Trek Financial LLC Buys New Holdings in PENN Entertainment, Inc. (NASDAQ:PENN)

Trek Financial LLC acquired a new position in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 15,101 shares of the company's stock, valued at approximately $246,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. M&T Bank Corp increased its holdings in PENN Entertainment by 4.7% during the 4th quarter. M&T Bank Corp now owns 13,044 shares of the company's stock worth $259,000 after purchasing an additional 584 shares in the last quarter. GAMMA Investing LLC increased its holdings in PENN Entertainment by 38.7% during the 1st quarter. GAMMA Investing LLC now owns 2,636 shares of the company's stock worth $43,000 after purchasing an additional 736 shares in the last quarter. J.Safra Asset Management Corp increased its holdings in PENN Entertainment by 6.7% during the 1st quarter. J.Safra Asset Management Corp now owns 13,877 shares of the company's stock worth $226,000 after purchasing an additional 877 shares in the last quarter. Swiss National Bank increased its holdings in PENN Entertainment by 0.6% during the 4th quarter. Swiss National Bank now owns 269,284 shares of the company's stock worth $5,337,000 after purchasing an additional 1,500 shares in the last quarter. Finally, Tidal Investments LLC increased its holdings in PENN Entertainment by 11.7% during the 4th quarter. Tidal Investments LLC now owns 16,626 shares of the company's stock worth $330,000 after purchasing an additional 1,738 shares in the last quarter. 91.69% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on PENN shares. Truist Financial decreased their price objective on PENN Entertainment from $23.00 to $20.00 and set a "hold" rating for the company in a report on Wednesday, April 23rd. Citizens Jmp upgraded PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 target price on the stock in a research note on Thursday, June 26th. JMP Securities upgraded PENN Entertainment from a "market perform" rating to a "market outperform" rating and set a $24.00 target price on the stock in a research note on Thursday, June 26th. Morgan Stanley cut 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, Citigroup upgraded PENN Entertainment to an "outperform" rating in a research note on Thursday, June 26th. Nine research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $23.15.

PENN Entertainment Trading Up 0.8%

NASDAQ:PENN opened at $18.46 on Thursday. The company has a market cap of $2.79 billion, a P/E ratio of -29.77 and a beta of 1.61. The stock's fifty day moving average price is $16.37 and its two-hundred day moving average price is $17.67. 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.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.04. The firm had revenue of $1.67 billion for 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 business's quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.76) earnings per share. As a group, analysts expect that PENN Entertainment, Inc. will post -1.61 EPS for the current year.

Insider Buying and Selling at PENN Entertainment

In other news, Director David A. Handler purchased 10,000 shares of the firm's stock in a transaction dated Thursday, May 22nd. The shares were purchased at an average price of $14.83 per share, with a total value 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 position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Jay A. Snowden purchased 34,000 shares of the firm's stock in a transaction dated Thursday, May 22nd. The stock was purchased at an average cost of $14.70 per share, for a total transaction of $499,800.00. Following the acquisition, the chief executive officer owned 1,082,625 shares of the company's stock, 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. Corporate insiders own 2.67% of the company's stock.

PENN Entertainment Company 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.

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