ING Groep NV Trims Stock Position in PENN Entertainment, Inc. (NASDAQ:PENN)

Key Points

• ING Groep NV has significantly reduced its stake in PENN Entertainment, selling 440,300 shares to hold only 59,700 shares, which are valued at approximately $974,000.
• Insiders have been active, with both Director David A. Handler and CEO Jay A. Snowden increasing their share holdings by purchasing 10,000 and 34,000 shares, respectively, signaling confidence in the company's future performance.
• Despite varied analyst ratings, the overall consensus for PENN Entertainment is a "Hold," with price targets ranging from $22.00 to $25.00, reflecting differing investor perspectives on its market potential.

ING Groep NV cut its stake in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 88.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 59,700 shares of the company's stock after selling 440,300 shares during the period. ING Groep NV's holdings in PENN Entertainment were worth $974,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in PENN. DME Capital Management LP raised its position in PENN Entertainment by 2.3% in the fourth quarter. DME Capital Management LP now owns 5,748,440 shares of the company's stock valued at $113,934,000 after purchasing an additional 127,670 shares during the period. Invesco Ltd. grew its stake in shares of PENN Entertainment by 28.0% in the fourth quarter. Invesco Ltd. now owns 3,882,009 shares of the company's stock valued at $76,941,000 after buying an additional 848,066 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of PENN Entertainment by 6.5% in the 4th quarter. Geode Capital Management LLC now owns 2,500,342 shares of the company's stock valued at $49,572,000 after buying an additional 152,791 shares during the period. Kettle Hill Capital Management LLC lifted its stake in PENN Entertainment by 43.1% during the 4th quarter. Kettle Hill Capital Management LLC now owns 1,801,787 shares of the company's stock worth $35,711,000 after acquiring an additional 542,585 shares in the last quarter. Finally, Long Focus Capital Management LLC lifted its stake in PENN Entertainment by 3.0% during the 4th quarter. Long Focus Capital Management LLC now owns 1,545,000 shares of the company's stock worth $30,622,000 after acquiring an additional 45,000 shares in the last quarter. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

PENN Entertainment Stock Performance

PENN traded down $0.30 during trading on Monday, hitting $16.66. 626,985 shares of the stock were exchanged, compared to its average volume of 4,320,519. The firm has a market capitalization of $2.52 billion, a P/E ratio of -29.76 and a beta of 1.60. PENN Entertainment, Inc. has a 1-year low of $13.25 and a 1-year high of $23.08. The stock has a fifty day moving average price of $17.51 and a two-hundred day moving average price of $17.44. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 2.39.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.10 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $1.73 billion. During the same quarter in the prior year, the business earned ($0.18) EPS. PENN Entertainment's quarterly revenue was up 6.1% compared to the same quarter last year. As a group, sell-side analysts predict that PENN Entertainment, Inc. will post -1.61 earnings per share for the current year.

Wall Street Analyst Weigh In

PENN has been the topic of a number of recent research reports. Canaccord Genuity Group cut their price target on shares of PENN Entertainment from $28.00 to $26.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. Truist Financial cut their target price on shares of PENN Entertainment from $23.00 to $20.00 and set a "hold" rating on the stock in a research note on Wednesday, April 23rd. JPMorgan Chase & Co. began coverage on shares of PENN Entertainment in a research report on Monday, June 23rd. They issued an "overweight" rating and a $24.00 price target for the company. Wall Street Zen lowered PENN Entertainment from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, Citigroup reiterated an "outperform" rating on shares of PENN Entertainment in a research note on Friday. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $23.25.

Insider Transactions at PENN Entertainment

In related news, Director David A. Handler acquired 10,000 shares of the firm's stock in a transaction on Thursday, May 22nd. The stock was bought at an average cost of $14.83 per share, with a total value of $148,300.00. Following the transaction, the director owned 322,941 shares of the company's stock, valued at $4,789,215.03. The trade was a 3.20% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jay A. Snowden bought 34,000 shares of the company's stock in a transaction dated Thursday, May 22nd. The stock was bought at an average cost of $14.70 per share, for a total transaction of $499,800.00. Following the acquisition, the chief executive officer owned 1,082,625 shares of the company's stock, valued at approximately $15,914,587.50. This trade represents a 3.24% increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.67% of the company's stock.

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.