PENN Entertainment, Inc. $PENN Shares Sold by BW Gestao de Investimentos Ltda.

Key Points

• BW Gestao de Investimentos Ltda. cut its stake in PENN by 45.2%, selling 600,000 shares in Q3 and now holds 726,182 shares (~0.50%) valued at about $13.99 million.
• PENN recently beat quarterly estimates, reporting $0.07 EPS vs. -$0.23 expected and revenue of $1.81 billion (+8.2% YoY), though the company still posts a negative net margin (-12.11%) and negative ROE.
• Analysts have an average rating of "Hold" with a $19.47 average price target; the stock trades near $14.70, the market cap is about $1.96 billion, and debt-to-equity is high at 3.92.

BW Gestao de Investimentos Ltda. cut its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 45.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 726,182 shares of the company's stock after selling 600,000 shares during the quarter. BW Gestao de Investimentos Ltda. owned approximately 0.50% of PENN Entertainment worth $13,986,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in PENN. Cloud Capital Management LLC bought a new position in PENN Entertainment during the 3rd quarter worth $54,000. GAMMA Investing LLC lifted its stake in PENN Entertainment by 22.4% in the third quarter. GAMMA Investing LLC now owns 3,042 shares of the company's stock valued at $59,000 after buying an additional 556 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of PENN Entertainment by 33.7% during the third quarter. Jones Financial Companies Lllp now owns 3,273 shares of the company's stock valued at $65,000 after acquiring an additional 825 shares during the period. PNC Financial Services Group Inc. grew its position in shares of PENN Entertainment by 20.9% during the second quarter. PNC Financial Services Group Inc. now owns 8,358 shares of the company's stock worth $149,000 after acquiring an additional 1,446 shares during the last quarter. Finally, CWM LLC grew its position in shares of PENN Entertainment by 89.6% during the third quarter. CWM LLC now owns 7,964 shares of the company's stock worth $153,000 after acquiring an additional 3,764 shares during the last quarter. Institutional investors own 91.69% of the company's stock.

PENN Entertainment Trading Up 0.4%

Shares of NASDAQ:PENN opened at $14.70 on Tuesday. The company has a 50 day moving average of $13.80 and a 200-day moving average of $15.77. The firm has a market cap of $1.96 billion, a P/E ratio of -2.44, a P/E/G ratio of 0.44 and a beta of 1.33. PENN Entertainment, Inc. has a twelve month low of $11.65 and a twelve month high of $20.60. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 3.92.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last posted its quarterly earnings data on Thursday, February 26th. The company reported $0.07 EPS for the quarter, beating analysts' consensus estimates of ($0.23) by $0.30. PENN Entertainment had a negative net margin of 12.11% and a negative return on equity of 1.94%. The business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same quarter last year, the business earned ($0.44) earnings per share. The business's revenue for the quarter was up 8.2% on a year-over-year basis. As a group, analysts anticipate that PENN Entertainment, Inc. will post -1.61 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PENN has been the subject of a number of analyst reports. Canaccord Genuity Group reduced their target price on shares of PENN Entertainment from $26.00 to $21.00 and set a "buy" rating for the company in a research note on Tuesday, February 3rd. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of PENN Entertainment in a report on Monday, December 29th. Wells Fargo & Company upgraded PENN Entertainment from a "strong sell" rating to an "equal weight" rating and boosted their price objective for the stock from $15.00 to $16.00 in a research report on Friday, February 27th. Susquehanna decreased their price objective on PENN Entertainment from $20.00 to $17.00 and set a "positive" rating for the company in a report on Wednesday, February 11th. Finally, Morgan Stanley cut their target price on PENN Entertainment from $17.00 to $15.00 and set an "equal weight" rating on the stock in a research note on Friday, January 16th. Eight analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $19.47.

PENN Entertainment Company Profile

PENN Entertainment, Inc NASDAQ: PENN is a leading operator of gaming and racing facilities in the United States. The company's business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company's portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.

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