PENN Entertainment (NASDAQ:PENN) Rating Increased to Market Outperform at JMP Securities

JMP Securities upgraded shares of PENN Entertainment (NASDAQ:PENN - Free Report) from a market perform rating to a market outperform rating in a report issued on Thursday,Benzinga reports. They currently have $24.00 target price on the stock.

PENN has been the topic of several other reports. Benchmark reiterated a "hold" rating on shares of PENN Entertainment in a research report on Monday, May 19th. Canaccord Genuity Group dropped their price target on PENN Entertainment from $28.00 to $26.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Macquarie reissued an "outperform" rating and set a $26.00 price target on shares of PENN Entertainment in a research report on Friday, February 28th. 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 target price on the stock. Finally, Citizens Jmp raised 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. Nine analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, PENN Entertainment has an average rating of "Moderate Buy" and a consensus price target of $23.15.

PENN Entertainment Price Performance

Shares of NASDAQ PENN traded up $0.02 during mid-day trading on Thursday, reaching $18.28. The company had a trading volume of 4,099,388 shares, compared to its average volume of 3,856,608. 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 stock has a market cap of $2.76 billion, a PE ratio of -29.48 and a beta of 1.57. The company has a 50-day moving average price of $15.88 and a two-hundred day moving average price of $17.70. PENN Entertainment has a 1-year low of $13.25 and a 1-year high of $23.08.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share for the quarter, topping analysts' consensus estimates of ($0.29) by $0.04. The firm had revenue of $1.67 billion for the quarter, compared to analysts' expectations of $1.71 billion. PENN Entertainment had a negative return on equity of 5.75% and a negative net margin of 1.28%. PENN Entertainment's revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.76) EPS. On average, equities analysts anticipate that PENN Entertainment will post -1.61 earnings per share for the current year.

Insider Activity at PENN Entertainment

In related news, Director David A. Handler bought 10,000 shares of the company's stock in a transaction on Thursday, May 22nd. The stock was bought at an average cost of $14.83 per share, with a total value of $148,300.00. Following the completion of the purchase, the director now owns 322,941 shares in the company, valued at approximately $4,789,215.03. The trade was a 3.20% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Jay A. Snowden bought 34,000 shares of the company's stock in a transaction on Thursday, May 22nd. The stock was bought at an average cost of $14.70 per share, with a total value of $499,800.00. Following the completion of the purchase, the chief executive officer now owns 1,082,625 shares of the company's stock, valued at approximately $15,914,587.50. The trade was 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 company insiders.

Institutional Investors Weigh In On PENN Entertainment

Institutional investors and hedge funds have recently made changes to their positions in the company. Quarry LP bought a new stake in shares of PENN Entertainment during the first quarter worth $30,000. IFP Advisors Inc raised its holdings in PENN Entertainment by 201.5% during the 4th quarter. IFP Advisors Inc now owns 1,574 shares of the company's stock worth $31,000 after purchasing an additional 1,052 shares during the last quarter. GAMMA Investing LLC raised 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 during the last quarter. Byrne Asset Management LLC raised its holdings in PENN Entertainment by 201.1% during the 1st quarter. Byrne Asset Management LLC now owns 2,710 shares of the company's stock worth $44,000 after purchasing an additional 1,810 shares during the last quarter. Finally, State of Wyoming bought a new stake in PENN Entertainment during the 1st quarter worth about $46,000. Institutional investors own 91.69% of the company's stock.

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.