Seven Eight Capital LP Sells 31,989 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Seven Eight Capital LP lowered its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 43.4% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 41,661 shares of the company’s stock after selling 31,989 shares during the period. Seven Eight Capital LP’s holdings in PENN Entertainment were worth $806,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the stock. Dimensional Fund Advisors LP boosted its stake in PENN Entertainment by 1.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,138,297 shares of the company’s stock worth $29,623,000 after acquiring an additional 17,622 shares during the last quarter. Norges Bank acquired a new stake in PENN Entertainment in the fourth quarter worth $42,758,000. PNC Financial Services Group Inc. boosted its position in shares of PENN Entertainment by 12.3% during the fourth quarter. PNC Financial Services Group Inc. now owns 13,942 shares of the company’s stock worth $363,000 after purchasing an additional 1,522 shares in the last quarter. Corient Private Wealth LLC grew its holdings in shares of PENN Entertainment by 16.3% in the 4th quarter. Corient Private Wealth LLC now owns 24,495 shares of the company’s stock valued at $637,000 after buying an additional 3,425 shares during the period. Finally, Quest Partners LLC bought a new stake in shares of PENN Entertainment in the 4th quarter valued at $205,000. 91.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PENN shares. Susquehanna reissued a “positive” rating and issued a $26.00 target price on shares of PENN Entertainment in a research note on Friday, June 21st. Raymond James lowered PENN Entertainment from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 25th. Morgan Stanley dropped their target price on shares of PENN Entertainment from $21.00 to $20.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 4th. Barclays upped their price target on shares of PENN Entertainment from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, August 9th. Finally, JMP Securities restated a “market perform” rating on shares of PENN Entertainment in a report on Tuesday, June 4th. One equities 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 data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $23.77.

PENN Entertainment Stock Up 0.1 %

PENN stock opened at $20.08 on Friday. The company has a market cap of $3.06 billion, a price-to-earnings ratio of -2.70 and a beta of 2.10. PENN Entertainment, Inc. has a twelve month low of $13.50 and a twelve month high of $27.20. The business has a 50 day moving average price of $18.92 and a two-hundred day moving average price of $17.98. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.35.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.18) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.09. The company had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.65 billion. PENN Entertainment had a negative return on equity of 7.13% and a negative net margin of 19.48%. The firm’s revenue for the quarter was down .7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.48 EPS. Analysts anticipate that PENN Entertainment, Inc. will post -1.41 EPS for the current fiscal year.

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.