Headlands Technologies LLC Purchases 39,365 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Key Points

• Headlands Technologies LLC significantly increased its stake in PENN Entertainment by 101% in Q1, now holding 78,358 shares valued at approximately $1.28 million.
• PENN Entertainment reported a loss of ($0.25) EPS in its latest quarterly earnings, surpassing estimates but falling short on revenue with $1.67 billion.
• Institutional investors control 91.69% of PENN Entertainment's stock, with various hedge funds, including GAMMA Investing and Byrne Asset Management, making notable increases to their holdings.

Headlands Technologies LLC lifted its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 101.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 78,358 shares of the company's stock after purchasing an additional 39,365 shares during the period. Headlands Technologies LLC owned approximately 0.05% of PENN Entertainment worth $1,278,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. GAMMA Investing LLC raised its position 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 boosted its holdings in shares of PENN Entertainment by 201.1% in the first quarter. Byrne Asset Management LLC now owns 2,710 shares of the company's stock worth $44,000 after buying an additional 1,810 shares during the period. Signaturefd LLC boosted its holdings in shares of PENN Entertainment by 1,371.6% in the first quarter. Signaturefd LLC now owns 7,211 shares of the company's stock worth $118,000 after buying an additional 6,721 shares during the period. KBC Group NV boosted its holdings in shares of PENN Entertainment by 42.2% in the first quarter. KBC Group NV now owns 7,824 shares of the company's stock worth $128,000 after buying an additional 2,323 shares during the period. Finally, Blue Trust Inc. boosted its holdings in shares of PENN Entertainment by 56.0% in the first quarter. Blue Trust Inc. now owns 8,839 shares of the company's stock worth $144,000 after buying an additional 3,174 shares during the period. 91.69% of the stock is owned by institutional investors and hedge funds.

PENN Entertainment Stock Performance

Shares of PENN Entertainment stock traded up $0.04 on Friday, reaching $16.96. The stock had a trading volume of 4,811,918 shares, compared to its average volume of 3,793,136. The business's 50-day moving average price is $17.51 and its two-hundred day moving average price is $17.46. The company has a debt-to-equity ratio of 2.35, a quick ratio of 0.74 and a current ratio of 0.74. PENN Entertainment, Inc. has a fifty-two week low of $13.25 and a fifty-two week high of $23.08. The stock has a market cap of $2.56 billion, a P/E ratio of -30.29 and a beta of 1.60.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.14. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.73 billion. PENN Entertainment had a negative net margin of 1.12% and a negative return on equity of 4.37%. PENN Entertainment's revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.18) earnings per share. On average, sell-side analysts forecast that PENN Entertainment, Inc. will post -1.61 EPS for the current year.

Insider Buying and Selling at PENN Entertainment

In related news, CEO Jay A. Snowden bought 34,000 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The stock was purchased at an average cost of $14.70 per share, for a total transaction of $499,800.00. Following the purchase, the chief executive officer directly owned 1,082,625 shares in the company, valued at $15,914,587.50. This trade represents a 3.24% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David A. Handler bought 10,000 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The shares were bought at an average price of $14.83 per share, with a total value of $148,300.00. Following the completion of the purchase, the director owned 322,941 shares in the company, valued at approximately $4,789,215.03. The trade was a 3.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.67% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Truist Financial decreased their target price on shares of PENN Entertainment from $23.00 to $20.00 and set a "hold" rating for the company in a report on Wednesday, April 23rd. Wall Street Zen cut shares of PENN Entertainment from a "hold" rating to a "sell" rating in a report on Saturday. Canaccord Genuity Group reduced their price target on shares of PENN Entertainment from $28.00 to $26.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Morgan Stanley reissued a "sell" rating on shares of PENN Entertainment in a research report on Friday, July 11th. Finally, Citigroup raised shares of PENN Entertainment to an "outperform" rating in a research report on Thursday, June 26th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $23.06.

PENN Entertainment 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.