Assenagon Asset Management S.A. Sells 161,812 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Assenagon Asset Management S.A. decreased its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 92.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,909 shares of the company's stock after selling 161,812 shares during the quarter. Assenagon Asset Management S.A.'s holdings in PENN Entertainment were worth $211,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. M&T Bank Corp grew its holdings in shares of PENN Entertainment by 4.7% during the fourth quarter. M&T Bank Corp now owns 13,044 shares of the company's stock valued at $259,000 after buying an additional 584 shares in the last quarter. GAMMA Investing LLC grew its stake in PENN Entertainment by 38.7% in the first quarter. GAMMA Investing LLC now owns 2,636 shares of the company's stock valued at $43,000 after purchasing an additional 736 shares in the last quarter. CIBC Asset Management Inc grew its stake in PENN Entertainment by 5.8% in the fourth quarter. CIBC Asset Management Inc now owns 14,774 shares of the company's stock valued at $293,000 after purchasing an additional 813 shares in the last quarter. IFP Advisors Inc grew its stake in PENN Entertainment by 201.5% in the fourth quarter. IFP Advisors Inc now owns 1,574 shares of the company's stock valued at $31,000 after purchasing an additional 1,052 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D grew its stake in PENN Entertainment by 1.4% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 103,305 shares of the company's stock valued at $2,048,000 after purchasing an additional 1,426 shares in the last quarter. Hedge funds and other institutional investors own 91.69% of the company's stock.

Insider Buying and Selling at PENN Entertainment

In other news, Director David A. Handler purchased 10,000 shares of the business's stock in a transaction on Thursday, May 22nd. The stock was purchased at an average price of $14.83 per share, with a total value of $148,300.00. Following the acquisition, the director now directly owns 322,941 shares in the company, valued at approximately $4,789,215.03. The trade was a 3.20% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Jay A. Snowden acquired 34,000 shares of the stock in a transaction dated Thursday, May 22nd. The stock was bought at an average price of $14.70 per share, for a total transaction of $499,800.00. Following the completion of the purchase, the chief executive officer now owns 1,082,625 shares in the company, 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. Insiders own 2.67% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PENN. Susquehanna restated a "positive" rating and issued a $25.00 target price (up previously from $24.00) on shares of PENN Entertainment in a research note on Tuesday, June 10th. Wall Street Zen upgraded PENN Entertainment from a "sell" rating to a "hold" rating in a research note on Monday, March 3rd. Needham & Company LLC lowered their target price on PENN Entertainment from $26.00 to $25.00 and set a "buy" rating on the stock in a research note on Friday, February 28th. Morgan Stanley lowered their target price on PENN Entertainment from $17.50 to $16.50 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Finally, Canaccord Genuity Group lowered their target price on PENN Entertainment from $28.00 to $26.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $23.23.

PENN Entertainment Stock Performance

Shares of NASDAQ PENN traded down $0.23 during trading hours on Friday, hitting $17.05. 7,877,258 shares of the company's stock were exchanged, compared to its average volume of 3,970,901. PENN Entertainment, Inc. has a 1-year low of $13.25 and a 1-year high of $23.08. The company has a debt-to-equity ratio of 2.35, a current ratio of 0.74 and a quick ratio of 0.74. The stock has a market capitalization of $2.57 billion, a price-to-earnings ratio of -27.50 and a beta of 1.56. The company's 50-day moving average price is $15.54 and its 200-day moving average price is $17.82.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.04. The business had revenue of $1.67 billion during the quarter, compared to analysts' expectations of $1.71 billion. PENN Entertainment had a negative return on equity of 5.75% and a negative net margin of 1.28%. The firm's revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.76) EPS. On average, sell-side analysts expect 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.