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

PENN Entertainment, Inc. (NASDAQ:PENN) was the target of some unusual options trading on Friday. Investors acquired 29,715 call options on the company. This represents an increase of approximately 62% compared to the typical volume of 18,317 call options.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Wells Fargo & Company boosted their price objective on shares of PENN Entertainment from $20.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Monday, March 3rd. Macquarie reaffirmed an “outperform” rating and issued a $26.00 price target on shares of PENN Entertainment in a report on Friday, February 28th. Benchmark reissued a “hold” rating on shares of PENN Entertainment in a research note on Monday, March 3rd. Bank of America assumed coverage on PENN Entertainment in a research report on Wednesday, November 13th. They set a “neutral” rating and a $22.00 price objective for the company. Finally, StockNews.com upgraded PENN Entertainment from a “sell” rating to a “hold” rating in a report on Monday, March 3rd. Ten analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $23.69.

PENN Entertainment Stock Down 5.1 %

Shares of NASDAQ:PENN opened at $18.28 on Friday. PENN Entertainment has a 12-month low of $13.50 and a 12-month high of $23.08. The stock’s 50-day moving average price is $20.41 and its two-hundred day moving average price is $19.79. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 2.34. The firm has a market cap of $2.80 billion, a price-to-earnings ratio of -5.15, a PEG ratio of 1.55 and a beta of 2.19.

Institutional Investors Weigh In On PENN Entertainment

Several hedge funds have recently modified their holdings of the stock. International Assets Investment Management LLC raised its stake in PENN Entertainment by 1,634.8% during the third quarter. International Assets Investment Management LLC now owns 3,244 shares of the company’s stock worth $61,000 after purchasing an additional 3,057 shares during the period. New York State Teachers Retirement System increased its holdings in shares of PENN Entertainment by 0.9% during the 3rd quarter. New York State Teachers Retirement System now owns 186,900 shares of the company’s stock worth $3,525,000 after buying an additional 1,700 shares during the last quarter. Graypoint LLC raised its position in shares of PENN Entertainment by 8.9% in the 3rd quarter. Graypoint LLC now owns 20,382 shares of the company’s stock worth $384,000 after buying an additional 1,667 shares during the period. State of New Jersey Common Pension Fund D acquired a new position in PENN Entertainment in the third quarter valued at $1,921,000. Finally, Wolverine Asset Management LLC grew its position in PENN Entertainment by 112.9% during the third quarter. Wolverine Asset Management LLC now owns 57,745 shares of the company’s stock valued at $1,089,000 after acquiring an additional 30,617 shares during the period. 91.69% of the stock is 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.