Engineers Gate Manager LP Has $1.71 Million Stock Position in PENN Entertainment, Inc. $PENN

Key Points

• Engineers Gate Manager LP cut its PENN Entertainment stake by 89.2% in the second quarter, selling 661,024 shares and retaining 80,231 shares valued at approximately $1.71 million.
• Institutional investors remain heavily involved, owning 91.69% of PENN’s outstanding stock, while several firms—including Corient Private Wealth and HighTower Advisors—expanded their positions.
• PENN reported quarterly earnings of $0.44 per share, beating estimates of $0.37, with revenue rising 5.2% year over year to $1.86 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $23.53.

Engineers Gate Manager LP lowered its stake in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 89.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 80,231 shares of the company's stock after selling 661,024 shares during the period. Engineers Gate Manager LP owned approximately 0.06% of PENN Entertainment worth $1,714,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Integrated Wealth Concepts LLC bought a new stake in shares of PENN Entertainment during the second quarter worth $275,000. Nykredit A S acquired a new stake in shares of PENN Entertainment during the 2nd quarter valued at $25,000. Corient Private Wealth LP grew its position in PENN Entertainment by 81.8% during the 2nd quarter. Corient Private Wealth LP now owns 59,891 shares of the company's stock worth $1,279,000 after acquiring an additional 26,950 shares during the last quarter. HighTower Advisors LLC grew its position in PENN Entertainment by 12.9% during the 2nd quarter. HighTower Advisors LLC now owns 21,535 shares of the company's stock worth $460,000 after acquiring an additional 2,461 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in PENN Entertainment in the 2nd quarter worth about $543,000. Institutional investors and hedge funds own 91.69% of the company's stock.

PENN Entertainment Stock Down 0.3%

Shares of NASDAQ:PENN opened at $17.69 on Thursday. PENN Entertainment, Inc. has a 1 year low of $11.65 and a 1 year high of $22.36. The company has a debt-to-equity ratio of 3.79, a current ratio of 0.89 and a quick ratio of 0.89. The business's 50-day moving average is $19.06 and its 200-day moving average is $17.92. The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of -2.78, a P/E/G ratio of 0.46 and a beta of 1.38.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates of $0.37 by $0.07. The business had revenue of $1.86 billion during 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%.The firm's revenue for the quarter was up 5.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.12) earnings per share. Equities research analysts predict that PENN Entertainment, Inc. will post 1.19 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Barclays lifted their price target on PENN Entertainment from $24.00 to $26.00 and gave the company an "overweight" rating in a research note on Thursday, July 9th. Morgan Stanley reiterated an "underperform" rating on shares of PENN Entertainment in a report on Wednesday, August 12th. Stifel Nicolaus lifted their target price on shares of PENN Entertainment from $23.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, June 12th. The Goldman Sachs Group started coverage on shares of PENN Entertainment in a report on Friday, June 26th. They set a "buy" rating and a $26.00 target price on the stock. Finally, JPMorgan Chase & Co. upped their price target on shares of PENN Entertainment from $23.00 to $26.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Twelve equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, PENN Entertainment has a consensus rating of "Moderate Buy" and a consensus target price of $23.53.

PENN Entertainment Company Profile

PENN Entertainment, Inc is an omnichannel provider of gaming, sports betting and entertainment services. The company operates casinos, racetracks and gaming properties offering slot machines, table games, poker, sports wagering, dining, lodging and live entertainment. Its portfolio also includes retail sportsbooks and online gaming platforms.

PENN serves customers primarily across the United States and Canada through its land-based properties and digital operations. Its online offerings have included sports betting, iCasino gaming and related media and technology products, supported by customer loyalty programs and theScore, a digital sports media and betting brand acquired by PENN in 2021.

The company was formerly known as Penn National Gaming and adopted the PENN Entertainment name in 2022 to reflect its broader entertainment and digital strategy.

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