Neo Ivy Capital Management Buys Shares of 93,338 PENN Entertainment, Inc. (NASDAQ:PENN)

Key Points

• Neo Ivy Capital Management has acquired 93,338 shares of PENN Entertainment, valued at approximately $1.52 million, increasing its ownership to about 0.06% of the company.
• CEO Jay A. Snowden purchased 34,000 shares at an average price of $14.70, raising his total ownership to over 1 million shares valued at around $15.91 million.
• Analysts have mixed views on PENN Entertainment, with ratings ranging from "sell" to "outperform" and a consensus price target of $23.18 per share.

Neo Ivy Capital Management bought a new stake in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 93,338 shares of the company's stock, valued at approximately $1,522,000. Neo Ivy Capital Management owned 0.06% of PENN Entertainment at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. DME Capital Management LP increased its holdings in shares of PENN Entertainment by 2.3% in the fourth quarter. DME Capital Management LP now owns 5,748,440 shares of the company's stock valued at $113,934,000 after purchasing an additional 127,670 shares during the period. Invesco Ltd. grew its holdings in PENN Entertainment by 28.0% during the fourth quarter. Invesco Ltd. now owns 3,882,009 shares of the company's stock worth $76,941,000 after acquiring an additional 848,066 shares during the period. Geode Capital Management LLC grew its holdings in PENN Entertainment by 6.5% during the fourth quarter. Geode Capital Management LLC now owns 2,500,342 shares of the company's stock worth $49,572,000 after acquiring an additional 152,791 shares during the period. Kettle Hill Capital Management LLC boosted its position in PENN Entertainment by 43.1% during the fourth quarter. Kettle Hill Capital Management LLC now owns 1,801,787 shares of the company's stock worth $35,711,000 after purchasing an additional 542,585 shares in the last quarter. Finally, Long Focus Capital Management LLC boosted its position in PENN Entertainment by 3.0% during the fourth quarter. Long Focus Capital Management LLC now owns 1,545,000 shares of the company's stock worth $30,622,000 after purchasing an additional 45,000 shares in the last quarter. Institutional investors and hedge funds own 91.69% of the company's stock.

PENN Entertainment Stock Down 3.1%

Shares of PENN stock traded down $0.59 during trading hours on Tuesday, reaching $18.27. The company had a trading volume of 748,631 shares, compared to its average volume of 4,341,954. The company has a debt-to-equity ratio of 2.35, a quick ratio of 0.74 and a current ratio of 0.74. PENN Entertainment, Inc. has a twelve month low of $13.25 and a twelve month high of $23.08. The company has a market capitalization of $2.76 billion, a P/E ratio of -29.52 and a beta of 1.61. The stock's fifty day simple moving average is $17.03 and its 200 day simple moving average is $17.60.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.25) earnings per share for the quarter, beating analysts' consensus estimates of ($0.29) by $0.04. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.71 billion. PENN Entertainment had a negative return on equity of 5.75% and a negative net margin of 1.28%. PENN Entertainment's quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the firm earned ($0.76) EPS. As a group, sell-side analysts expect that PENN Entertainment, Inc. will post -1.61 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on PENN. Benchmark reiterated a "hold" rating on shares of PENN Entertainment in a research report on Monday, May 19th. Citizens Jmp upgraded PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 price objective on the stock in a research report on Thursday, June 26th. JMP Securities upgraded PENN Entertainment from a "market perform" rating to a "market outperform" rating and set a $24.00 price objective on the stock in a research report on Thursday, June 26th. Truist Financial reduced their price objective on PENN Entertainment from $23.00 to $20.00 and set a "hold" rating on the stock in a research report on Wednesday, April 23rd. Finally, Stifel Nicolaus upped their price objective on PENN Entertainment from $17.00 to $19.00 and gave the company a "hold" rating in a research report on Friday, July 11th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat.com, PENN Entertainment presently has an average rating of "Moderate Buy" and a consensus target price of $23.18.

Insider Activity at PENN Entertainment

In related news, CEO Jay A. Snowden purchased 34,000 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The shares were acquired at an average price of $14.70 per share, with a total value of $499,800.00. Following the acquisition, the chief executive officer owned 1,082,625 shares in the company, valued at approximately $15,914,587.50. This trade represents a 3.24% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David A. Handler purchased 10,000 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The stock was bought at an average cost of $14.83 per share, for a total transaction of $148,300.00. Following the acquisition, the director owned 322,941 shares in the company, valued at approximately $4,789,215.03. The trade was a 3.20% increase in their position. The disclosure for this purchase can be found here. 2.67% of the stock is currently owned by company insiders.

PENN Entertainment 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.