138,447 Shares in PENN Entertainment, Inc. $PENN Acquired by TIG Advisors LLC

Key Points

• TIG Advisors LLC acquired 138,447 shares of PENN Entertainment, Inc. for approximately $2.26 million, holding about 0.09% of the company as of the latest reporting period.
• PENN Entertainment recently reported a quarterly earnings per share of $0.10, exceeding analysts' expectations of a loss, and its revenue increased by 6.1% year-over-year.
• Research analysts have given PENN Entertainment a consensus rating of "Moderate Buy," with an average target price of $23.25.

TIG Advisors LLC bought a new position in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 138,447 shares of the company's stock, valued at approximately $2,258,000. TIG Advisors LLC owned approximately 0.09% of PENN Entertainment at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. GAMMA Investing LLC raised 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 worth $43,000 after purchasing an additional 736 shares in the last quarter. J.Safra Asset Management Corp boosted its holdings in shares of PENN Entertainment by 6.7% in the first quarter. J.Safra Asset Management Corp now owns 13,877 shares of the company's stock worth $226,000 after buying an additional 877 shares during the period. HighTower Advisors LLC boosted its holdings in shares of PENN Entertainment by 5.2% in the first quarter. HighTower Advisors LLC now owns 19,327 shares of the company's stock worth $315,000 after buying an additional 953 shares during the period. Arizona State Retirement System boosted its holdings in shares of PENN Entertainment by 4.3% in the first quarter. Arizona State Retirement System now owns 41,433 shares of the company's stock worth $676,000 after buying an additional 1,707 shares during the period. Finally, Tidal Investments LLC boosted its holdings in shares of PENN Entertainment by 11.7% in the fourth quarter. Tidal Investments LLC now owns 16,626 shares of the company's stock worth $330,000 after buying an additional 1,738 shares during the period. 91.69% of the stock is currently owned by institutional investors.

PENN Entertainment Stock Performance

PENN stock opened at $20.23 on Monday. The company has a debt-to-equity ratio of 2.39, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a market cap of $2.95 billion, a P/E ratio of -36.12 and a beta of 1.41. The firm has a 50 day simple moving average of $18.28 and a 200 day simple moving average of $17.22. PENN Entertainment, Inc. has a 52 week low of $13.25 and a 52 week high of $23.08.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.10 EPS for the quarter, topping 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 firm's revenue was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.18) earnings per share. Research analysts anticipate that PENN Entertainment, Inc. will post -1.61 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have commented on PENN shares. JMP Securities raised their target price on shares of PENN Entertainment from $24.00 to $25.00 and gave the stock a "market outperform" rating in a report on Friday, August 8th. Canaccord Genuity Group decreased their target price on shares of PENN Entertainment from $28.00 to $26.00 and set a "buy" rating for the company in a report on Monday, May 5th. Susquehanna reaffirmed a "positive" rating and set a $25.00 target price (up previously from $24.00) on shares of PENN Entertainment in a research note on Tuesday, June 10th. Citigroup reissued an "outperform" rating on shares of PENN Entertainment in a research report on Friday, August 8th. Finally, Stifel Nicolaus raised their price target on shares of PENN Entertainment from $17.00 to $19.00 and gave the stock a "hold" rating in a report on Friday, July 11th. Eleven research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, PENN Entertainment currently has an average rating of "Moderate Buy" and a consensus target price of $23.25.

Insider Transactions at PENN Entertainment

In other PENN Entertainment news, Director David A. Handler bought 20,000 shares of PENN Entertainment stock in a transaction on Friday, August 8th. The stock was purchased at an average cost of $16.96 per share, for a total transaction of $339,200.00. Following the completion of the purchase, the director directly owned 342,941 shares of the company's stock, valued at $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 Securities & Exchange Commission, which can be accessed through this link. 2.67% of the stock is owned by company insiders.

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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