Zacks Research Downgrades PENN Entertainment (NASDAQ:PENN) to Hold

Key Points

• Zacks Research downgraded PENN Entertainment from “strong buy” to “hold,” though the broader analyst consensus remains “Moderate Buy,” with an average price target of $23.53.
• PENN reported quarterly EPS of $0.44, beating estimates of $0.37, while revenue reached $1.86 billion, up 5.2% year over year and in line with forecasts.
• The stock opened at $19.17, with shares held predominantly by institutions and hedge funds, which own approximately 91.69% of outstanding stock.

PENN Entertainment (NASDAQ:PENN - Get Free Report) was downgraded by equities researchers at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued on Tuesday,Zacks.com reports.

Several other analysts have also commented on PENN. Bank of America increased their price target on shares of PENN Entertainment from $18.00 to $22.00 and gave the company a "neutral" rating in a research report on Monday, July 20th. Citizens Jmp upped their target price on PENN Entertainment from $24.00 to $26.00 and gave the company a "market outperform" rating in a research note on Thursday, July 16th. Jefferies Financial Group reissued a "hold" rating and set a $22.00 price target on shares of PENN Entertainment in a research report on Friday, August 7th. Stifel Nicolaus boosted their price target on PENN Entertainment from $23.00 to $25.00 and gave the stock a "buy" rating in a report on Friday, June 12th. Finally, Barclays upped their price objective on PENN Entertainment from $24.00 to $26.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. Twelve research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $23.53.

PENN Entertainment Trading Up 0.2%

Shares of PENN stock opened at $19.17 on Tuesday. The stock has a market cap of $2.57 billion, a P/E ratio of -3.01, a P/E/G ratio of 0.53 and a beta of 1.43. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.79. PENN Entertainment has a fifty-two week low of $11.65 and a fifty-two week high of $22.36. The business has a fifty day simple moving average of $20.72 and a 200-day simple moving average of $17.10.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.44 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.07. PENN Entertainment had a negative net margin of 12.66% and a positive return on equity of 2.93%. The firm had revenue of $1.86 billion for the quarter, compared to analysts' expectations of $1.86 billion. During the same period in the prior year, the company earned ($0.12) EPS. The firm's revenue was up 5.2% on a year-over-year basis. On average, analysts forecast that PENN Entertainment will post 1.11 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PENN. Whitebox Advisors LLC acquired a new stake in shares of PENN Entertainment during the 1st quarter worth $737,000. CWM LLC grew its position in PENN Entertainment by 1,055.9% during the fourth quarter. CWM LLC now owns 92,056 shares of the company's stock valued at $1,358,000 after acquiring an additional 84,092 shares during the period. Sequoia Financial Advisors LLC acquired a new stake in PENN Entertainment during the fourth quarter worth about $6,376,000. Hsbc Holdings PLC lifted its stake in shares of PENN Entertainment by 817.8% in the 1st quarter. Hsbc Holdings PLC now owns 68,439 shares of the company's stock valued at $1,031,000 after purchasing an additional 60,982 shares in the last quarter. Finally, Seven Six Capital Management LLC lifted its stake in shares of PENN Entertainment by 61.1% in the 1st quarter. Seven Six Capital Management LLC now owns 258,700 shares of the company's stock valued at $3,888,000 after purchasing an additional 98,100 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors and hedge funds.

PENN Entertainment Company Profile

PENN Entertainment, Inc NASDAQ: PENN is a leading operator of gaming and racing facilities in the United States. The company's business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company's portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.

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