PENN Entertainment (NASDAQ:PENN) Shares Gap Down to $16.08

PENN Entertainment, Inc. (NASDAQ:PENN - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $16.08, but opened at $15.51. PENN Entertainment shares last traded at $16.24, with a volume of 749,705 shares changing hands.

Analyst Ratings Changes

PENN has been the topic of a number of recent analyst reports. Truist Financial upgraded PENN Entertainment from a "hold" rating to a "buy" rating and set a $23.00 target price on the stock in a research note on Tuesday, April 23rd. Mizuho raised their price objective on PENN Entertainment from $29.00 to $32.00 and gave the stock a "buy" rating in a research note on Friday, May 3rd. StockNews.com lowered PENN Entertainment from a "hold" rating to a "sell" rating in a research note on Wednesday, March 6th. Benchmark reiterated a "hold" rating on shares of PENN Entertainment in a report on Friday, May 3rd. Finally, Bank of America downgraded PENN Entertainment from a "buy" rating to a "neutral" rating and cut their price target for the stock from $28.00 to $17.50 in a report on Monday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $24.96.

PENN Entertainment Price Performance

The business has a 50-day moving average price of $17.24 and a 200 day moving average price of $21.01. The company has a market cap of $2.42 billion, a price-to-earnings ratio of -2.13 and a beta of 2.06. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 2.33.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last released its earnings results on Thursday, February 15th. The company reported ($1.75) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.57) by ($1.18). PENN Entertainment had a negative net margin of 17.77% and a negative return on equity of 3.53%. The business had revenue of $1.40 billion during the quarter, compared to analysts' expectations of $1.54 billion. As a group, research analysts expect that PENN Entertainment, Inc. will post -1.34 earnings per share for the current fiscal year.

Insider Buying and Selling at PENN Entertainment

In other PENN Entertainment news, Director David A. Handler acquired 20,000 shares of the company's stock in a transaction dated Monday, May 6th. The stock was bought at an average price of $15.37 per share, for a total transaction of $307,400.00. Following the purchase, the director now owns 243,450 shares in the company, valued at approximately $3,741,826.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CFO Felicia Hendrix bought 16,157 shares of the business's stock in a transaction on Monday, May 6th. The shares were bought at an average cost of $15.47 per share, for a total transaction of $249,948.79. Following the completion of the acquisition, the chief financial officer now owns 68,596 shares in the company, valued at approximately $1,061,180.12. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David A. Handler bought 20,000 shares of the business's stock in a transaction on Monday, May 6th. The stock was purchased at an average price of $15.37 per share, for a total transaction of $307,400.00. Following the completion of the acquisition, the director now owns 243,450 shares of the company's stock, valued at approximately $3,741,826.50. The disclosure for this purchase can be found here. Corporate insiders own 2.19% of the company's stock.

Institutional Trading of PENN Entertainment

Several institutional investors and hedge funds have recently modified their holdings of PENN. Commonwealth Equity Services LLC lifted its position in shares of PENN Entertainment by 8.0% during the third quarter. Commonwealth Equity Services LLC now owns 57,884 shares of the company's stock valued at $1,328,000 after purchasing an additional 4,270 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its position in shares of PENN Entertainment by 11.4% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 29,804 shares of the company's stock valued at $684,000 after acquiring an additional 3,041 shares during the period. Raymond James & Associates increased its stake in shares of PENN Entertainment by 15.7% during the 3rd quarter. Raymond James & Associates now owns 73,007 shares of the company's stock worth $1,676,000 after purchasing an additional 9,886 shares during the last quarter. New York State Teachers Retirement System raised its holdings in shares of PENN Entertainment by 11.6% in the 3rd quarter. New York State Teachers Retirement System now owns 220,786 shares of the company's stock worth $5,067,000 after purchasing an additional 22,953 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of PENN Entertainment by 14.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 23,011 shares of the company's stock worth $528,000 after purchasing an additional 2,941 shares during the period. 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.