Free Trial

Stock Traders Purchase Large Volume of Call Options on PENN Entertainment (NASDAQ:PENN)

PENN Entertainment logo with Consumer Discretionary background

PENN Entertainment, Inc. (NASDAQ:PENN - Get Free Report) saw unusually large options trading on Thursday. Stock investors acquired 41,314 call options on the company. This is an increase of approximately 52% compared to the typical daily volume of 27,196 call options.

Insiders Place Their Bets

In other PENN Entertainment news, Director David A. Handler acquired 20,000 shares of the stock in a transaction dated Monday, May 6th. The stock was acquired at an average price of $15.37 per share, with a total value of $307,400.00. Following the completion of the transaction, the director now directly owns 243,450 shares in the company, valued at $3,741,826.50. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director David A. Handler purchased 40,000 shares of the business's stock in a transaction on Wednesday, May 29th. The shares were bought at an average price of $14.94 per share, with a total value of $597,600.00. Following the completion of the purchase, the director now directly owns 283,450 shares in the company, valued at approximately $4,234,743. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director David A. Handler acquired 20,000 shares of the stock in a transaction dated Monday, May 6th. The shares were bought at an average cost of $15.37 per share, with a total value of $307,400.00. Following the completion of the purchase, the director now directly owns 243,450 shares in the company, valued at $3,741,826.50. The disclosure for this purchase can be found here. Insiders have acquired a total of 76,157 shares of company stock valued at $1,154,949 in the last quarter. 2.19% of the stock is currently owned by company insiders.


Institutional Trading of PENN Entertainment

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Harbor Investment Advisory LLC bought a new position in PENN Entertainment during the 4th quarter worth $32,000. Lindbrook Capital LLC boosted its position in shares of PENN Entertainment by 57.1% during the fourth quarter. Lindbrook Capital LLC now owns 1,521 shares of the company's stock worth $40,000 after buying an additional 553 shares during the period. Neo Ivy Capital Management bought a new position in PENN Entertainment in the 4th quarter worth approximately $40,000. Tyler Stone Wealth Management raised its stake in PENN Entertainment by 34.0% during the 3rd quarter. Tyler Stone Wealth Management now owns 1,971 shares of the company's stock valued at $45,000 after acquiring an additional 500 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new position in PENN Entertainment during the 3rd quarter worth $55,000. 91.69% of the stock is currently owned by institutional investors and hedge funds.

PENN Entertainment Stock Up 9.9 %

Shares of PENN Entertainment stock traded up $1.81 on Thursday, hitting $20.04. 16,965,507 shares of the company's stock traded hands, compared to its average volume of 6,168,409. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 2.33. The firm's 50-day moving average is $16.65 and its 200 day moving average is $19.70. The stock has a market cap of $3.06 billion, a P/E ratio of -2.69 and a beta of 2.06. PENN Entertainment has a 52-week low of $13.50 and a 52-week high of $29.38.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The company reported ($0.79) earnings per share for the quarter, missing analysts' consensus estimates of ($0.59) by ($0.20). PENN Entertainment had a negative net margin of 17.77% and a negative return on equity of 3.53%. The business had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. Equities analysts anticipate that PENN Entertainment will post -1.35 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on PENN shares. Craig Hallum reduced their price objective on PENN Entertainment from $25.00 to $20.00 and set a "hold" rating on the stock in a research note on Friday, May 3rd. Mizuho boosted their price objective on shares of PENN Entertainment from $29.00 to $32.00 and gave the stock a "buy" rating in a research note on Friday, May 3rd. Canaccord Genuity Group cut their target price on shares of PENN Entertainment from $32.00 to $28.00 and set a "buy" rating on the stock in a research note on Monday, April 29th. StockNews.com cut shares of PENN Entertainment from a "hold" rating to a "sell" rating in a research report on Wednesday, March 6th. Finally, Barclays cut their price objective on PENN Entertainment from $26.00 to $22.00 and set an "overweight" rating on the stock in a research report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $24.43.

Check Out Our Latest Report on PENN

About PENN Entertainment

(Get Free Report)

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.

Recommended Stories

Should you invest $1,000 in PENN Entertainment right now?

Before you consider PENN Entertainment, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and PENN Entertainment wasn't on the list.

While PENN Entertainment currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

The 10 Best AI Stocks to Own in 2024 Cover

Wondering where to start (or end) with AI stocks? These 10 simple stocks can help investors build long-term wealth as artificial intelligence continues to grow into the future.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

CPI News Breakdown: Key Market Moves to Follow
Understanding Oversold Stocks
Inside Pelosi’s Latest Stock Moves

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines