PENN Entertainment (NASDAQ:PENN) Price Target Raised to $26.00

Key Points

• Citizens JMP raised its price target on PENN Entertainment to $26 from $24 and kept an “market outperform” rating, implying about 23% upside from the prior close.
• Analyst sentiment remains generally positive, with several firms issuing buy or overweight views, though Wells Fargo recently trimmed its target to $23 and set an equal-weight rating. The current consensus target price is $22.62.
• The stock was trading higher on the day, opening at $21.12 after a 4.7% gain, while the company’s latest quarterly results beat earnings and revenue estimates and showed 6.4% year-over-year revenue growth.

PENN Entertainment (NASDAQ:PENN - Get Free Report) had its target price upped by investment analysts at Citizens Jmp from $24.00 to $26.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a "market outperform" rating on the stock. Citizens Jmp's target price would indicate a potential upside of 23.11% from the company's previous close.

Other analysts also recently issued research reports about 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 research report on Tuesday. The Goldman Sachs Group initiated coverage on shares of PENN Entertainment in a report on Friday, June 26th. They issued a "buy" rating and a $26.00 price target for the company. Susquehanna boosted their price objective on shares of PENN Entertainment from $24.00 to $28.00 and gave the company a "positive" rating in a report on Wednesday, July 1st. Jefferies Financial Group reissued a "hold" rating on shares of PENN Entertainment in a research report on Thursday, July 2nd. Finally, Barclays raised their target price on PENN Entertainment from $24.00 to $26.00 and gave the stock an "overweight" rating in a research note on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.62.

PENN Entertainment Trading Up 4.7%

Shares of NASDAQ:PENN opened at $21.12 on Thursday. The business's 50-day moving average is $19.51 and its 200 day moving average is $16.26. The company has a debt-to-equity ratio of 3.94, a current ratio of 0.82 and a quick ratio of 0.82. PENN Entertainment has a 1 year low of $11.65 and a 1 year high of $22.36. The firm has a market capitalization of $2.83 billion, a P/E ratio of -3.14, a P/E/G ratio of 0.64 and a beta of 1.42.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.06. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.The business had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $1.74 billion. During the same quarter last year, the company earned $0.68 earnings per share. The company's quarterly revenue was up 6.4% on a year-over-year basis. On average, research analysts predict that PENN Entertainment will post 1.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC increased its stake in shares of PENN Entertainment by 330.0% in the 4th quarter. SG Americas Securities LLC now owns 149,710 shares of the company's stock worth $2,208,000 after acquiring an additional 114,892 shares during the last quarter. CWM LLC grew its holdings in shares of PENN Entertainment by 1,055.9% in the fourth quarter. CWM LLC now owns 92,056 shares of the company's stock valued at $1,358,000 after purchasing an additional 84,092 shares during the period. Sequoia Financial Advisors LLC acquired a new stake in PENN Entertainment during the fourth quarter worth about $6,376,000. MYDA Advisors LLC purchased a new position in PENN Entertainment during the fourth quarter worth about $369,000. Finally, Penn Capital Management Company LLC boosted its holdings in PENN Entertainment by 4.6% in the 4th quarter. Penn Capital Management Company LLC now owns 893,055 shares of the company's stock valued at $13,205,000 after purchasing an additional 39,324 shares during the last quarter. 91.69% of the stock is owned by hedge funds and other 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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