HG Vora Capital Management LLC Reduces Holdings in PENN Entertainment, Inc. $PENN

Key Points

• HG Vora Capital Management LLC has halved its stake in PENN Entertainment, selling 7.25 million shares during the first quarter, reducing its ownership to 4.80% of the company, valued at approximately $118 million.
• PENN Entertainment reported earnings of $0.10 per share in its latest quarterly results, exceeding analysts' expectations of (-$0.04), with revenues reaching $1.77 billion, up 6.1% compared to the previous year.
• Over 91.69% of PENN's stock is held by institutional investors, with several firms increasing their stakes, indicating a strong interest in the company's long-term prospects.

HG Vora Capital Management LLC lessened its position in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 50.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,250,000 shares of the company's stock after selling 7,250,000 shares during the quarter. PENN Entertainment accounts for approximately 12.1% of HG Vora Capital Management LLC's portfolio, making the stock its 2nd largest holding. HG Vora Capital Management LLC owned about 4.80% of PENN Entertainment worth $118,248,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in PENN. Ancora Advisors LLC grew its stake in shares of PENN Entertainment by 208.8% during the first quarter. Ancora Advisors LLC now owns 6,855 shares of the company's stock valued at $112,000 after buying an additional 4,635 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its stake in shares of PENN Entertainment by 122.2% during the first quarter. Adage Capital Partners GP L.L.C. now owns 516,058 shares of the company's stock valued at $8,417,000 after buying an additional 283,805 shares during the last quarter. TIG Advisors LLC bought a new position in shares of PENN Entertainment during the first quarter valued at about $2,258,000. Cubist Systematic Strategies LLC grew its stake in shares of PENN Entertainment by 384.8% during the first quarter. Cubist Systematic Strategies LLC now owns 418,146 shares of the company's stock valued at $6,820,000 after buying an additional 564,946 shares during the last quarter. Finally, Quarry LP bought a new position in shares of PENN Entertainment during the first quarter valued at about $30,000. Institutional investors own 91.69% of the company's stock.

PENN Entertainment Stock Up 4.2%

PENN Entertainment stock traded up $0.82 during trading hours on Friday, hitting $20.47. 4,451,542 shares of the stock traded hands, compared to its average volume of 3,281,163. The firm's 50-day moving average price is $18.51 and its two-hundred day moving average price is $17.17. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 2.39. The company has a market cap of $2.99 billion, a PE ratio of -36.55 and a beta of 1.41. PENN Entertainment, Inc. has a one year low of $13.25 and a one year high of $23.08.

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

Wall Street Analyst Weigh In

PENN has been the topic of a number of recent research reports. Stifel Nicolaus raised their price objective on PENN Entertainment from $17.00 to $19.00 and gave the company a "hold" rating in a research note on Friday, July 11th. JPMorgan Chase & Co. initiated coverage on PENN Entertainment in a research note on Monday, June 23rd. They set an "overweight" rating and a $24.00 price objective on the stock. Wall Street Zen cut PENN Entertainment from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Morgan Stanley reaffirmed a "sell" rating on shares of PENN Entertainment in a research note on Friday, July 11th. Finally, Susquehanna reissued a "positive" rating and issued a $25.00 target price (up from $24.00) on shares of PENN Entertainment in a research note on Tuesday, June 10th. Eleven analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, PENN Entertainment presently has a consensus rating of "Moderate Buy" and an average price target of $23.25.

Insiders Place Their Bets

In other news, Director David A. Handler acquired 20,000 shares of the business's stock in a transaction on Friday, August 8th. The shares were acquired at an average cost of $16.96 per share, with a total value of $339,200.00. Following the transaction, the director owned 342,941 shares in the company, valued at $5,816,279.36. The trade was a 6.19% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 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.