PENN Entertainment (NASDAQ:PENN) Price Target Raised to $22.00

Key Points

• JPMorgan raised its price target on PENN from $21 to $22 and kept an "overweight" rating, implying roughly a 36% upside from the stock's current level.
• Analyst views are mixed: eight Buy, seven Hold and one Sell lead to a MarketBeat average rating of "Hold" and an average price target of $19.80, while firms like Barclays and Mizuho have recently lifted targets to $23 and $22 respectively.
• PENN recently beat quarterly expectations with $0.07 EPS (vs. -$0.23) and $1.81B revenue (up 8.2% y/y), but still reports a negative net margin (-12.11%) and analysts expect -1.61 EPS for the fiscal year; the stock trades around $16.15 with a $2.16B market cap.

PENN Entertainment (NASDAQ:PENN - Get Free Report) had its target price raised by research analysts at JPMorgan Chase & Co. from $21.00 to $22.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 36.27% from the company's current price.

Several other research firms have also commented on PENN. Wall Street Zen raised PENN Entertainment from a "strong sell" rating to a "hold" rating in a research report on Monday, March 2nd. Morgan Stanley boosted their price target on PENN Entertainment from $15.00 to $16.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 8th. Barclays boosted their price target on PENN Entertainment from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Thursday. Citigroup boosted their price target on PENN Entertainment from $15.00 to $16.00 and gave the stock a "neutral" rating in a research report on Monday, March 2nd. Finally, Mizuho boosted their price target on PENN Entertainment from $19.00 to $22.00 and gave the stock an "outperform" rating in a research report on Thursday, March 12th. Eight investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $19.80.

PENN Entertainment Stock Up 0.8%

Shares of PENN stock traded up $0.14 on Thursday, hitting $16.15. The stock had a trading volume of 2,492,110 shares, compared to its average volume of 4,286,117. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 3.92. The business has a 50 day moving average price of $14.15 and a 200 day moving average price of $14.85. The company has a market cap of $2.16 billion, a PE ratio of -2.68, a P/E/G ratio of 0.51 and a beta of 1.32. PENN Entertainment has a one year low of $11.65 and a one year high of $20.60.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The company reported $0.07 earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.30. The firm had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.76 billion. PENN Entertainment had a negative return on equity of 1.94% and a negative net margin of 12.11%.The firm's quarterly revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.44) earnings per share. Research analysts anticipate that PENN Entertainment will post -1.61 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC increased its position in PENN Entertainment by 22.4% during the 3rd quarter. GAMMA Investing LLC now owns 3,042 shares of the company's stock valued at $59,000 after buying an additional 556 shares in the last quarter. Treasurer of the State of North Carolina increased its position in PENN Entertainment by 1.1% during the 2nd quarter. Treasurer of the State of North Carolina now owns 69,676 shares of the company's stock valued at $1,245,000 after buying an additional 745 shares in the last quarter. Jones Financial Companies Lllp increased its position in PENN Entertainment by 33.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 3,273 shares of the company's stock valued at $65,000 after buying an additional 825 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in PENN Entertainment by 3.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 26,730 shares of the company's stock valued at $394,000 after buying an additional 922 shares in the last quarter. Finally, Blue Trust Inc. increased its position in PENN Entertainment by 10.1% during the 3rd quarter. Blue Trust Inc. now owns 10,168 shares of the company's stock valued at $196,000 after buying an additional 929 shares in the last quarter. 91.69% of the stock is owned by institutional investors and hedge funds.

About PENN Entertainment

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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