PENN Entertainment (NASDAQ:PENN) Given New $26.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan raised PENN Entertainment’s price target from $23 to $26 and kept an overweight rating, implying about 28.8% upside from the current share price.
• Other analysts remain broadly positive on the stock, with Goldman Sachs, Susquehanna and Mizuho maintaining bullish views; MarketBeat shows a consensus Moderate Buy and an average target price of $22.38.
• PENN shares were down about 1.5% at $20.18, while the company recently beat quarterly EPS and revenue estimates, reporting $0.11 EPS on $1.78 billion in revenue.

PENN Entertainment (NASDAQ:PENN - Get Free Report) had its price target hoisted by equities research analysts at JPMorgan Chase & Co. from $23.00 to $26.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price would suggest a potential upside of 28.84% from the stock's current price.

Other research analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft increased their target price on shares of PENN Entertainment from $17.00 to $18.00 and gave the stock a "hold" rating in a research note on Friday, April 24th. Wells Fargo & Company dropped their price objective on shares of PENN Entertainment from $24.00 to $23.00 and set an "equal weight" rating on the stock in a report on Tuesday. The Goldman Sachs Group started coverage on shares of PENN Entertainment in a research report on Friday, June 26th. They set a "buy" rating and a $26.00 price objective on the stock. Mizuho raised their target price on PENN Entertainment from $22.00 to $23.00 and gave the company an "outperform" rating in a research note on Friday, April 24th. Finally, Susquehanna boosted their target price on PENN Entertainment from $24.00 to $28.00 and gave the company a "positive" rating in a research report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, PENN Entertainment currently has a consensus rating of "Moderate Buy" and an average target price of $22.38.

PENN Entertainment Stock Down 1.5%

Shares of NASDAQ:PENN opened at $20.18 on Wednesday. The firm has a market cap of $2.70 billion, a P/E ratio of -3.00, a P/E/G ratio of 0.65 and a beta of 1.42. PENN Entertainment has a 12-month low of $11.65 and a 12-month high of $22.36. The business has a fifty day simple moving average of $19.42 and a 200 day simple moving average of $16.21. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 3.94.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.11 EPS for the quarter, beating analysts' consensus estimates of $0.05 by $0.06. The firm had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.74 billion. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.The business's revenue was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.68 EPS. Analysts predict that PENN Entertainment will post 1.02 earnings per share for the current year.

Institutional Trading of PENN Entertainment

Several institutional investors have recently made changes to their positions in the company. Shapiro Capital Management LLC boosted its holdings in PENN Entertainment by 6.6% during the third quarter. Shapiro Capital Management LLC now owns 6,856,778 shares of the company's stock worth $132,062,000 after purchasing an additional 425,190 shares during the last quarter. Bank of America Corp DE increased its stake in PENN Entertainment by 57.9% in the 1st quarter. Bank of America Corp DE now owns 4,351,310 shares of the company's stock valued at $65,400,000 after buying an additional 1,595,502 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of PENN Entertainment by 74.7% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,930,293 shares of the company's stock worth $75,697,000 after buying an additional 1,679,953 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of PENN Entertainment by 824.3% during the 4th quarter. AQR Capital Management LLC now owns 3,499,700 shares of the company's stock worth $51,341,000 after buying an additional 3,121,051 shares in the last quarter. Finally, Armistice Capital LLC boosted its stake in shares of PENN Entertainment by 47.2% in the 4th quarter. Armistice Capital LLC now owns 3,096,000 shares of the company's stock worth $45,666,000 after buying an additional 992,334 shares during the last quarter. Institutional investors own 91.69% of the company's stock.

PENN Entertainment Company Profile

PENN Entertainment, Inc NASDAQ: PENN is a leading operator of gaming and racing facilities in the United States. The company's business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company's portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.

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