NewEdge Wealth LLC Sells 81,285 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Key Points

• NewEdge Wealth LLC has reduced its stake in PENN Entertainment by 5.4%, selling 81,285 shares and now holding approximately 1.41 million shares valued at around $23 million.
• Multiple hedge funds have significantly increased their holdings in PENN Entertainment, with GAMMA Investing LLC raising its stake by 38.7% and Byrne Asset Management LLC by 201.1% during the first quarter.
• PENN Entertainment reported better-than-expected earnings with an EPS of ($0.25), surpassing estimates, but its revenue of $1.67 billion fell short of expectations, reflecting a negative net margin of 1.28%.

NewEdge Wealth LLC trimmed its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 5.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,412,939 shares of the company's stock after selling 81,285 shares during the quarter. NewEdge Wealth LLC owned about 0.94% of PENN Entertainment worth $23,045,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC increased its holdings in PENN Entertainment by 38.7% in the 1st quarter. GAMMA Investing LLC now owns 2,636 shares of the company's stock valued at $43,000 after buying an additional 736 shares during the period. Byrne Asset Management LLC increased its holdings in PENN Entertainment by 201.1% in the 1st quarter. Byrne Asset Management LLC now owns 2,710 shares of the company's stock valued at $44,000 after buying an additional 1,810 shares during the period. Signaturefd LLC increased its holdings in PENN Entertainment by 1,371.6% in the 1st quarter. Signaturefd LLC now owns 7,211 shares of the company's stock valued at $118,000 after buying an additional 6,721 shares during the period. CIBC Private Wealth Group LLC increased its holdings in PENN Entertainment by 914.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 6,492 shares of the company's stock valued at $119,000 after buying an additional 5,852 shares during the period. Finally, KBC Group NV increased its holdings in PENN Entertainment by 42.2% in the 1st quarter. KBC Group NV now owns 7,824 shares of the company's stock valued at $128,000 after buying an additional 2,323 shares during the period. 91.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have commented on PENN. JPMorgan Chase & Co. began coverage on shares of PENN Entertainment in a report on Monday, June 23rd. They issued an "overweight" rating and a $24.00 target price on the stock. Susquehanna reissued a "positive" rating and issued a $25.00 target price (up from $24.00) on shares of PENN Entertainment in a report on Tuesday, June 10th. JMP Securities raised shares of PENN Entertainment from a "market perform" rating to a "market outperform" rating and set a $24.00 target price on the stock in a report on Thursday, June 26th. Stifel Nicolaus lifted their price target on shares of PENN Entertainment from $17.00 to $19.00 and gave the company a "hold" rating in a report on Friday, July 11th. Finally, Morgan Stanley reaffirmed a "sell" rating on shares of PENN Entertainment in a report on Friday, July 11th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, PENN Entertainment currently has an average rating of "Moderate Buy" and an average price target of $23.18.

PENN Entertainment Stock Down 1.4%

NASDAQ:PENN opened at $17.80 on Friday. The firm's 50 day simple moving average is $17.30 and its 200 day simple moving average is $17.57. The company has a debt-to-equity ratio of 2.35, a current ratio of 0.74 and a quick ratio of 0.74. PENN Entertainment, Inc. has a one year low of $13.25 and a one year high of $23.08. The company has a market cap of $2.69 billion, a PE ratio of -28.71 and a beta of 1.60.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.04. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.71 billion. PENN Entertainment had a negative net margin of 1.28% and a negative return on equity of 5.75%. The firm's revenue was up 4.1% compared to the same quarter last year. During the same period last year, the company earned ($0.76) EPS. On average, research analysts anticipate that PENN Entertainment, Inc. will post -1.61 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Jay A. Snowden purchased 34,000 shares of the company's stock in a transaction dated Thursday, May 22nd. The shares were purchased at an average price of $14.70 per share, for a total transaction of $499,800.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director David A. Handler purchased 10,000 shares of the company's stock in a transaction dated Thursday, May 22nd. The stock was purchased at an average price of $14.83 per share, for a total transaction of $148,300.00. Following the transaction, the director directly owned 322,941 shares in the company, valued at approximately $4,789,215.03. This trade represents a 3.20% increase in their position. The disclosure for this purchase can be found here. 2.67% of the stock is currently owned by insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.