Edgestream Partners L.P. Raises Stock Holdings in PENN Entertainment, Inc. (NASDAQ:PENN)

Edgestream Partners L.P. grew its position in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 1,080.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 133,691 shares of the company's stock after purchasing an additional 122,364 shares during the period. Edgestream Partners L.P. owned approximately 0.09% of PENN Entertainment worth $2,180,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of PENN. Contrarius Group Holdings Ltd acquired a new position in PENN Entertainment in the 4th quarter valued at about $34,994,000. Norges Bank purchased a new position in PENN Entertainment in the fourth quarter valued at about $27,901,000. Raymond James Financial Inc. bought a new position in shares of PENN Entertainment during the fourth quarter worth about $17,804,000. Invesco Ltd. lifted its position in shares of 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 purchasing an additional 848,066 shares during the last quarter. Finally, Benchstone Capital Management LP bought a new stake in shares of PENN Entertainment during the fourth quarter valued at approximately $16,613,000. Hedge funds and other institutional investors own 91.69% of the company's stock.

Insider Activity at PENN Entertainment

In other news, Director David A. Handler bought 10,000 shares of the stock in a transaction on Thursday, May 22nd. The shares were acquired at an average cost of $14.83 per share, for a total transaction of $148,300.00. Following the purchase, the director directly owned 322,941 shares of the company's stock, valued at $4,789,215.03. This trade represents a 3.20% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jay A. Snowden acquired 34,000 shares of the company's stock in a transaction dated Thursday, May 22nd. The shares were bought at an average cost of $14.70 per share, with a total value of $499,800.00. Following the completion of the acquisition, the chief executive officer directly owned 1,082,625 shares in the company, valued at $15,914,587.50. The trade was a 3.24% 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 Stock Performance

PENN opened at $18.25 on Friday. The company has a market capitalization of $2.76 billion, a price-to-earnings ratio of -29.44 and a beta of 1.61. The business's 50-day moving average price is $16.66 and its two-hundred day moving average price is $17.65. The company has a debt-to-equity ratio of 2.35, a current ratio of 0.74 and a quick ratio of 0.74. PENN Entertainment, Inc. has a 1 year low of $13.25 and a 1 year high of $23.08.

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 (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.04. PENN Entertainment had a negative net margin of 1.28% and a negative return on equity of 5.75%. The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same period last year, the business posted ($0.76) earnings per share. The business's revenue for the quarter was up 4.1% compared to the same quarter last year. Equities analysts expect that PENN Entertainment, Inc. will post -1.61 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Canaccord Genuity Group reduced their price objective on PENN Entertainment from $28.00 to $26.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Susquehanna restated a "positive" rating and issued a $25.00 target price (up from $24.00) on shares of PENN Entertainment in a report on Tuesday, June 10th. Mizuho lowered their price target on PENN Entertainment from $25.00 to $24.00 and set an "outperform" rating for the company in a report on Monday, May 12th. Morgan Stanley reaffirmed a "sell" rating on shares of PENN Entertainment in a research report on Friday, July 11th. Finally, Citizens Jmp upgraded PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 target price for the company in a research note on Thursday, June 26th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $23.18.

About PENN Entertainment

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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