PENN Entertainment, Inc. (NASDAQ:PENN) Stake Lowered by BNP Paribas Financial Markets

BNP Paribas Financial Markets cut its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 87.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,407 shares of the company’s stock after selling 116,414 shares during the quarter. BNP Paribas Financial Markets’ holdings in PENN Entertainment were worth $309,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in PENN. Northwestern Mutual Wealth Management Co. grew its holdings in shares of PENN Entertainment by 4,624.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,456,094 shares of the company’s stock valued at $28,183,000 after purchasing an additional 1,425,274 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of PENN Entertainment by 1,051.0% during the third quarter. Assenagon Asset Management S.A. now owns 1,421,471 shares of the company’s stock valued at $26,809,000 after purchasing an additional 1,297,976 shares during the last quarter. Armistice Capital LLC grew its holdings in shares of PENN Entertainment by 91.9% during the second quarter. Armistice Capital LLC now owns 2,643,060 shares of the company’s stock valued at $51,156,000 after purchasing an additional 1,266,023 shares during the last quarter. Long Focus Capital Management LLC bought a new position in shares of PENN Entertainment during the second quarter valued at approximately $11,613,000. Finally, DME Capital Management LP grew its holdings in shares of PENN Entertainment by 11.9% during the second quarter. DME Capital Management LP now owns 5,095,340 shares of the company’s stock valued at $98,620,000 after purchasing an additional 540,630 shares during the last quarter. 91.69% of the stock is owned by institutional investors.

PENN Entertainment Stock Performance

Shares of NASDAQ:PENN opened at $20.79 on Monday. PENN Entertainment, Inc. has a one year low of $13.50 and a one year high of $27.20. The stock has a fifty day moving average of $19.97 and a 200-day moving average of $19.15. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 2.34.

PENN Entertainment (NASDAQ:PENN) last announced its earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.04. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the previous year, the business earned $1.21 EPS. The company’s revenue was up 1.2% on a year-over-year basis. Research analysts forecast that PENN Entertainment, Inc. will post -1.55 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently commented on PENN. Barclays lowered their target price on PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Wells Fargo & Company boosted their price objective on PENN Entertainment from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Macquarie boosted their price objective on PENN Entertainment from $26.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. JMP Securities reiterated a “market perform” rating on shares of PENN Entertainment in a research report on Friday, October 4th. Finally, Craig Hallum reiterated a “buy” rating and set a $30.00 price objective on shares of PENN Entertainment in a research report on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $23.53.

PENN Entertainment 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.