David A. Handler Purchases 20,000 Shares of PENN Entertainment, Inc. (NASDAQ:PENN) Stock

Key Points

• David A. Handler, a director at PENN Entertainment, purchased 20,000 shares of the company's stock at an average price of $16.96, increasing his ownership by 6.19%.
• PENN Entertainment reported $0.10 earnings per share for the quarter, surpassing analysts' expectations, and had a revenue of $1.77 billion, which was up 6.1% year-over-year.
• Institutional investors now hold about 91.69% of PENN Entertainment's stock, indicating strong confidence from large investors in the company’s potential.

PENN Entertainment, Inc. (NASDAQ:PENN - Get Free Report) Director David A. Handler acquired 20,000 shares of the business's stock in a transaction dated Friday, August 8th. The stock was acquired at an average cost of $16.96 per share, with a total value of $339,200.00. Following the completion of the transaction, the director owned 342,941 shares of the company's stock, valued at approximately $5,816,279.36. The trade was a 6.19% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website.

PENN Entertainment Price Performance

PENN Entertainment stock traded up $0.29 during mid-day trading on Tuesday, reaching $17.09. 3,244,529 shares of the company were exchanged, compared to its average volume of 4,334,640. The company has a fifty day simple moving average of $17.55 and a 200-day simple moving average of $17.42. 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 2.39, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a market cap of $2.50 billion, a PE ratio of -30.52 and a beta of 1.60.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.10 earnings per share for the quarter, beating analysts' consensus estimates of ($0.04) by $0.14. The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.73 billion. PENN Entertainment had a negative return on equity of 4.36% and a negative net margin of 1.12%. The company's revenue was up 6.1% compared to the same quarter last year. During the same quarter last year, the business posted ($0.18) EPS. As a group, equities research analysts expect that PENN Entertainment, Inc. will post -1.61 earnings per share for the current fiscal year.

Institutional Investors Weigh In On PENN Entertainment

Large investors have recently modified their holdings of the business. Parallel Advisors LLC boosted its holdings in shares of PENN Entertainment by 152.2% in the 2nd quarter. Parallel Advisors LLC now owns 1,397 shares of the company's stock valued at $25,000 after purchasing an additional 843 shares in the last quarter. Quarry LP acquired a new stake in shares of PENN Entertainment in the 1st quarter valued at $30,000. GAMMA Investing LLC boosted its holdings in shares of PENN Entertainment by 38.7% in the 1st quarter. GAMMA Investing LLC now owns 2,636 shares of the company's stock valued at $43,000 after purchasing an additional 736 shares in the last quarter. Byrne Asset Management LLC boosted its holdings in shares of PENN Entertainment by 201.1% in the 1st quarter. Byrne Asset Management LLC now owns 2,710 shares of the company's stock valued at $44,000 after purchasing an additional 1,810 shares in the last quarter. Finally, State of Wyoming acquired a new stake in shares of PENN Entertainment during the 1st quarter valued at $46,000. Institutional investors and hedge funds own 91.69% of the company's stock.

Wall Street Analyst Weigh In

PENN has been the subject of a number of recent analyst reports. Citizens Jmp raised PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 price objective for the company in a research report on Thursday, June 26th. Citigroup reaffirmed an "outperform" rating on shares of PENN Entertainment in a research report on Friday. Morgan Stanley reaffirmed a "sell" rating on shares of PENN Entertainment in a research report on Friday, July 11th. Truist Financial cut their price objective on PENN Entertainment from $23.00 to $20.00 and set a "hold" rating for the company in a research report on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. initiated coverage on PENN Entertainment in a research report on Monday, June 23rd. They issued an "overweight" rating and a $24.00 price objective for the company. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, PENN Entertainment presently has a consensus rating of "Hold" and an average target price of $23.25.

PENN Entertainment Company 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.

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