Raymond James & Associates Grows Position in PENN Entertainment, Inc. (NASDAQ:PENN)

Raymond James & Associates raised its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 159.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 403,699 shares of the company’s stock after purchasing an additional 247,873 shares during the quarter. Raymond James & Associates owned approximately 0.26% of PENN Entertainment worth $7,614,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of PENN Entertainment by 4,624.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,456,094 shares of the company’s stock worth $28,183,000 after buying an additional 1,425,274 shares in the last quarter. Armistice Capital LLC lifted its holdings in shares of PENN Entertainment by 91.9% in the second quarter. Armistice Capital LLC now owns 2,643,060 shares of the company’s stock worth $51,156,000 after buying an additional 1,266,023 shares in the last quarter. Invenomic Capital Management LP lifted its holdings in shares of PENN Entertainment by 71.9% in the first quarter. Invenomic Capital Management LP now owns 1,884,284 shares of the company’s stock worth $34,313,000 after buying an additional 787,968 shares in the last quarter. National Bank of Canada FI lifted its holdings in shares of PENN Entertainment by 284.6% in the first quarter. National Bank of Canada FI now owns 968,514 shares of the company’s stock worth $17,637,000 after buying an additional 716,686 shares in the last quarter. Finally, Long Focus Capital Management LLC purchased a new stake in shares of PENN Entertainment in the second quarter worth about $11,613,000. 91.69% of the stock is owned by hedge funds and other institutional investors.

PENN Entertainment Stock Performance

NASDAQ:PENN opened at $20.70 on Thursday. The firm has a market cap of $3.16 billion, a PE ratio of -2.55 and a beta of 2.10. PENN Entertainment, Inc. has a fifty-two week low of $13.50 and a fifty-two week 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 business has a 50 day moving average price of $18.96 and a 200-day moving average price of $18.20.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.09. The firm had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.65 billion. PENN Entertainment had a negative return on equity of 7.13% and a negative net margin of 19.48%. The business’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.48 earnings per share. Equities research analysts predict that PENN Entertainment, Inc. will post -1.4 earnings per share for the current year.

Wall Street Analyst Weigh In

PENN has been the topic of several research analyst reports. Barclays decreased their price objective on shares of PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Truist Financial decreased their price objective on shares of PENN Entertainment from $25.00 to $23.00 and set a “buy” rating on the stock in a research report on Wednesday, October 23rd. Mizuho decreased their price objective on shares of PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 22nd. Macquarie restated an “outperform” rating and issued a $26.00 price objective on shares of PENN Entertainment in a research report on Friday, August 9th. Finally, JMP Securities restated a “market perform” rating on shares of PENN Entertainment in a research report on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $22.96.

Insider Buying and Selling

In other PENN Entertainment news, Director Anuj Dhanda purchased 15,000 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was bought at an average price of $18.40 per share, with a total value of $276,000.00. Following the completion of the purchase, the director now directly owns 31,523 shares of the company’s stock, valued at $580,023.20. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Anuj Dhanda acquired 15,000 shares of the stock in a transaction on Friday, September 6th. The stock was acquired at an average price of $18.40 per share, with a total value of $276,000.00. Following the completion of the transaction, the director now owns 31,523 shares of the company’s stock, valued at $580,023.20. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jay A. Snowden acquired 54,200 shares of the stock in a transaction 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 transaction, the chief executive officer now directly owns 853,045 shares of the company’s stock, valued at approximately $15,730,149.80. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 79,200 shares of company stock valued at $1,450,548 over the last quarter. 2.19% of the stock is owned by company insiders.

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.