PENN Entertainment, Inc. (NASDAQ:PENN) Receives $23.25 Average PT from Brokerages

Key Points

• PENN Entertainment, Inc. has received an average recommendation of "Moderate Buy" from eighteen brokerages, with eleven analysts rating the stock as a buy.
• The company's stock has a twelve-month price target of $23.25 among brokers, with recent ratings indicating price objectives ranging from $24.00 to $26.00.
• PENN's recent quarterly earnings showed positive growth, reporting $1.77 billion in revenue and earnings per share of $0.10, surpassing analyst expectations.

Shares of PENN Entertainment, Inc. (NASDAQ:PENN - Get Free Report) have been given an average recommendation of "Moderate Buy" by the eighteen analysts that are currently covering the company, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, six have assigned a hold recommendation and eleven have issued a buy recommendation on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $23.25.

Several analysts have commented on the company. Citizens Jmp raised PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 price objective for the company in a research note on Thursday, June 26th. Needham & Company LLC lowered their price target on PENN Entertainment from $25.00 to $22.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Truist Financial lowered their price target on PENN Entertainment from $23.00 to $20.00 and set a "hold" rating on the stock in a report on Wednesday, April 23rd. Benchmark reaffirmed a "hold" rating on shares of PENN Entertainment in a research note on Monday, May 19th. Finally, Barclays reduced their target price on PENN Entertainment from $23.00 to $22.00 and set an "overweight" rating on the stock in a research note on Friday, July 18th.

Insider Buying and Selling at PENN Entertainment

In other PENN Entertainment news, CEO Jay A. Snowden bought 34,000 shares of the stock in a transaction dated Thursday, May 22nd. The stock was bought 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 approximately $15,914,587.50. The trade was a 3.24% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director David A. Handler bought 20,000 shares of the stock in a transaction dated Friday, August 8th. The shares were acquired at an average price of $16.96 per share, with a total value of $339,200.00. Following the completion of the purchase, the director directly owned 342,941 shares of the company's stock, valued at approximately $5,816,279.36. This represents a 6.19% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 64,000 shares of company stock valued at $987,300. 2.67% of the stock is owned by insiders.

Institutional Trading of PENN Entertainment

Large investors have recently modified their holdings of the business. Parallel Advisors LLC grew its stake in PENN Entertainment by 152.2% in the second quarter. Parallel Advisors LLC now owns 1,397 shares of the company's stock worth $25,000 after purchasing an additional 843 shares in the last quarter. Quarry LP bought a new stake in shares of PENN Entertainment during the first quarter valued at approximately $30,000. GAMMA Investing LLC raised its holdings in shares of PENN Entertainment by 38.7% during the first quarter. GAMMA Investing LLC now owns 2,636 shares of the company's stock valued at $43,000 after buying an additional 736 shares during the last quarter. Byrne Asset Management LLC raised its holdings in shares of PENN Entertainment by 201.1% during the first quarter. Byrne Asset Management LLC now owns 2,710 shares of the company's stock valued at $44,000 after buying an additional 1,810 shares during the last quarter. Finally, State of Wyoming acquired a new position in shares of PENN Entertainment during the first quarter valued at approximately $46,000. 91.69% of the stock is currently owned by institutional investors and hedge funds.

PENN Entertainment Stock Performance

PENN traded up $0.59 on Friday, hitting $17.68. 1,324,410 shares of the company traded hands, compared to its average volume of 4,319,353. The company has a 50 day moving average of $17.58 and a 200-day moving average of $17.42. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 2.39. The stock has a market capitalization of $2.58 billion, a PE ratio of -31.63 and a beta of 1.60. PENN Entertainment has a 12-month low of $13.25 and a 12-month high of $23.08.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.14. The firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.73 billion. PENN Entertainment had a negative return on equity of 4.36% and a negative net margin of 1.12%. The firm's revenue was up 6.1% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.18) EPS. Sell-side analysts anticipate that PENN Entertainment will post -1.61 earnings per share for the current year.

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.