Stock Traders Buy High Volume of PENN Entertainment Call Options (NASDAQ:PENN)

PENN Entertainment, Inc. (NASDAQ:PENN) was the recipient of some unusual options trading on Wednesday. Traders purchased 41,944 call options on the company. This is an increase of 117% compared to the average daily volume of 19,292 call options.

Analyst Ratings Changes

PENN has been the topic of several research reports. Truist Financial boosted their target price on PENN Entertainment from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Craig Hallum reissued a “buy” rating and issued a $30.00 price objective on shares of PENN Entertainment in a research report on Tuesday. Stifel Nicolaus raised their target price on shares of PENN Entertainment from $19.00 to $20.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Needham & Company LLC reissued a “buy” rating and set a $26.00 price target on shares of PENN Entertainment in a research report on Tuesday. Finally, JMP Securities restated a “market perform” rating on shares of PENN Entertainment in a report on Friday, October 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 stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $23.77.

PENN Entertainment Stock Performance

PENN Entertainment stock traded up $0.20 during trading hours on Wednesday, hitting $18.68. The company had a trading volume of 341,680 shares, compared to its average volume of 5,371,354. The firm has a 50-day moving average of $18.86 and a 200 day moving average of $18.03. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a market cap of $2.85 billion, a PE ratio of -2.48 and a beta of 2.10. PENN Entertainment has a one year low of $13.50 and a one year high of $27.20.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share for the quarter, topping the consensus estimate 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 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 period last year, the firm posted $0.48 EPS. On average, sell-side analysts expect that PENN Entertainment will post -1.32 earnings per share for the current year.

Insider Buying and Selling at PENN Entertainment

In other PENN Entertainment news, CEO Jay A. Snowden purchased 54,200 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of $18.44 per share, with a total value of $999,448.00. Following the completion of the transaction, the chief executive officer now directly owns 853,045 shares in the company, valued at $15,730,149.80. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director David A. Handler bought 10,000 shares of PENN Entertainment 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 purchase, the director now owns 293,450 shares in the company, valued at approximately $5,138,309.50. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jay A. Snowden purchased 54,200 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was purchased at an average cost of $18.44 per share, for a total transaction of $999,448.00. Following the purchase, the chief executive officer now directly owns 853,045 shares in the company, valued at approximately $15,730,149.80. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 79,200 shares of company stock valued at $1,450,548. Company insiders own 2.19% of the company’s stock.

Institutional Trading of PENN Entertainment

A number of institutional investors have recently modified their holdings of PENN. GAMMA Investing LLC lifted its position in PENN Entertainment by 88.5% during the third quarter. GAMMA Investing LLC now owns 2,716 shares of the company’s stock worth $51,000 after purchasing an additional 1,275 shares during the period. Healthcare of Ontario Pension Plan Trust Fund bought a new position in PENN Entertainment in the second quarter valued at approximately $5,841,000. Sanctuary Advisors LLC acquired a new position in PENN Entertainment during the second quarter valued at approximately $1,236,000. Cetera Investment Advisers lifted its stake in PENN Entertainment by 7.8% during the second quarter. Cetera Investment Advisers now owns 136,694 shares of the company’s stock worth $2,646,000 after purchasing an additional 9,887 shares during the last quarter. Finally, Quarry LP boosted its holdings in shares of PENN Entertainment by 76.7% in the 2nd quarter. Quarry LP now owns 4,291 shares of the company’s stock valued at $83,000 after purchasing an additional 1,862 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors.

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.