Ancora Advisors LLC Takes $1.35 Million Position in PENN Entertainment, Inc. $PENN

Key Points

• Ancora Advisors acquired 63,060 PENN Entertainment shares worth approximately $1.35 million during the second quarter. Other institutions also initiated or increased positions, and institutional investors collectively own 91.69% of the company.
• PENN reported quarterly EPS of $0.44, beating estimates of $0.37, while revenue rose 5.2% year over year to $1.86 billion. Despite positive earnings and a 200-day average share price of $17.49, the company posted a negative net margin of 12.66% and carries a debt-to-equity ratio of 3.79.
• Analyst sentiment is broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $23.53 versus the stock’s $17.33 opening price. Recent targets range as high as $26, though Bank of America maintained a neutral rating.

Ancora Advisors LLC purchased a new position in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 63,060 shares of the company's stock, valued at approximately $1,347,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PENN. Castleark Management LLC acquired a new stake in shares of PENN Entertainment in the second quarter worth approximately $7,517,000. Nicholas Investment Partners LP acquired a new position in PENN Entertainment during the second quarter worth approximately $333,000. Legal & General Group Plc acquired a new position in PENN Entertainment during the second quarter worth approximately $6,405,000. The Manufacturers Life Insurance Company purchased a new position in PENN Entertainment during the second quarter worth approximately $1,437,000. Finally, Algert Global LLC raised its stake in PENN Entertainment by 22.1% during the second quarter. Algert Global LLC now owns 341,060 shares of the company's stock worth $7,285,000 after purchasing an additional 61,670 shares during the period. Hedge funds and other institutional investors own 91.69% of the company's stock.

PENN Entertainment Stock Performance

Shares of PENN stock opened at $17.33 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.79. The company has a market cap of $2.32 billion, a PE ratio of -2.72, a P/E/G ratio of 0.46 and a beta of 1.43. The company's fifty day simple moving average is $20.17 and its 200-day simple moving average is $17.49. PENN Entertainment, Inc. has a 52 week low of $11.65 and a 52 week high of $22.36.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the prior year, the firm earned ($0.12) EPS. The firm's quarterly revenue was up 5.2% compared to the same quarter last year. As a group, equities research analysts anticipate that PENN Entertainment, Inc. will post 1.19 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Benchmark boosted their price objective on shares of PENN Entertainment from $21.00 to $22.00 and gave the company a "buy" rating in a research note on Friday, August 7th. The Goldman Sachs Group assumed coverage on PENN Entertainment in a research report on Friday, June 26th. They issued a "buy" rating and a $26.00 target price on the stock. Bank of America lifted their target price on PENN Entertainment from $18.00 to $22.00 and gave the company a "neutral" rating in a report on Monday, July 20th. Citizens Jmp raised their price objective on PENN Entertainment from $24.00 to $26.00 and gave the stock a "market outperform" rating in a report on Thursday, July 16th. Finally, Capital One Financial raised PENN Entertainment from an "equal weight" rating to an "overweight" rating and set a $26.00 price objective on the stock in a research note on Thursday, July 23rd. Twelve analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $23.53.

PENN Entertainment 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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