Citizens Jmp Upgrades PENN Entertainment (NASDAQ:PENN) to "Outperform"

PENN Entertainment (NASDAQ:PENN - Get Free Report) was upgraded by investment analysts at Citizens Jmp from a "market perform" rating to an "outperform" rating in a research report issued on Thursday, MarketBeat Ratings reports. The brokerage currently has a $24.00 price target on the stock. Citizens Jmp's price objective suggests a potential upside of 31.29% from the company's previous close.

PENN has been the subject of a number of other research reports. Canaccord Genuity Group cut their price target on shares of PENN Entertainment from $28.00 to $26.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Needham & Company LLC decreased their target price on shares of PENN Entertainment from $26.00 to $25.00 and set a "buy" rating on the stock in a report on Friday, February 28th. JPMorgan Chase & Co. began coverage on shares of PENN Entertainment in a report on Monday, June 23rd. They set an "overweight" rating and a $24.00 price target on the stock. Macquarie reiterated an "outperform" rating and set a $26.00 target price on shares of PENN Entertainment in a research report on Friday, February 28th. Finally, Truist Financial dropped their price target on shares of PENN Entertainment from $23.00 to $20.00 and set a "hold" rating on the stock in a research report on Wednesday, April 23rd. Nine equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, PENN Entertainment currently has a consensus rating of "Moderate Buy" and a consensus price target of $23.15.

PENN Entertainment Stock Up 0.1%

Shares of NASDAQ:PENN traded up $0.02 during trading on Thursday, reaching $18.28. 4,099,388 shares of the company traded hands, compared to its average volume of 3,856,608. The firm has a fifty day simple moving average of $15.88 and a 200 day simple moving average of $17.70. The firm has a market cap of $2.76 billion, a P/E ratio of -29.48 and a beta of 1.57. PENN Entertainment has a 1-year low of $13.25 and a 1-year high of $23.08. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 2.35.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.04. The business had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.71 billion. PENN Entertainment had a negative net margin of 1.28% and a negative return on equity of 5.75%. The firm's revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the business earned ($0.76) EPS. Analysts anticipate that PENN Entertainment will post -1.61 earnings per share for the current fiscal year.

Insider Buying and Selling at PENN Entertainment

In related news, CEO Jay A. Snowden purchased 34,000 shares of PENN Entertainment stock in a transaction that occurred on Thursday, May 22nd. The stock was bought at an average cost of $14.70 per share, for a total transaction of $499,800.00. Following the completion of the transaction, the chief executive officer now owns 1,082,625 shares in the company, valued at $15,914,587.50. The trade was a 3.24% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director David A. Handler acquired 10,000 shares of the company's stock in a transaction on Thursday, May 22nd. The stock was acquired at an average cost of $14.83 per share, for a total transaction of $148,300.00. Following the completion of the acquisition, the director now owns 322,941 shares of the company's stock, valued at $4,789,215.03. This trade represents a 3.20% increase in their position. The disclosure for this purchase can be found here. 2.67% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On PENN Entertainment

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. M&T Bank Corp lifted its stake in shares of PENN Entertainment by 4.7% in the 4th quarter. M&T Bank Corp now owns 13,044 shares of the company's stock valued at $259,000 after purchasing an additional 584 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of PENN Entertainment by 38.7% in the 1st quarter. GAMMA Investing LLC now owns 2,636 shares of the company's stock valued at $43,000 after acquiring an additional 736 shares during the last quarter. J.Safra Asset Management Corp increased its holdings in shares of PENN Entertainment by 6.7% in the 1st quarter. J.Safra Asset Management Corp now owns 13,877 shares of the company's stock valued at $226,000 after acquiring an additional 877 shares during the last quarter. HighTower Advisors LLC grew its stake in PENN Entertainment by 5.2% during the 1st quarter. HighTower Advisors LLC now owns 19,327 shares of the company's stock worth $315,000 after buying an additional 953 shares during the last quarter. Finally, IFP Advisors Inc grew its stake in PENN Entertainment by 201.5% during the 4th quarter. IFP Advisors Inc now owns 1,574 shares of the company's stock worth $31,000 after buying an additional 1,052 shares during the last quarter. Institutional investors and hedge funds own 91.69% of the company's stock.

PENN Entertainment Company Profile

PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates online sports betting in various jurisdictions; and iCasino under Hollywood Casino, L'Auberge, ESPN BET, and theScore Bet Sportsbook and Casino brands.