PENN Entertainment (NASDAQ:PENN) Price Target Raised to $20.00

Key Points

• Morgan Stanley raised PENN Entertainment’s price target from $19 to $20 while maintaining an “equal weight” rating, implying 4.47% upside from the prior close.
• Analysts collectively hold a “Moderate Buy” consensus rating, with an average price target of $23.53; ratings include one Strong Buy, 12 Buys, six Holds, and one Sell.
• PENN reported quarterly EPS of $0.44, exceeding expectations of $0.37, while revenue reached $1.86 billion—up 5.2% year over year. The stock recently traded at $19.14, and institutional investors own 91.69% of shares.

PENN Entertainment (NASDAQ:PENN - Get Free Report) had its price target upped by equities research analysts at Morgan Stanley from $19.00 to $20.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an "equal weight" rating on the stock. Morgan Stanley's target price points to a potential upside of 4.47% from the stock's previous close.

Several other equities research analysts have also recently commented on the stock. Citigroup raised shares of PENN Entertainment from a "hold" rating to an "overweight" rating in a research report on Thursday, July 23rd. Wells Fargo & Company dropped their price target on PENN Entertainment from $24.00 to $23.00 and set an "equal weight" rating on the stock in a research note on Tuesday, July 14th. Susquehanna boosted their price target on PENN Entertainment from $24.00 to $28.00 and gave the company a "positive" rating in a report on Wednesday, July 1st. Mizuho set a $28.00 price objective on PENN Entertainment in a research report on Friday, August 7th. Finally, Barclays increased their price objective on PENN Entertainment from $24.00 to $26.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $23.53.

PENN Entertainment Stock Up 0.1%

PENN stock traded up $0.01 during mid-day trading on Wednesday, hitting $19.14. 745,784 shares of the company were exchanged, compared to its average volume of 3,952,330. The company has a debt-to-equity ratio of 3.79, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $2.57 billion, a P/E ratio of -3.01, a P/E/G ratio of 0.36 and a beta of 1.43. The firm's 50 day simple moving average is $20.73 and its 200 day simple moving average is $17.06. PENN Entertainment has a 1-year low of $11.65 and a 1-year high of $22.36.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.07. PENN Entertainment had a negative net margin of 12.66% and a positive return on equity of 2.93%. The company had revenue of $1.86 billion during the quarter, compared to analysts' expectations of $1.86 billion. During the same quarter in the prior year, the company earned ($0.12) earnings per share. The business's quarterly revenue was up 5.2% compared to the same quarter last year. On average, sell-side analysts predict that PENN Entertainment will post 1.36 EPS for the current fiscal year.

Hedge Funds Weigh In On PENN Entertainment

A number of large investors have recently modified their holdings of the business. Treasurer of the State of North Carolina grew its holdings in shares of PENN Entertainment by 1.1% in the second quarter. Treasurer of the State of North Carolina now owns 69,676 shares of the company's stock valued at $1,245,000 after acquiring an additional 745 shares in the last quarter. GAMMA Investing LLC lifted its holdings in PENN Entertainment by 19.4% during the second quarter. GAMMA Investing LLC now owns 5,506 shares of the company's stock worth $118,000 after acquiring an additional 895 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in PENN Entertainment by 3.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 26,730 shares of the company's stock worth $394,000 after purchasing an additional 922 shares during the last quarter. IFP Advisors Inc grew its stake in PENN Entertainment by 76.2% in the 4th quarter. IFP Advisors Inc now owns 2,766 shares of the company's stock valued at $41,000 after purchasing an additional 1,196 shares during the period. Finally, Tidal Investments LLC increased its position in shares of PENN Entertainment by 8.1% during the 2nd quarter. Tidal Investments LLC now owns 19,689 shares of the company's stock valued at $352,000 after purchasing an additional 1,483 shares during the last quarter. 91.69% of the stock is currently owned by institutional investors and hedge funds.

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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