PENN Entertainment (NASDAQ:PENN) Trading Up 6.8% - Time to Buy?

PENN Entertainment, Inc. (NASDAQ:PENN - Get Free Report)'s stock price was up 6.8% on Thursday . The company traded as high as $18.62 and last traded at $18.58. Approximately 2,840,699 shares traded hands during mid-day trading, a decline of 26% from the average daily volume of 3,845,194 shares. The stock had previously closed at $17.40.

Analyst Upgrades and Downgrades

PENN has been the subject of a number of analyst reports. Canaccord Genuity Group decreased their target price on shares of PENN Entertainment from $28.00 to $26.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Benchmark reissued a "hold" rating on shares of PENN Entertainment in a research report on Monday, May 19th. Wall Street Zen upgraded PENN Entertainment from a "sell" rating to a "hold" rating in a research note on Monday, March 3rd. Citizens Jmp upgraded PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 price target for the company in a research note on Thursday. Finally, Citigroup raised PENN Entertainment to an "outperform" rating in a report on Thursday. Nine research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $23.15.

PENN Entertainment Stock Up 4.5%

The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 2.35. The company has a market capitalization of $2.74 billion, a price-to-earnings ratio of -29.38 and a beta of 1.56. The business's 50-day moving average is $15.72 and its 200-day moving average is $17.74.

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

Insider Transactions at PENN Entertainment

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

Institutional Investors Weigh In On PENN Entertainment

A number of institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. lifted its holdings in PENN Entertainment by 54.6% during the first quarter. Invesco Ltd. now owns 6,002,749 shares of the company's stock valued at $97,905,000 after purchasing an additional 2,120,740 shares in the last quarter. DME Capital Management LP lifted its stake in PENN Entertainment by 2.3% in the 4th 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 in the last quarter. Geode Capital Management LLC boosted its holdings in PENN Entertainment by 6.5% in the 4th quarter. Geode Capital Management LLC now owns 2,500,342 shares of the company's stock worth $49,572,000 after buying an additional 152,791 shares during the last quarter. Invenomic Capital Management LP increased its stake in PENN Entertainment by 87.8% during the 1st quarter. Invenomic Capital Management LP now owns 1,859,112 shares of the company's stock worth $30,322,000 after buying an additional 869,347 shares in the last quarter. Finally, Kettle Hill Capital Management LLC raised its holdings in shares of 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 acquiring an additional 542,585 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.

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