PENN Entertainment, Inc. (NASDAQ:PENN) Shares Sold by Axxcess Wealth Management LLC

Axxcess Wealth Management LLC decreased its holdings in PENN Entertainment, Inc. (NASDAQ:PENN) by 30.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 25,575 shares of the company’s stock after selling 11,400 shares during the period. Axxcess Wealth Management LLC’s holdings in PENN Entertainment were worth $495,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of PENN. Norges Bank acquired a new position in shares of PENN Entertainment in the fourth quarter worth $42,758,000. Invenomic Capital Management LP grew its stake in shares of PENN Entertainment by 71.9% during the first quarter. Invenomic Capital Management LP now owns 1,884,284 shares of the company’s stock worth $34,313,000 after purchasing an additional 787,968 shares in the last quarter. Sei Investments Co. grew its stake in shares of PENN Entertainment by 52.8% during the fourth quarter. Sei Investments Co. now owns 2,098,203 shares of the company’s stock worth $54,595,000 after purchasing an additional 725,221 shares in the last quarter. National Bank of Canada FI grew its stake in shares of PENN Entertainment by 284.6% during the first quarter. National Bank of Canada FI now owns 968,514 shares of the company’s stock worth $17,637,000 after purchasing an additional 716,686 shares in the last quarter. Finally, Wellington Management Group LLP acquired a new position in shares of PENN Entertainment during the fourth quarter worth $16,341,000. Institutional investors and hedge funds own 91.69% of the company’s stock.

PENN Entertainment Price Performance

Shares of NASDAQ:PENN opened at $20.08 on Friday. The company has a 50-day simple moving average of $18.92 and a 200-day simple moving average of $17.98. PENN Entertainment, Inc. has a one year low of $13.50 and a one year high of $27.20. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market capitalization of $3.06 billion, a price-to-earnings ratio of -2.70 and a beta of 2.10.

PENN Entertainment (NASDAQ:PENN) last announced its earnings results on Thursday, August 8th. The company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.09. The business had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.65 billion. PENN Entertainment had a negative net margin of 19.48% and a negative return on equity of 7.13%. The business’s revenue was down .7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.48 earnings per share. On average, analysts predict that PENN Entertainment, Inc. will post -1.41 EPS for the current year.

Insider Buying and Selling

In other news, Director David A. Handler purchased 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was purchased at an average cost of $17.51 per share, with a total value of $175,100.00. Following the completion of the acquisition, the director now directly owns 293,450 shares of the company’s stock, valued at approximately $5,138,309.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director David A. Handler purchased 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was purchased at an average cost of $17.51 per share, with a total value of $175,100.00. Following the completion of the acquisition, the director now directly owns 293,450 shares of the company’s stock, valued at approximately $5,138,309.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Jay A. Snowden purchased 54,200 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average cost of $18.44 per share, with a total value of $999,448.00. Following the completion of the acquisition, the chief executive officer now directly owns 853,045 shares of the company’s stock, valued at $15,730,149.80. The disclosure for this purchase can be found here. Insiders bought 79,200 shares of company stock valued at $1,450,548 over the last ninety days. Corporate insiders own 2.19% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PENN shares. Craig Hallum upgraded shares of PENN Entertainment from a “hold” rating to a “buy” rating and boosted their target price for the stock from $20.00 to $30.00 in a research note on Friday, June 21st. Needham & Company LLC reiterated a “buy” rating and set a $26.00 target price on shares of PENN Entertainment in a research note on Thursday, August 8th. Truist Financial boosted their target price on shares of PENN Entertainment from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. Morgan Stanley reduced their price target on shares of PENN Entertainment from $21.00 to $20.00 and set an “equal weight” rating for the company in a research report on Wednesday, September 4th. Finally, JMP Securities reissued a “market perform” rating on shares of PENN Entertainment in a research report on Tuesday, June 4th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, PENN Entertainment currently has an average rating of “Hold” and a consensus target price of $23.77.

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.