PENN Entertainment (NASDAQ:PENN) Price Target Cut to $22.00 by Analysts at Barclays

PENN Entertainment (NASDAQ:PENN - Get Free Report) had its price target reduced by equities research analysts at Barclays from $23.00 to $22.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Barclays's target price would suggest a potential upside of 21.88% from the stock's previous close.

A number of other brokerages also recently commented on PENN. Truist Financial cut their target price on shares of PENN Entertainment from $23.00 to $20.00 and set a "hold" rating on the stock in a research note on Wednesday, April 23rd. JMP Securities raised shares of PENN Entertainment from a "market perform" rating to a "market outperform" rating and set a $24.00 target price on the stock in a research note on Thursday, June 26th. Morgan Stanley reissued a "sell" rating on shares of PENN Entertainment in a research note on Friday, July 11th. Mizuho dropped their price target on shares of PENN Entertainment from $25.00 to $24.00 and set an "outperform" rating on the stock in a research note on Monday, May 12th. Finally, Citizens Jmp raised shares of PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 price target on the stock in a research note on Thursday, June 26th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, PENN Entertainment has an average rating of "Moderate Buy" and an average target price of $23.18.

PENN Entertainment Trading Down 1.1%

NASDAQ PENN traded down $0.20 during mid-day trading on Friday, reaching $18.05. 2,947,508 shares of the stock were exchanged, compared to its average volume of 3,828,415. PENN Entertainment has a 1-year low of $13.25 and a 1-year high of $23.08. The business's fifty day simple moving average is $16.71 and its 200 day simple moving average is $17.63. The stock has a market capitalization of $2.73 billion, a PE ratio of -29.11 and a beta of 1.61. The company has a debt-to-equity ratio of 2.35, a quick ratio of 0.74 and a current ratio of 0.74.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.29) by $0.04. PENN Entertainment had a negative net margin of 1.28% and a negative return on equity of 5.75%. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same quarter last year, the business earned ($0.76) earnings per share. PENN Entertainment's revenue was up 4.1% compared to the same quarter last year. On average, research analysts anticipate that PENN Entertainment will post -1.61 earnings per share for the current fiscal year.

Insider Activity

In other PENN Entertainment news, Director David A. Handler purchased 10,000 shares of the firm's stock in a transaction dated Thursday, May 22nd. The stock was acquired at an average cost of $14.83 per share, with a total value of $148,300.00. Following the acquisition, the director owned 322,941 shares of the company's stock, valued at approximately $4,789,215.03. This represents a 3.20% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Jay A. Snowden bought 34,000 shares of PENN Entertainment stock in a transaction on Thursday, May 22nd. The shares were purchased at an average cost of $14.70 per share, with a total value of $499,800.00. Following the completion of the purchase, the chief executive officer directly owned 1,082,625 shares in the company, valued at $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. Insiders own 2.67% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PENN. Parallel Advisors LLC raised its position 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 in the last quarter. Quarry LP bought a new stake in shares of PENN Entertainment in the 1st quarter worth approximately $30,000. GAMMA Investing LLC raised its holdings in shares of PENN Entertainment by 38.7% in the 1st quarter. GAMMA Investing LLC now owns 2,636 shares of the company's stock worth $43,000 after purchasing an additional 736 shares in the last quarter. Byrne Asset Management LLC raised its holdings in shares of PENN Entertainment by 201.1% in the 1st quarter. Byrne Asset Management LLC now owns 2,710 shares of the company's stock worth $44,000 after purchasing an additional 1,810 shares in the last quarter. Finally, State of Wyoming bought a new stake in shares of PENN Entertainment in the 1st quarter worth approximately $46,000. 91.69% of the stock is owned by institutional investors and hedge funds.

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.