PENN Entertainment (NASDAQ:PENN) Trading Down 4.5% - What's Next?

PENN Entertainment, Inc. (NASDAQ:PENN - Get Free Report) shares dropped 4.5% during trading on Friday . The stock traded as low as $18.58 and last traded at $18.43. Approximately 355,206 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 3,840,328 shares. The stock had previously closed at $19.30.

Wall Street Analysts Forecast Growth

PENN has been the subject of several research reports. Citigroup upgraded PENN Entertainment to an "outperform" rating in a research report on Thursday, June 26th. Susquehanna reiterated a "positive" rating and issued a $25.00 target price (up previously from $24.00) on shares of PENN Entertainment in a research report on Tuesday, June 10th. Mizuho decreased their target price on PENN Entertainment from $25.00 to $24.00 and set an "outperform" rating for the company in a research report on Monday, May 12th. Citizens Jmp upgraded PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 target price for the company in a research report on Thursday, June 26th. Finally, Stifel Nicolaus lifted their target price on PENN Entertainment from $17.00 to $19.00 and gave the stock a "hold" rating in a research report on Friday. Nine analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat.com, PENN Entertainment presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.18.

PENN Entertainment Stock Down 7.6%

The firm has a 50 day simple moving average of $16.49 and a two-hundred day simple moving average of $17.68. The company has a debt-to-equity ratio of 2.35, a quick ratio of 0.74 and a current ratio of 0.74. The stock has a market cap of $2.69 billion, a P/E ratio of -28.76 and a beta of 1.61.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last announced 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 firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.71 billion. PENN Entertainment had a negative return on equity of 5.75% and a negative net margin of 1.28%. The firm's revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.76) EPS. Equities research analysts predict that PENN Entertainment, Inc. will post -1.61 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Jay A. Snowden bought 34,000 shares of the business's stock in a transaction dated Thursday, May 22nd. The shares were bought at an average cost of $14.70 per share, with a total value of $499,800.00. Following the completion of the transaction, the chief executive officer directly owned 1,082,625 shares of the company's stock, valued at approximately $15,914,587.50. This trade represents a 3.24% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director David A. Handler bought 10,000 shares of the business's stock in a transaction dated Thursday, May 22nd. The shares were bought at an average cost of $14.83 per share, for a total transaction of $148,300.00. Following the completion of the transaction, the director directly owned 322,941 shares of the company's stock, valued at $4,789,215.03. This trade represents a 3.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.67% of the stock is currently owned by insiders.

Institutional Investors Weigh In On PENN Entertainment

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Invesco Ltd. raised its position in shares of PENN Entertainment by 54.6% during the first quarter. Invesco Ltd. now owns 6,002,749 shares of the company's stock worth $97,905,000 after purchasing an additional 2,120,740 shares during the period. DME Capital Management LP raised its position in PENN Entertainment by 2.3% during the fourth quarter. DME Capital Management LP now owns 5,748,440 shares of the company's stock valued at $113,934,000 after buying an additional 127,670 shares during the period. Geode Capital Management LLC raised its position in PENN Entertainment by 6.5% during the fourth quarter. Geode Capital Management LLC now owns 2,500,342 shares of the company's stock valued at $49,572,000 after buying an additional 152,791 shares during the period. Invenomic Capital Management LP raised its position in PENN Entertainment by 87.8% during the first quarter. Invenomic Capital Management LP now owns 1,859,112 shares of the company's stock valued at $30,322,000 after buying an additional 869,347 shares during the period. Finally, Kettle Hill Capital Management LLC raised its position in PENN Entertainment by 43.1% during the fourth quarter. Kettle Hill Capital Management LLC now owns 1,801,787 shares of the company's stock valued at $35,711,000 after buying an additional 542,585 shares during the period. 91.69% of the stock is owned by institutional investors and hedge funds.

About PENN Entertainment

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.