN Entertainment from $24.00 to $26.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. Morgan Stanley restated an "underperform" rating on shares of PENN Entertainment in a research report on Wednesday, August 12th. Bank of America upped their target price on PENN Entertainment from $18.00 to $22.00 and gave the stock a "neutral" rating in a research note on Monday, July 20th. Citigroup reiterated a "market outperform" rating on shares of PENN Entertainment in a research report on Tuesday, August 18th. Finally, Jefferies Financial Group reissued a "hold" rating and set a $22.00 price target on shares of PENN Entertainment in a research note on Friday, August 7th.

Hedge Funds Weigh In On PENN Entertainment

Several institutional investors and hedge funds have recently made changes to their positions in the business. Integrated Wealth Concepts LLC purchased a new position in PENN Entertainment in the 2nd quarter worth $275,000. Nykredit A S purchased a new stake in PENN Entertainment during the second quarter valued at about $25,000. Corient Private Wealth LP grew its stake in shares of PENN Entertainment by 81.8% during the second quarter. Corient Private Wealth LP now owns 59,891 shares of the company's stock valued at $1,279,000 after buying an additional 26,950 shares during the last quarter. HighTower Advisors LLC grew its stake in shares of PENN Entertainment by 12.9% during the second quarter. HighTower Advisors LLC now owns 21,535 shares of the company's stock valued at $460,000 after buying an additional 2,461 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of PENN Entertainment during the second quarter valued at about $543,000. Institutional investors own 91.69% of the company's stock.

PENN Entertainment Stock Performance

NASDAQ PENN opened at $17.82 on Friday. PENN Entertainment has a 52-week low of $11.65 and a 52-week high of $22.36. The company has a fifty day moving average of $19.23 and a 200-day moving average of $17.78. The company has a market capitalization of $2.39 billion, a P/E ratio of -2.80, a P/E/G ratio of 0.46 and a beta of 1.38. The company has a debt-to-equity ratio of 3.79, a quick ratio of 0.89 and a current ratio of 0.89.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.07. PENN Entertainment had a positive return on equity of 2.93% and a negative net margin of 12.66%.The business had revenue of $1.86 billion for the quarter, compared to analysts' expectations of $1.86 billion. During the same quarter in the prior year, the firm earned ($0.12) earnings per share. The firm's revenue was up 5.2% on a year-over-year basis. As a group, equities research analysts predict that PENN Entertainment will post 1.19 EPS for the current fiscal year.

About PENN Entertainment

PENN Entertainment, Inc is an omnichannel provider of gaming, sports betting and entertainment services. The company operates casinos, racetracks and gaming properties offering slot machines, table games, poker, sports wagering, dining, lodging and live entertainment. Its portfolio also includes retail sportsbooks and online gaming platforms.

PENN serves customers primarily across the United States and Canada through its land-based properties and digital operations. Its online offerings have included sports betting, iCasino gaming and related media and technology products, supported by customer loyalty programs and theScore, a digital sports media and betting brand acquired by PENN in 2021.

The company was formerly known as Penn National Gaming and adopted the PENN Entertainment name in 2022 to reflect its broader entertainment and digital strategy.

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