Algert Global LLC Purchases 61,670 Shares of PENN Entertainment, Inc. $PENN

Key Points

• Algert Global increased its PENN Entertainment stake by 22.1% in the second quarter, adding 61,670 shares to hold 341,060 shares valued at approximately $7.3 million.
• Institutional investors and hedge funds own 91.69% of PENN’s outstanding shares, with several firms recently initiating or expanding positions.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $23.53, while PENN recently reported quarterly EPS of $0.44, exceeding estimates, and revenue of $1.86 billion.

Algert Global LLC boosted its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 22.1% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 341,060 shares of the company's stock after acquiring an additional 61,670 shares during the period. Algert Global LLC owned approximately 0.25% of PENN Entertainment worth $7,285,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PENN. Quarry LP acquired a new position in shares of PENN Entertainment in the 4th quarter valued at approximately $36,000. IFP Advisors Inc increased its position in shares of PENN Entertainment by 76.2% during the fourth quarter. IFP Advisors Inc now owns 2,766 shares of the company's stock worth $41,000 after acquiring an additional 1,196 shares in the last quarter. Modus Advisors LLC acquired a new stake in shares of PENN Entertainment during the fourth quarter worth $47,000. Triumph Capital Management acquired a new stake in shares of PENN Entertainment during the third quarter worth $54,000. Finally, Hantz Financial Services Inc. lifted its position in PENN Entertainment by 385.1% in the 4th quarter. Hantz Financial Services Inc. now owns 3,721 shares of the company's stock valued at $55,000 after acquiring an additional 2,954 shares in the last quarter. 91.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have issued reports on PENN shares. Susquehanna increased their target price on PENN Entertainment from $24.00 to $28.00 and gave the stock a "positive" rating in a report on Wednesday, July 1st. Citigroup restated a "market outperform" rating on shares of PENN Entertainment in a report on Tuesday, August 18th. Zacks Research downgraded PENN Entertainment from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 11th. Weiss Ratings reissued a "sell (d-)" rating on shares of PENN Entertainment in a research report on Wednesday, June 24th. Finally, Morgan Stanley restated an "underperform" rating on shares of PENN Entertainment in a research note on Wednesday, August 12th. Twelve equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $23.53.

PENN Entertainment Trading Up 0.6%

PENN Entertainment stock opened at $17.85 on Thursday. The company has a market cap of $2.39 billion, a price-to-earnings ratio of -2.81, a P/E/G ratio of 0.46 and a beta of 1.43. The firm has a 50-day moving average of $20.25 and a 200-day moving average of $17.46. The company has a debt-to-equity ratio of 3.79, a current ratio of 0.89 and a quick ratio of 0.89. PENN Entertainment, Inc. has a one year low of $11.65 and a one year high of $22.36.

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

PENN Entertainment Company Profile

PENN Entertainment, Inc NASDAQ: PENN is a leading operator of gaming and racing facilities in the United States. The company's business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company's portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.

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