JMP Securities Raises PENN Entertainment (NASDAQ:PENN) Price Target to $25.00

Key Points

• JMP Securities has increased its price target for PENN Entertainment from $24.00 to $25.00, suggesting a potential upside of 48.53% based on the company's previous closing price.
• The stock currently holds an average rating of "Moderate Buy" among analysts, with varying ratings from multiple brokerages, including a mix of buying and holding recommendations.
• Insider transactions show positive sentiment, with significant purchases by both the Director and CEO, indicating confidence in the company's future performance.

PENN Entertainment (NASDAQ:PENN - Free Report) had its price target hoisted by JMP Securities from $24.00 to $25.00 in a research report sent to investors on Friday morning,Benzinga reports. The firm currently has a market outperform rating on the stock.

Several other equities analysts have also issued reports on the stock. Barclays decreased their price target on shares of PENN Entertainment from $23.00 to $22.00 and set an "overweight" rating for the company in a report on Friday, July 18th. JPMorgan Chase & Co. initiated coverage on shares of PENN Entertainment in a report on Monday, June 23rd. They issued an "overweight" rating and a $24.00 price target on the stock. Susquehanna reaffirmed a "positive" rating and set a $25.00 target price (up from $24.00) on shares of PENN Entertainment in a report on Tuesday, June 10th. Morgan Stanley reiterated a "sell" rating on shares of PENN Entertainment in a research report on Friday, July 11th. Finally, Truist Financial cut their target price on shares of PENN Entertainment from $23.00 to $20.00 and set a "hold" rating on the stock in a research report on Wednesday, April 23rd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $23.25.

PENN Entertainment Stock Up 0.2%

NASDAQ PENN traded up $0.04 during trading on Friday, hitting $16.96. 4,811,918 shares of the company traded hands, compared to its average volume of 3,793,136. PENN Entertainment has a 12 month low of $13.25 and a 12 month high of $23.08. The business has a fifty day simple moving average of $17.51 and a 200 day simple moving average of $17.46. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 2.35. The company has a market capitalization of $2.56 billion, a P/E ratio of -30.29 and a beta of 1.60.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.10 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.14. PENN Entertainment had a negative return on equity of 4.37% and a negative net margin of 1.12%. The business had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same period last year, the business earned ($0.18) earnings per share. The firm's revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, sell-side analysts predict that PENN Entertainment will post -1.61 EPS for the current year.

Insider Transactions at PENN Entertainment

In related news, CEO Jay A. Snowden purchased 34,000 shares of PENN Entertainment 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 completion of the purchase, the chief executive officer directly owned 1,082,625 shares of the company's stock, valued at $15,914,587.50. The trade was a 3.24% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director David A. Handler purchased 10,000 shares of the stock in a transaction on Thursday, May 22nd. The shares were purchased at an average cost of $14.83 per share, for a total transaction of $148,300.00. Following the acquisition, the director directly owned 322,941 shares of the company's stock, valued at approximately $4,789,215.03. This represents a 3.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.67% of the stock is currently owned by company insiders.

Institutional Trading of PENN Entertainment

A number of hedge funds have recently added to or reduced their stakes in PENN. Invesco Ltd. increased its stake in PENN Entertainment by 54.6% during the first quarter. Invesco Ltd. now owns 6,002,749 shares of the company's stock worth $97,905,000 after purchasing an additional 2,120,740 shares during the period. DME Capital Management LP grew its position in PENN Entertainment by 2.3% in the 4th quarter. DME Capital Management LP now owns 5,748,440 shares of the company's stock valued at $113,934,000 after buying an additional 127,670 shares during the last quarter. Geode Capital Management LLC lifted its holdings in PENN Entertainment by 6.5% in the fourth quarter. Geode Capital Management LLC now owns 2,500,342 shares of the company's stock valued at $49,572,000 after acquiring an additional 152,791 shares during the period. Invenomic Capital Management LP raised its stake in shares of PENN Entertainment by 87.8% during the 1st quarter. Invenomic Capital Management LP now owns 1,859,112 shares of the company's stock worth $30,322,000 after buying an additional 869,347 shares during the last quarter. Finally, Kettle Hill Capital Management LLC increased its position in PENN Entertainment by 43.1% during the 4th quarter. Kettle Hill Capital Management LLC now owns 1,801,787 shares of the company's stock worth $35,711,000 after purchasing an additional 542,585 shares in the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.

About PENN Entertainment

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.