Freestone Grove Partners LP Invests $21.53 Million in PENN Entertainment, Inc. $PENN

Key Points

• Freestone Grove Partners acquired 1,008,060 PENN Entertainment shares worth approximately $21.53 million, representing about 0.75% of the company. Institutional investors collectively own 91.69% of PENN.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $23.53, despite some hold and underperform ratings.
• PENN reported quarterly EPS of $0.44, exceeding estimates of $0.37, while revenue reached $1.86 billion—up 5.2% year over year. The stock opened at $17.33, below the consensus price target.

Freestone Grove Partners LP acquired a new position in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 1,008,060 shares of the company's stock, valued at approximately $21,532,000. Freestone Grove Partners LP owned about 0.75% of PENN Entertainment as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of PENN Entertainment during the second quarter worth approximately $410,579,000. Shapiro Capital Management LLC grew its stake in shares of PENN Entertainment by 6.6% in the third quarter. Shapiro Capital Management LLC now owns 6,856,778 shares of the company's stock worth $132,062,000 after acquiring an additional 425,190 shares during the last quarter. Bank of America Corp DE increased its position in PENN Entertainment by 57.9% during the first quarter. Bank of America Corp DE now owns 4,351,310 shares of the company's stock worth $65,400,000 after acquiring an additional 1,595,502 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in PENN Entertainment by 74.7% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,930,293 shares of the company's stock valued at $75,697,000 after purchasing an additional 1,679,953 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in PENN Entertainment by 824.3% during the 4th quarter. AQR Capital Management LLC now owns 3,499,700 shares of the company's stock valued at $51,341,000 after purchasing an additional 3,121,051 shares during the last quarter. Institutional investors own 91.69% of the company's stock.

Analysts Set New Price Targets

PENN has been the topic of several research analyst reports. Jefferies Financial Group restated a "hold" rating and issued a $22.00 price target on shares of PENN Entertainment in a research report on Friday, August 7th. Morgan Stanley reiterated an "underperform" rating on shares of PENN Entertainment in a research note on Wednesday, August 12th. Susquehanna boosted their price target on PENN Entertainment from $24.00 to $28.00 and gave the company a "positive" rating in a research note on Wednesday, July 1st. Barclays upped their price target on PENN Entertainment from $24.00 to $26.00 and gave the company an "overweight" rating in a report on Thursday, July 9th. Finally, JPMorgan Chase & Co. raised their price objective on PENN Entertainment from $23.00 to $26.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 15th. Twelve 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 stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $23.53.

PENN Entertainment Stock Performance

NASDAQ:PENN opened at $17.33 on Friday. The firm has a market capitalization of $2.32 billion, a PE ratio of -2.72, a price-to-earnings-growth ratio of 0.46 and a beta of 1.43. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.79. PENN Entertainment, Inc. has a 12-month low of $11.65 and a 12-month high of $22.36. The firm has a 50-day moving average price of $20.17 and a 200 day moving average price of $17.49.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.44 earnings per share 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 company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same period in the prior year, the company posted ($0.12) EPS. The company's revenue was up 5.2% compared to the same quarter last year. Research analysts anticipate that PENN Entertainment, Inc. will post 1.19 earnings per share for the current fiscal year.

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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