SG Americas Securities LLC Cuts Stock Holdings in PENN Entertainment, Inc. $PENN

Key Points

• SG Americas Securities LLC cut its PENN Entertainment stake by 81.1% in the first quarter, selling 121,408 shares and leaving it with 28,302 shares worth about $425,000.
• Despite that sale, hedge funds and other institutional investors still own 91.69% of PENN Entertainment, and several firms recently added to or initiated positions in the stock.
• Analysts are mixed but broadly constructive: PENN has a Moderate Buy consensus with an average price target of $21.75, while the company also beat last quarter’s earnings and revenue estimates.

SG Americas Securities LLC lowered its position in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 81.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,302 shares of the company's stock after selling 121,408 shares during the period. SG Americas Securities LLC's holdings in PENN Entertainment were worth $425,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in PENN. Quarry LP purchased a new position in shares of PENN Entertainment during the 4th quarter worth approximately $36,000. IFP Advisors Inc boosted its stake in shares of PENN Entertainment by 76.2% in the fourth quarter. IFP Advisors Inc now owns 2,766 shares of the company's stock valued at $41,000 after buying an additional 1,196 shares in the last quarter. Modus Advisors LLC purchased a new stake in shares of PENN Entertainment in the fourth quarter valued at approximately $47,000. Triumph Capital Management acquired a new position in PENN Entertainment during the third quarter worth $54,000. Finally, Hantz Financial Services Inc. grew its holdings in PENN Entertainment by 385.1% during the fourth quarter. Hantz Financial Services Inc. now owns 3,721 shares of the company's stock worth $55,000 after acquiring an additional 2,954 shares during the period. Hedge funds and other institutional investors own 91.69% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Morgan Stanley raised their target price on PENN Entertainment from $16.00 to $17.00 and gave the company an "equal weight" rating in a report on Wednesday, May 6th. The Goldman Sachs Group assumed coverage on shares of PENN Entertainment in a research note on Friday, June 26th. They set a "buy" rating and a $26.00 price target on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of PENN Entertainment in a report on Wednesday, June 24th. Truist Financial raised their price objective on shares of PENN Entertainment from $20.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, June 26th. Finally, Wells Fargo & Company boosted their price objective on shares of PENN Entertainment from $16.00 to $18.00 and gave the stock an "equal weight" rating in a report on Thursday, April 16th. Ten investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $21.75.

PENN Entertainment Stock Down 3.2%

PENN opened at $20.12 on Thursday. The company has a debt-to-equity ratio of 3.94, a quick ratio of 0.82 and a current ratio of 0.82. The company has a market cap of $2.69 billion, a price-to-earnings ratio of -2.99, a PEG ratio of 0.66 and a beta of 1.42. PENN Entertainment, Inc. has a one year low of $11.65 and a one year high of $22.36. The business's fifty day moving average is $19.19 and its two-hundred day moving average is $16.05.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.11 earnings per share for the quarter, beating analysts' consensus estimates of $0.05 by $0.06. The business had revenue of $1.78 billion during the quarter, compared to analysts' expectations of $1.74 billion. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.The business's revenue for the quarter was up 6.4% on a year-over-year basis. During the same quarter last year, the business posted $0.68 earnings per share. Analysts anticipate that PENN Entertainment, Inc. will post 1.02 EPS for the current fiscal year.

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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