PENN Entertainment Sees Unusually High Options Volume (NASDAQ:PENN)

PENN Entertainment, Inc. (NASDAQ:PENN - Get Free Report) was the target of unusually large options trading on Thursday. Traders acquired 26,686 call options on the company. This is an increase of 56% compared to the typical daily volume of 17,116 call options.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PENN. Truist Financial lowered their price objective on PENN Entertainment from $23.00 to $20.00 and set a "hold" rating for the company in a research note on Wednesday, April 23rd. Wall Street Zen raised PENN Entertainment from a "sell" rating to a "hold" rating in a research note on Monday, March 3rd. JMP Securities raised PENN Entertainment from a "market perform" rating to a "market outperform" rating and set a $24.00 price objective for the company in a research note on Thursday. Benchmark reissued a "hold" rating on shares of PENN Entertainment in a research note on Monday, May 19th. Finally, Canaccord Genuity Group lowered their price objective on PENN Entertainment from $28.00 to $26.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Nine research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $23.15.

Insider Buying and Selling

In other PENN Entertainment news, CEO Jay A. Snowden acquired 34,000 shares of PENN Entertainment stock in a transaction dated Thursday, May 22nd. The stock was purchased at an average cost of $14.70 per share, for a total transaction of $499,800.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,082,625 shares of the company's stock, valued at $15,914,587.50. This represents a 3.24% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David A. Handler acquired 10,000 shares of PENN Entertainment stock in a transaction dated Thursday, May 22nd. The shares were acquired at an average price of $14.83 per share, with a total value of $148,300.00. Following the completion of the acquisition, 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 disclosure for this purchase can be found here. 2.67% of the stock is owned by company insiders.

Hedge Funds Weigh In On PENN Entertainment

Several institutional investors and hedge funds have recently bought and sold shares of the company. Invesco Ltd. grew 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 during the period. DME Capital Management LP grew its holdings 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 purchasing an additional 127,670 shares during the period. Geode Capital Management LLC grew its holdings 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 purchasing an additional 152,791 shares during the period. Invenomic Capital Management LP grew its holdings 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 purchasing an additional 869,347 shares during the period. Finally, Kettle Hill Capital Management LLC grew its holdings 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 purchasing an additional 542,585 shares during the period. 91.69% of the stock is owned by institutional investors.

PENN Entertainment Stock Performance

Shares of PENN stock traded up $0.86 during trading on Thursday, hitting $18.26. The company's stock had a trading volume of 10,994,156 shares, compared to its average volume of 3,867,554. The company has a market cap of $2.76 billion, a PE ratio of -29.45 and a beta of 1.56. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 2.35. The business has a fifty day moving average of $15.72 and a 200-day moving average of $17.74. PENN Entertainment has a 52 week low of $13.25 and a 52 week high of $23.08.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last announced its quarterly earnings data 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. PENN Entertainment had a negative return on equity of 5.75% and a negative net margin of 1.28%. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.71 billion. During the same period in the prior year, the company earned ($0.76) earnings per share. PENN Entertainment's revenue was up 4.1% compared to the same quarter last year. As a group, research analysts anticipate that PENN Entertainment will post -1.61 earnings per share for the current year.

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.