PENN Entertainment Sees Unusually High Options Volume (NASDAQ:PENN)

PENN Entertainment, Inc. (NASDAQ:PENN) was the recipient of unusually large options trading activity on Wednesday. Stock traders acquired 65,631 call options on the stock. This represents an increase of approximately 308% compared to the average volume of 16,100 call options.

Insider Buying and Selling

In related news, CEO Jay A. Snowden bought 54,200 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average cost of $18.44 per share, with a total value of $999,448.00. Following the completion of the acquisition, the chief executive officer now owns 853,045 shares of the company’s stock, valued at $15,730,149.80. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Jay A. Snowden acquired 54,200 shares of PENN Entertainment stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average price of $18.44 per share, for a total transaction of $999,448.00. Following the transaction, the chief executive officer now directly owns 853,045 shares of the company’s stock, valued at $15,730,149.80. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David A. Handler bought 10,000 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was bought at an average cost of $17.51 per share, for a total transaction of $175,100.00. Following the completion of the transaction, the director now directly owns 293,450 shares of the company’s stock, valued at $5,138,309.50. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired a total of 79,200 shares of company stock worth $1,450,548 over the last quarter. 2.19% of the stock is owned by company insiders.

Hedge Funds Weigh In On PENN Entertainment

A number of institutional investors have recently bought and sold shares of the stock. Driehaus Capital Management LLC acquired a new position in shares of PENN Entertainment in the second quarter worth about $4,535,000. Capstone Investment Advisors LLC boosted its stake in PENN Entertainment by 281.4% in the 1st quarter. Capstone Investment Advisors LLC now owns 59,049 shares of the company’s stock worth $1,075,000 after purchasing an additional 43,566 shares during the period. Virtu Financial LLC purchased a new position in PENN Entertainment during the 1st quarter worth approximately $1,098,000. Cetera Advisors LLC raised its stake in PENN Entertainment by 184.3% during the 1st quarter. Cetera Advisors LLC now owns 60,708 shares of the company’s stock valued at $1,105,000 after purchasing an additional 39,356 shares during the period. Finally, Axxcess Wealth Management LLC lifted its holdings in shares of PENN Entertainment by 300.5% in the first quarter. Axxcess Wealth Management LLC now owns 36,975 shares of the company’s stock valued at $673,000 after purchasing an additional 27,743 shares in the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.

PENN Entertainment Trading Down 0.4 %

Shares of NASDAQ:PENN opened at $20.70 on Thursday. 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 stock has a market capitalization of $3.16 billion, a price-to-earnings ratio of -2.55 and a beta of 2.10. PENN Entertainment has a 1-year low of $13.50 and a 1-year high of $27.20. The company 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, topping the consensus estimate of ($0.27) by $0.09. The business 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 company’s revenue was down .7% compared to the same quarter last year. During the same period last year, the company posted $0.48 EPS. On average, research analysts anticipate that PENN Entertainment will post -1.4 EPS for the current fiscal year.

Analysts Set New Price Targets

PENN has been the subject of several recent analyst reports. Craig Hallum restated a “buy” rating and issued a $30.00 target price on shares of PENN Entertainment in a research report on Tuesday, October 8th. Wells Fargo & Company raised their target price on PENN Entertainment from $18.00 to $20.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Stifel Nicolaus boosted their price target on PENN Entertainment from $19.00 to $20.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Barclays lowered their price target on PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock a “hold” rating in a report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, PENN Entertainment has an average rating of “Hold” and a consensus price target of $22.96.

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.