Stifel Nicolaus Forecasts Strong Price Appreciation for PENN Entertainment (NASDAQ:PENN) Stock

PENN Entertainment (NASDAQ:PENN - Free Report) had its price target increased by Stifel Nicolaus from $17.00 to $19.00 in a report published on Friday morning,Benzinga reports. Stifel Nicolaus currently has a hold rating on the stock.

A number of other brokerages also recently weighed in on PENN. Morgan Stanley lowered their target price on shares of PENN Entertainment from $17.50 to $16.50 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Truist Financial lowered their target price on shares of PENN Entertainment from $23.00 to $20.00 and set a "hold" rating on the stock in a report on Wednesday, April 23rd. Mizuho lowered their target price on shares of PENN Entertainment from $25.00 to $24.00 and set an "outperform" rating on the stock in a report on Monday, May 12th. JMP Securities upgraded shares of PENN Entertainment from a "market perform" rating to a "market outperform" rating and set a $24.00 target price on the stock in a report on Thursday, June 26th. Finally, Citizens Jmp upgraded shares of PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 price objective on the stock in a report on Thursday, June 26th. Nine analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $23.18.

PENN Entertainment Stock Down 7.6%

Shares of PENN traded down $1.47 during mid-day trading on Friday, hitting $17.83. 4,623,543 shares of the company's stock were exchanged, compared to its average volume of 3,839,319. The company has a market cap of $2.69 billion, a PE ratio of -28.76 and a beta of 1.61. PENN Entertainment has a 52 week low of $13.25 and a 52 week high of $23.08. The company has a 50-day simple moving average of $16.45 and a 200 day simple moving average of $17.68. The company has a debt-to-equity ratio of 2.35, a current ratio of 0.74 and a quick ratio of 0.74.

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

Insider Activity

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

Institutional Trading of PENN Entertainment

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its position in shares of PENN Entertainment by 4.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,337,162 shares of the company's stock worth $26,503,000 after buying an additional 55,138 shares during the period. M&T Bank Corp lifted its holdings 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 worth $259,000 after purchasing an additional 584 shares in the last quarter. Proficio Capital Partners LLC bought a new position in shares of PENN Entertainment in the 4th quarter worth $596,000. Raymond James Financial Inc. bought a new position in shares of PENN Entertainment in the 4th quarter worth $17,804,000. Finally, AlphaQuest LLC lifted its stake in PENN Entertainment by 379.7% during the 4th quarter. AlphaQuest LLC now owns 14,234 shares of the company's stock valued at $282,000 after acquiring an additional 11,267 shares in 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.