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PENN Entertainment (NASDAQ:PENN) Trading Up 5.5% Following Analyst Upgrade

PENN Entertainment logo with Consumer Discretionary background

PENN Entertainment, Inc. (NASDAQ:PENN - Get Free Report) shares traded up 5.5% during trading on Monday after Truist Financial raised their price target on the stock from $23.00 to $25.00. Truist Financial currently has a buy rating on the stock. PENN Entertainment traded as high as $18.35 and last traded at $18.35. 2,882,707 shares traded hands during mid-day trading, a decline of 52% from the average session volume of 6,063,984 shares. The stock had previously closed at $17.40.

Other analysts also recently issued research reports about the stock. Mizuho lifted their price target on shares of PENN Entertainment from $29.00 to $32.00 and gave the company a "buy" rating in a research note on Friday, May 3rd. Stifel Nicolaus reduced their price objective on shares of PENN Entertainment from $27.00 to $23.00 and set a "hold" rating for the company in a research note on Friday, February 16th. Macquarie reduced their price objective on shares of PENN Entertainment from $35.00 to $33.00 and set an "outperform" rating for the company in a research note on Friday, February 16th. Craig Hallum reduced their price objective on shares of PENN Entertainment from $25.00 to $20.00 and set a "hold" rating for the company in a research note on Friday, May 3rd. Finally, Raymond James began coverage on shares of PENN Entertainment in a research note on Tuesday, May 21st. They issued an "outperform" rating and a $20.00 price objective for the company. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $24.43.

View Our Latest Analysis on PENN


Insider Activity

In other news, CFO Felicia Hendrix acquired 16,157 shares of the firm's stock in a transaction on Monday, May 6th. The stock was acquired at an average price of $15.47 per share, for a total transaction of $249,948.79. Following the completion of the transaction, 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 legal filing with the SEC, which can be accessed through this link. In other news, CFO Felicia Hendrix purchased 16,157 shares of the company's stock in a transaction dated Monday, May 6th. The stock was acquired at an average price of $15.47 per share, with a total value of $249,948.79. Following the purchase, the chief financial officer now directly 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 at this link. Also, Director David A. Handler acquired 40,000 shares of the stock in a transaction that occurred on Wednesday, May 29th. The shares were bought at an average cost of $14.94 per share, with a total value of $597,600.00. Following the transaction, the director now directly owns 283,450 shares in the company, valued at approximately $4,234,743. The disclosure for this purchase can be found here. Insiders have purchased 76,157 shares of company stock valued at $1,154,949 over the last ninety days. 2.19% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Flight Deck Capital LP acquired a new stake in shares of PENN Entertainment in the fourth quarter valued at about $3,511,000. Kettle Hill Capital Management LLC purchased a new stake in PENN Entertainment in the third quarter valued at approximately $19,792,000. Contrarius Investment Management Ltd grew its holdings in PENN Entertainment by 139.0% in the fourth quarter. Contrarius Investment Management Ltd now owns 892,394 shares of the company's stock valued at $23,220,000 after purchasing an additional 518,995 shares during the period. Seven Eight Capital LP grew its holdings in PENN Entertainment by 95.3% in the fourth quarter. Seven Eight Capital LP now owns 213,019 shares of the company's stock valued at $5,543,000 after purchasing an additional 103,937 shares during the period. Finally, Gabelli Funds LLC grew its holdings in PENN Entertainment by 50.0% in the fourth quarter. Gabelli Funds LLC now owns 24,000 shares of the company's stock valued at $624,000 after purchasing an additional 8,000 shares during the period. 91.69% of the stock is owned by hedge funds and other institutional investors.

PENN Entertainment Trading Up 6.4 %

The business's fifty day moving average is $16.55 and its 200-day moving average is $19.76. The stock has a market capitalization of $2.82 billion, a PE ratio of -2.49 and a beta of 2.06. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 2.33.

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

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.

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