Readystate Asset Management LP Lowers Holdings in PENN Entertainment, Inc. (NASDAQ:PENN)

Readystate Asset Management LP reduced its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 17.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 133,196 shares of the company's stock after selling 28,303 shares during the period. Readystate Asset Management LP owned about 0.09% of PENN Entertainment worth $2,172,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Swiss National Bank grew its holdings in shares of PENN Entertainment by 0.6% during the 4th quarter. Swiss National Bank now owns 269,284 shares of the company's stock valued at $5,337,000 after purchasing an additional 1,500 shares during the last quarter. Virtu Financial LLC bought a new position in shares of PENN Entertainment during the 4th quarter valued at $272,000. Norges Bank bought a new position in shares of PENN Entertainment during the 4th quarter valued at $27,901,000. CIBC Private Wealth Group LLC grew its holdings in shares of PENN Entertainment by 914.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 6,492 shares of the company's stock valued at $119,000 after purchasing an additional 5,852 shares during the last quarter. Finally, Alliancebernstein L.P. grew its holdings in shares of PENN Entertainment by 23.8% during the 4th quarter. Alliancebernstein L.P. now owns 44,469 shares of the company's stock valued at $881,000 after purchasing an additional 8,545 shares during the last quarter. 91.69% of the stock is currently owned by institutional investors.

PENN Entertainment Stock Up 5.6%

PENN traded up $1.02 on Friday, hitting $19.23. The company had a trading volume of 5,782,248 shares, compared to its average volume of 3,601,939. The stock has a fifty day simple moving average of $16.96 and a 200-day simple moving average of $17.61. 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 firm has a market capitalization of $2.90 billion, a P/E ratio of -31.02 and a beta of 1.61. PENN Entertainment, Inc. has a 52-week low of $13.25 and a 52-week high of $23.08.

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 (EPS) for the quarter, topping analysts' consensus estimates of ($0.29) by $0.04. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.76) earnings per share. As a group, equities analysts expect that PENN Entertainment, Inc. will post -1.61 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on PENN. Citigroup raised shares of PENN Entertainment to an "outperform" rating in a report on Thursday, June 26th. Morgan Stanley reiterated a "sell" rating on shares of PENN Entertainment in a report on Friday, July 11th. Susquehanna reiterated a "positive" rating and set a $25.00 price target (up from $24.00) on shares of PENN Entertainment in a report on Tuesday, June 10th. Citizens Jmp upgraded shares of PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 price target for the company in a report on Thursday, June 26th. Finally, Benchmark reiterated a "hold" rating on shares of PENN Entertainment in a report on Monday, May 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $23.18.

Insiders Place Their Bets

In other news, Director David A. Handler acquired 10,000 shares of the firm's stock in a transaction on Thursday, May 22nd. The stock was acquired at an average price of $14.83 per share, for a total transaction of $148,300.00. Following the completion of the acquisition, the director owned 322,941 shares in the company, valued at $4,789,215.03. This trade represents a 3.20% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jay A. Snowden acquired 34,000 shares of the firm's stock in a transaction on Thursday, May 22nd. The stock was purchased at an average price of $14.70 per share, with a total value of $499,800.00. Following the acquisition, the chief executive officer owned 1,082,625 shares of the company's stock, valued at $15,914,587.50. This represents a 3.24% increase in their position. The disclosure for this purchase can be found here. 2.67% of the stock is currently owned by corporate 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.