JMP Securities Reaffirms Market Perform Rating for PENN Entertainment (NASDAQ:PENN)

JMP Securities reaffirmed their market perform rating on shares of PENN Entertainment (NASDAQ:PENN) in a research report report published on Friday, Benzinga reports.

PENN has been the subject of a number of other reports. Morgan Stanley decreased their target price on shares of PENN Entertainment from $21.00 to $20.00 and set an equal weight rating for the company in a research report on Wednesday, September 4th. Needham & Company LLC reiterated a buy rating and set a $26.00 price target on shares of PENN Entertainment in a research report on Thursday, August 8th. Craig Hallum raised shares of PENN Entertainment from a hold rating to a buy rating and increased their price target for the stock from $20.00 to $30.00 in a report on Friday, June 21st. Susquehanna reaffirmed a positive rating and issued a $26.00 price objective on shares of PENN Entertainment in a report on Friday, June 21st. Finally, Macquarie reiterated an outperform rating and issued a $26.00 price objective on shares of PENN Entertainment in a research report on Friday, August 9th. 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. Based on data from MarketBeat.com, PENN Entertainment has an average rating of Hold and a consensus price target of $23.77.

PENN Entertainment Stock Up 2.9 %

PENN Entertainment stock opened at $18.96 on Friday. The business’s 50-day simple moving average is $18.88 and its two-hundred day simple moving average is $18.02. 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 company has a market cap of $2.89 billion, a PE ratio of -2.54 and a beta of 2.10. PENN Entertainment has a fifty-two week low of $13.50 and a fifty-two week high of $27.20.

PENN Entertainment (NASDAQ:PENN) last issued 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. PENN Entertainment had a negative net margin of 19.48% and a negative return on equity of 7.13%. The company had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter in the prior year, the company earned $0.48 EPS. PENN Entertainment’s quarterly revenue was down .7% on a year-over-year basis. Equities analysts anticipate that PENN Entertainment will post -1.32 EPS for the current year.

Insider Activity at PENN Entertainment

In other PENN Entertainment news, Director Anuj Dhanda bought 15,000 shares of the business’s stock in a transaction 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 in the company, valued at $580,023.20. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Jay A. Snowden acquired 54,200 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $18.44 per share, with a total value of $999,448.00. Following the transaction, the chief executive officer now 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 acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Anuj Dhanda bought 15,000 shares of the business’s stock in a transaction on Friday, September 6th. The stock was purchased at an average cost of $18.40 per share, for a total transaction of $276,000.00. Following the transaction, the director now owns 31,523 shares of the company’s stock, valued at $580,023.20. 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 three months, insiders have acquired 79,200 shares of company stock worth $1,450,548. Insiders own 2.19% of the company’s stock.

Institutional Investors Weigh In On PENN Entertainment

A number of institutional investors have recently modified their holdings of PENN. GAMMA Investing LLC boosted its holdings in PENN Entertainment by 233.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,441 shares of the company’s stock valued at $28,000 after acquiring an additional 1,009 shares during the period. Neo Ivy Capital Management acquired a new position in shares of PENN Entertainment in the fourth quarter valued at approximately $40,000. J.Safra Asset Management Corp purchased a new stake in PENN Entertainment during the 2nd quarter worth approximately $83,000. Quarry LP increased its stake in PENN Entertainment by 76.7% during the 2nd quarter. Quarry LP now owns 4,291 shares of the company’s stock worth $83,000 after buying an additional 1,862 shares during the period. Finally, B. Riley Wealth Advisors Inc. lifted its holdings in PENN Entertainment by 7.0% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 9,674 shares of the company’s stock worth $252,000 after buying an additional 632 shares in the last quarter. 91.69% of the stock is owned by institutional investors and hedge funds.

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.