Morgan Stanley Forecasts Strong Price Appreciation for PENN Entertainment (NASDAQ:PENN) Stock

PENN Entertainment (NASDAQ:PENN - Free Report) had its price objective boosted by Morgan Stanley from $16.00 to $17.00 in a research report report published on Friday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

PENN has been the subject of several other reports. Citizens Jmp upgraded PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 price objective for the company in a report on Thursday, June 26th. Benchmark restated a "hold" rating on shares of PENN Entertainment in a report on Monday, May 19th. Susquehanna restated a "positive" rating and issued a $25.00 price objective (up from $24.00) on shares of PENN Entertainment in a report on Tuesday, June 10th. Citigroup upgraded PENN Entertainment to an "outperform" rating in a research note on Thursday, June 26th. Finally, Stifel Nicolaus lifted their target price on PENN Entertainment from $17.00 to $19.00 and gave the company a "hold" rating in a research note on Friday. Nine investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, PENN Entertainment currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.18.

PENN Entertainment Trading Down 7.6%

Shares of NASDAQ:PENN traded down $1.47 on Friday, hitting $17.83. 4,623,543 shares of the company's stock were exchanged, compared to its average volume of 3,839,319. PENN Entertainment has a 12 month low of $13.25 and a 12 month high of $23.08. The stock has a market capitalization of $2.69 billion, a price-to-earnings ratio of -28.76 and a beta of 1.61. The business's 50 day simple moving average is $16.49 and its two-hundred day simple moving average is $17.68. The company has a debt-to-equity ratio of 2.35, a current ratio of 0.74 and a quick ratio of 0.74.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.04. The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.71 billion. PENN Entertainment had a negative return on equity of 5.75% and a negative net margin of 1.28%. The firm's quarterly revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the company posted ($0.76) earnings per share. Analysts anticipate that PENN Entertainment will post -1.61 EPS for the current fiscal year.

Insider Transactions at PENN Entertainment

In related news, CEO Jay A. Snowden purchased 34,000 shares of the firm's stock in a transaction on Thursday, May 22nd. The stock was bought 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 owned 1,082,625 shares of the company's stock, valued at $15,914,587.50. The trade was a 3.24% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David A. Handler purchased 10,000 shares of the firm's stock in a transaction on Thursday, May 22nd. The stock was bought at an average cost of $14.83 per share, with a total value of $148,300.00. Following the completion of the acquisition, the director directly owned 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 disclosure for this purchase can be found here. Insiders own 2.67% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. raised its stake in shares of PENN Entertainment by 6,920.2% during the 2nd quarter. Assenagon Asset Management S.A. now owns 906,234 shares of the company's stock worth $16,194,000 after buying an additional 893,325 shares during the period. Exchange Traded Concepts LLC raised its stake in shares of PENN Entertainment by 4.5% during the 2nd quarter. Exchange Traded Concepts LLC now owns 85,801 shares of the company's stock worth $1,533,000 after buying an additional 3,673 shares during the period. Baron Wealth Management LLC acquired a new position in shares of PENN Entertainment during the 2nd quarter worth approximately $650,000. Harbor Capital Advisors Inc. raised its stake in shares of PENN Entertainment by 29.7% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 622,805 shares of the company's stock worth $11,130,000 after buying an additional 142,562 shares during the period. Finally, Parallel Advisors LLC raised its stake in shares of PENN Entertainment by 152.2% during the 2nd quarter. Parallel Advisors LLC now owns 1,397 shares of the company's stock worth $25,000 after buying an additional 843 shares during the period. 91.69% of the stock is owned by institutional investors and hedge funds.

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.