Invenomic Capital Management LP Has $30.32 Million Holdings in PENN Entertainment, Inc. $PENN

Key Points

• Invenomic Capital Management LP significantly increased its stake in PENN Entertainment by 87.8%, now owning approximately 1.23% of the company valued at around $30.32 million.
• Major institutional investors, including Invesco Ltd. and DME Capital Management LP, have also boosted their holdings in PENN Entertainment, indicating a strong institutional interest in the stock.
• PENN Entertainment reported a positive earnings surprise with $0.10 EPS, exceeding analyst expectations, while revenue for the quarter was up 6.1% year-over-year, totaling $1.77 billion.

Invenomic Capital Management LP lifted its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 87.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,859,112 shares of the company's stock after purchasing an additional 869,347 shares during the quarter. PENN Entertainment accounts for 1.5% of Invenomic Capital Management LP's holdings, making the stock its 15th biggest holding. Invenomic Capital Management LP owned approximately 1.23% of PENN Entertainment worth $30,322,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of PENN. Invesco Ltd. grew its holdings in shares of PENN Entertainment by 54.6% during the 1st quarter. Invesco Ltd. now owns 6,002,749 shares of the company's stock worth $97,905,000 after purchasing an additional 2,120,740 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of PENN Entertainment by 2,612.0% during the 1st quarter. Victory Capital Management Inc. now owns 773,938 shares of the company's stock worth $12,623,000 after purchasing an additional 745,400 shares in the last quarter. Cubist Systematic Strategies LLC grew its holdings in shares of PENN Entertainment by 384.8% during the 1st quarter. Cubist Systematic Strategies LLC now owns 418,146 shares of the company's stock worth $6,820,000 after purchasing an additional 564,946 shares in the last quarter. Kettle Hill Capital Management LLC lifted its position in shares of 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 buying an additional 542,585 shares during the last quarter. Finally, Trexquant Investment LP bought a new stake in shares of PENN Entertainment during the 1st quarter worth $5,800,000. 91.69% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other PENN Entertainment news, Director David A. Handler bought 20,000 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was acquired at an average price of $16.96 per share, with a total value of $339,200.00. Following the completion of the purchase, the director directly owned 342,941 shares of the company's stock, valued at approximately $5,816,279.36. This trade represents a 6.19% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 2.67% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Mizuho dropped their price objective on PENN Entertainment from $25.00 to $24.00 and set an "outperform" rating for the company in a research report on Monday, May 12th. Needham & Company LLC dropped their price objective on PENN Entertainment from $25.00 to $22.00 and set a "buy" rating for the company in a research report on Friday, August 8th. Citizens Jmp upgraded PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 price objective for the company in a research report on Thursday, June 26th. Barclays dropped their target price on PENN Entertainment from $23.00 to $22.00 and set an "overweight" rating for the company in a research report on Friday, July 18th. Finally, Wall Street Zen downgraded PENN Entertainment from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Eleven analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $23.25.

PENN Entertainment Trading Up 4.2%

Shares of PENN traded up $0.82 during mid-day trading on Friday, reaching $20.47. 4,451,542 shares of the company were exchanged, compared to its average volume of 3,263,174. PENN Entertainment, Inc. has a 52 week low of $13.25 and a 52 week high of $23.08. The company has a debt-to-equity ratio of 2.39, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a market capitalization of $2.99 billion, a PE ratio of -36.55 and a beta of 1.41. The business has a 50 day simple moving average of $18.51 and a two-hundred day simple moving average of $17.14.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.14. PENN Entertainment had a negative return on equity of 4.36% and a negative net margin of 1.12%.The business had revenue of $1.77 billion during the quarter, compared to analysts' expectations of $1.73 billion. During the same quarter last year, the firm posted ($0.18) earnings per share. The firm's revenue was up 6.1% on a year-over-year basis. On average, analysts predict that PENN Entertainment, Inc. will post -1.61 earnings per share for the current fiscal year.

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.