PENN Entertainment (NASDAQ:PENN) Trading 4.7% Higher

PENN Entertainment, Inc. (NASDAQ:PENN)’s stock price traded up 4.7% on Friday . The company traded as high as $19.90 and last traded at $19.77. 2,230,000 shares changed hands during trading, a decline of 65% from the average session volume of 6,354,547 shares. The stock had previously closed at $18.89.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Morgan Stanley increased their target price on shares of PENN Entertainment from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 9th. JMP Securities reaffirmed a “market perform” rating on shares of PENN Entertainment in a report on Tuesday, June 4th. Canaccord Genuity Group dropped their price objective on shares of PENN Entertainment from $32.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, April 29th. Raymond James cut shares of PENN Entertainment from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 25th. Finally, Barclays dropped their price objective on shares of PENN Entertainment from $26.00 to $22.00 and set an “overweight” rating on the stock in a report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, PENN Entertainment currently has a consensus rating of “Hold” and an average target price of $25.10.

PENN Entertainment Price Performance

The company has a debt-to-equity ratio of 2.33, a quick ratio of 1.04 and a current ratio of 1.04. The company’s 50-day moving average price is $16.96 and its two-hundred day moving average price is $19.45.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings data on Thursday, May 2nd. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.20). PENN Entertainment had a negative net margin of 17.77% and a negative return on equity of 3.53%. The business had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. Equities research analysts expect that PENN Entertainment, Inc. will post -1.35 earnings per share for the current year.

Insider Activity

In other PENN Entertainment news, Director David A. Handler acquired 20,000 shares of PENN Entertainment stock in a transaction dated Monday, May 6th. The stock was bought at an average price of $15.37 per share, for a total transaction of $307,400.00. Following the transaction, the director now owns 243,450 shares in the company, valued at approximately $3,741,826.50. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director David A. Handler bought 20,000 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was bought at an average cost of $15.37 per share, for a total transaction of $307,400.00. Following the completion of the acquisition, the director now directly owns 243,450 shares in the company, valued at approximately $3,741,826.50. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Felicia Hendrix bought 16,157 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was purchased at an average price of $15.47 per share, with a total value of $249,948.79. Following the completion of the acquisition, the chief financial officer now owns 68,596 shares of the company’s stock, valued at $1,061,180.12. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 76,157 shares of company stock worth $1,154,949. Corporate insiders own 2.19% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Flight Deck Capital LP acquired a new position in shares of PENN Entertainment in the fourth quarter worth about $3,511,000. Kettle Hill Capital Management LLC acquired a new stake in shares of PENN Entertainment during the third quarter worth approximately $19,792,000. Contrarius Investment Management Ltd boosted its holdings in shares of PENN Entertainment by 139.0% during the fourth quarter. Contrarius Investment Management Ltd now owns 892,394 shares of the company’s stock worth $23,220,000 after purchasing an additional 518,995 shares during the period. Seven Eight Capital LP boosted its holdings in shares of PENN Entertainment by 95.3% during the fourth quarter. Seven Eight Capital LP now owns 213,019 shares of the company’s stock worth $5,543,000 after purchasing an additional 103,937 shares during the period. Finally, Gabelli Funds LLC boosted its holdings in shares of PENN Entertainment by 50.0% during the fourth quarter. Gabelli Funds LLC now owns 24,000 shares of the company’s stock worth $624,000 after purchasing an additional 8,000 shares during the period. 91.69% of the stock is currently 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.