PENN Entertainment (NASDAQ:PENN) Price Target Raised to $25.00 at Mizuho

Key Points

• Mizuho raised its price target on PENN Entertainment from $23 to $25 while keeping an outperform rating, implying about 20% upside from the prior close.
• Analyst sentiment is mixed but generally positive: the stock now has a Moderate Buy consensus rating with a $22.50 average target price, though Wells Fargo trimmed its target and Weiss Ratings reiterated a sell rating.
• PENN shares rose to $20.80 in Wednesday trading, and the company recently beat quarterly earnings estimates with $0.11 EPS on $1.78 billion in revenue, topping expectations on both lines.

PENN Entertainment (NASDAQ:PENN - Get Free Report) had its target price upped by Mizuho from $23.00 to $25.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Mizuho's target price points to a potential upside of 20.19% from the company's previous close.

Several other analysts also recently commented on the stock. Wells Fargo & Company dropped their target price 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. Zacks Research upgraded shares of PENN Entertainment from a "hold" rating to a "strong-buy" rating in a research note on Monday. Weiss Ratings reissued a "sell (d-)" rating on shares of PENN Entertainment in a research note on Wednesday, June 24th. Truist Financial raised their price target on shares of PENN Entertainment from $20.00 to $25.00 and gave the company a "buy" rating in a research note on Friday, June 26th. Finally, Stifel Nicolaus increased their price objective on shares of PENN Entertainment from $23.00 to $25.00 and gave the stock a "buy" rating in a research report on Friday, June 12th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $22.50.

PENN Entertainment Price Performance

Shares of NASDAQ:PENN traded up $0.62 during midday trading on Wednesday, reaching $20.80. The company's stock had a trading volume of 1,762,098 shares, compared to its average volume of 4,148,529. The business's fifty day simple moving average is $19.42 and its 200-day simple moving average is $16.21. PENN Entertainment has a fifty-two week low of $11.65 and a fifty-two week high of $22.36. The company has a debt-to-equity ratio of 3.94, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market capitalization of $2.78 billion, a P/E ratio of -3.11, a P/E/G ratio of 0.65 and a beta of 1.42.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last released its earnings results on Thursday, April 23rd. The company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.05 by $0.06. The company had revenue of $1.78 billion during the quarter, compared to analysts' expectations 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 for the quarter was up 6.4% on a year-over-year basis. During the same period last year, the firm earned $0.68 EPS. As a group, equities research analysts expect that PENN Entertainment will post 1.02 EPS for the current fiscal year.

Institutional Trading of PENN Entertainment

A number of hedge funds have recently bought and sold shares of the business. Assenagon Asset Management S.A. boosted its stake in PENN Entertainment by 47.6% in the second quarter. Assenagon Asset Management S.A. now owns 180,310 shares of the company's stock valued at $3,851,000 after acquiring an additional 58,174 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of 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 purchasing an additional 895 shares in the last quarter. Glenmede Trust Co. NA bought a new position in shares of PENN Entertainment in the 1st quarter worth $176,000. Bank of America Corp DE boosted its holdings in shares of 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 worth $65,400,000 after purchasing an additional 1,595,502 shares in the last quarter. Finally, Seven Six Capital Management LLC raised its stake in shares of PENN Entertainment by 61.1% during the first quarter. Seven Six Capital Management LLC now owns 258,700 shares of the company's stock worth $3,888,000 after acquiring an additional 98,100 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors.

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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