Armistice Capital LLC Has $50.33 Million Stake in PENN Entertainment, Inc. $PENN

Key Points

• Armistice Capital LLC has reduced its stake in PENN Entertainment by 6.4%, selling 212,211 shares and now holding 3,086,057 shares, which account for 0.8% of its investment portfolio.
• PENN Entertainment's recent earnings report showed a profit of $0.10 per share, exceeding estimates, with revenue of $1.77 billion for the quarter, a 6.1% year-over-year increase.
• The stock currently has a consensus rating of "Moderate Buy" from analysts, with an average price target of $23.25.

Armistice Capital LLC cut its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 6.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,086,057 shares of the company's stock after selling 212,211 shares during the quarter. PENN Entertainment accounts for 0.8% of Armistice Capital LLC's holdings, making the stock its 18th largest position. Armistice Capital LLC owned 2.05% of PENN Entertainment worth $50,334,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Quarry LP bought a new position in shares of PENN Entertainment during the first quarter worth approximately $30,000. GAMMA Investing LLC increased its holdings in shares of PENN Entertainment by 38.7% during the first quarter. GAMMA Investing LLC now owns 2,636 shares of the company's stock worth $43,000 after purchasing an additional 736 shares during the period. Byrne Asset Management LLC increased its holdings in shares of PENN Entertainment by 201.1% during the first quarter. Byrne Asset Management LLC now owns 2,710 shares of the company's stock worth $44,000 after purchasing an additional 1,810 shares during the period. State of Wyoming bought a new position in shares of PENN Entertainment during the first quarter worth approximately $46,000. Finally, Signaturefd LLC increased its holdings in shares of PENN Entertainment by 1,371.6% during the first quarter. Signaturefd LLC now owns 7,211 shares of the company's stock worth $118,000 after purchasing an additional 6,721 shares during the period. 91.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Citigroup reissued an "outperform" rating on shares of PENN Entertainment in a research note on Friday, August 8th. Morgan Stanley reissued a "sell" rating on shares of PENN Entertainment in a research note on Friday, July 11th. Mizuho decreased their price objective on shares of PENN Entertainment from $25.00 to $24.00 and set an "outperform" rating on the stock in a research note on Monday, May 12th. Canaccord Genuity Group decreased their price objective on shares of PENN Entertainment from $28.00 to $26.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. Finally, JMP Securities lifted their price objective on shares of PENN Entertainment from $24.00 to $25.00 and gave the company a "market outperform" rating in a research note on Friday, August 8th. Eleven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, PENN Entertainment currently has an average rating of "Moderate Buy" and a consensus target price of $23.25.

PENN Entertainment Trading Down 1.3%

Shares of PENN Entertainment stock traded down $0.26 during trading on Tuesday, hitting $19.97. The company's stock had a trading volume of 2,440,918 shares, compared to its average volume of 3,738,577. The company has a debt-to-equity ratio of 2.39, a current ratio of 0.79 and a quick ratio of 0.79. PENN Entertainment, Inc. has a 52 week low of $13.25 and a 52 week high of $23.08. The stock has a market cap of $2.92 billion, a price-to-earnings ratio of -35.66 and a beta of 1.41. The stock has a 50-day moving average price of $18.39 and a two-hundred day moving average price of $17.22.

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

Insider Transactions at PENN Entertainment

In other news, Director David A. Handler bought 20,000 shares of the company's stock in a transaction that occurred on Friday, August 8th. The shares were acquired at an average price of $16.96 per share, for a total transaction of $339,200.00. Following the completion of the acquisition, the director directly owned 342,941 shares in the company, valued at approximately $5,816,279.36. This represents a 6.19% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 2.67% of the stock is currently owned by 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.