HAP Trading LLC Acquires 55,979 Shares of PENN Entertainment, Inc. $PENN

Key Points

• HAP Trading LLC significantly increased its stake in PENN Entertainment by purchasing an additional 55,979 shares, raising its ownership by 230.4% to a total of 80,279 shares, valued at approximately $1.31 million.
• Several institutional investors, including Eisler Capital Management and Penn Capital Management, have also increased their holdings in PENN Entertainment during the first quarter, indicating strong institutional interest.
• PENN Entertainment reported better-than-expected quarterly earnings with an EPS of $0.10 and revenue of $1.77 billion, surpassing estimates and showing a 6.1% year-over-year revenue growth.

HAP Trading LLC raised its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 230.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 80,279 shares of the company's stock after purchasing an additional 55,979 shares during the quarter. HAP Trading LLC owned 0.05% of PENN Entertainment worth $1,309,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Eisler Capital Management Ltd. raised its holdings in shares of PENN Entertainment by 25.4% in the first quarter. Eisler Capital Management Ltd. now owns 125,404 shares of the company's stock valued at $2,047,000 after acquiring an additional 25,404 shares in the last quarter. Penn Capital Management Company LLC raised its holdings in shares of PENN Entertainment by 35.1% in the first quarter. Penn Capital Management Company LLC now owns 731,923 shares of the company's stock valued at $11,952,000 after acquiring an additional 190,156 shares in the last quarter. CW Advisors LLC bought a new stake in shares of PENN Entertainment in the first quarter valued at about $323,000. Banco Bilbao Vizcaya Argentaria S.A. bought a new stake in shares of PENN Entertainment in the first quarter valued at about $289,000. Finally, Quantbot Technologies LP raised its holdings in shares of PENN Entertainment by 23.4% in the first quarter. Quantbot Technologies LP now owns 75,106 shares of the company's stock valued at $1,225,000 after acquiring an additional 14,240 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors.

Insider Activity

In other PENN Entertainment news, Director David A. Handler purchased 20,000 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were bought at an average price of $16.96 per share, for a total transaction of $339,200.00. Following the acquisition, the director owned 342,941 shares in the company, valued at $5,816,279.36. This represents a 6.19% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.67% of the stock is currently owned by company insiders.

PENN Entertainment Stock Performance

PENN opened at $19.91 on Thursday. PENN Entertainment, Inc. has a 52-week low of $13.25 and a 52-week high of $23.08. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 2.39. The company has a market cap of $2.91 billion, a P/E ratio of -35.55 and a beta of 1.60. The firm's 50-day moving average price is $18.16 and its 200-day moving average price is $17.30.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.10 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the company posted ($0.18) earnings per share. The company's revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, equities analysts anticipate that PENN Entertainment, Inc. will post -1.61 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PENN. Needham & Company LLC decreased their price objective on PENN Entertainment from $25.00 to $22.00 and set a "buy" rating for the company in a report on Friday, August 8th. JPMorgan Chase & Co. began coverage on PENN Entertainment in a report on Monday, June 23rd. They issued an "overweight" rating and a $24.00 price objective for the company. Stifel Nicolaus lifted their price objective on PENN Entertainment from $17.00 to $19.00 and gave the company a "hold" rating in a report on Friday, July 11th. Morgan Stanley reiterated a "sell" rating on shares of PENN Entertainment in a report on Friday, July 11th. Finally, Citizens Jmp upgraded shares of PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 target price for the company in a report on Thursday, June 26th. Eleven research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, PENN Entertainment has an average rating of "Moderate Buy" and an average price target of $23.25.

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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