PENN Entertainment (NASDAQ:PENN) Coverage Initiated at JPMorgan Chase & Co.

Equities research analysts at JPMorgan Chase & Co. started coverage on shares of PENN Entertainment (NASDAQ:PENN - Get Free Report) in a research note issued on Monday, Marketbeat reports. The brokerage set an "overweight" rating and a $24.00 price target on the stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 40.76% from the stock's previous close.

A number of other equities research analysts have also issued reports on PENN. Benchmark reaffirmed a "hold" rating on shares of PENN Entertainment in a research report on Monday, May 19th. Wall Street Zen upgraded shares of PENN Entertainment from a "sell" rating to a "hold" rating in a report on Monday, March 3rd. Needham & Company LLC dropped their price objective on shares of PENN Entertainment from $26.00 to $25.00 and set a "buy" rating on the stock in a research report on Friday, February 28th. Stifel Nicolaus reduced their price objective on shares of PENN Entertainment from $22.00 to $19.00 and set a "hold" rating on the stock in a report on Tuesday, March 18th. Finally, Mizuho dropped their target price on PENN Entertainment from $25.00 to $24.00 and set an "outperform" rating on the stock in a report on Monday, May 12th. Eleven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $23.03.

PENN Entertainment Stock Performance

Shares of PENN Entertainment stock opened at $17.05 on Monday. The stock has a market capitalization of $2.57 billion, a price-to-earnings ratio of -27.50 and a beta of 1.57. The company has a debt-to-equity ratio of 2.35, a current ratio of 0.74 and a quick ratio of 0.74. The business has a 50-day moving average of $15.54 and a 200 day moving average of $17.77. 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 announced its earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.04. The firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.71 billion. PENN Entertainment had a negative net margin of 1.28% and a negative return on equity of 5.75%. The firm's revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.76) EPS. As a group, sell-side analysts forecast that PENN Entertainment will post -1.61 earnings per share for the current year.

Insider Buying and Selling

In related news, Director David A. Handler bought 10,000 shares of the stock in a transaction on Thursday, May 22nd. The shares were bought at an average cost of $14.83 per share, for a total transaction of $148,300.00. Following the purchase, the director now owns 322,941 shares of the company's stock, valued at $4,789,215.03. This trade represents a 3.20% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Jay A. Snowden purchased 34,000 shares of PENN Entertainment stock in a transaction dated Thursday, May 22nd. The stock was acquired at an average cost of $14.70 per share, with a total value of $499,800.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,082,625 shares in the company, valued at approximately $15,914,587.50. This trade represents a 3.24% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.67% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PENN Entertainment

Several hedge funds have recently bought and sold shares of the company. M&T Bank Corp boosted its position in shares of PENN Entertainment by 4.7% in the 4th quarter. M&T Bank Corp now owns 13,044 shares of the company's stock worth $259,000 after buying an additional 584 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of PENN Entertainment by 38.7% in the first quarter. GAMMA Investing LLC now owns 2,636 shares of the company's stock valued at $43,000 after acquiring an additional 736 shares in the last quarter. CIBC Asset Management Inc raised its stake in PENN Entertainment by 5.8% in the 4th quarter. CIBC Asset Management Inc now owns 14,774 shares of the company's stock valued at $293,000 after purchasing an additional 813 shares during the last quarter. J.Safra Asset Management Corp lifted its holdings in PENN Entertainment by 6.7% in the 1st quarter. J.Safra Asset Management Corp now owns 13,877 shares of the company's stock valued at $226,000 after purchasing an additional 877 shares in the last quarter. Finally, HighTower Advisors LLC lifted its holdings in PENN Entertainment by 5.2% in the 1st quarter. HighTower Advisors LLC now owns 19,327 shares of the company's stock valued at $315,000 after purchasing an additional 953 shares in the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.

PENN Entertainment Company Profile

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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