PENN Entertainment (NASDAQ:PENN) Earns Neutral Rating from Analysts at Bank of America

Equities researchers at Bank of America assumed coverage on shares of PENN Entertainment (NASDAQ:PENN) in a report issued on Wednesday. The brokerage set a “neutral” rating and a $22.00 price target on the stock. Bank of America‘s price target suggests a potential upside of 2.14% from the company’s previous close.

A number of other analysts have also issued reports on the company. Morgan Stanley dropped their target price on PENN Entertainment from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 22nd. Wells Fargo & Company lifted their price objective on PENN Entertainment from $18.00 to $20.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. JMP Securities reiterated a “market perform” rating on shares of PENN Entertainment in a research note on Friday, October 4th. Truist Financial dropped their price target on shares of PENN Entertainment from $25.00 to $23.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Finally, Craig Hallum reiterated a “buy” rating and set a $30.00 price objective on shares of PENN Entertainment in a research note on Tuesday, October 8th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $23.29.

PENN Entertainment Stock Up 5.3 %

Shares of NASDAQ:PENN opened at $21.54 on Wednesday. PENN Entertainment has a 1 year low of $13.50 and a 1 year high of $27.20. The stock has a 50-day simple moving average of $19.06 and a 200-day simple moving average of $18.37. The stock has a market capitalization of $3.29 billion, a P/E ratio of -6.07 and a beta of 2.09. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.94 and a current ratio of 0.94.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.24) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.04. The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.65 billion. PENN Entertainment had a negative return on equity of 14.44% and a negative net margin of 8.51%. PENN Entertainment’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.21 EPS. Equities analysts forecast that PENN Entertainment will post -1.52 earnings per share for the current year.

Insider Activity at PENN Entertainment

In other news, CEO Jay A. Snowden acquired 54,200 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was bought 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 directly owns 853,045 shares in the company, valued at approximately $15,730,149.80. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CEO Jay A. Snowden bought 54,200 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was bought at an average cost of $18.44 per share, for a total transaction of $999,448.00. Following the transaction, the chief executive officer now owns 853,045 shares of the company’s stock, valued at $15,730,149.80. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David A. Handler bought 10,000 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was acquired at an average price of $17.51 per share, for a total transaction of $175,100.00. Following the transaction, the director now owns 293,450 shares of the company’s stock, valued at approximately $5,138,309.50. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 79,200 shares of company stock valued at $1,450,548. Corporate insiders own 2.19% of the company’s stock.

Institutional Investors Weigh In On PENN Entertainment

A number of hedge funds have recently added to or reduced their stakes in PENN. Dynamic Technology Lab Private Ltd bought a new position in shares of PENN Entertainment during the third quarter valued at about $1,699,000. Charles Schwab Investment Management Inc. lifted its stake in shares of PENN Entertainment by 12.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,282,024 shares of the company’s stock valued at $24,179,000 after buying an additional 146,645 shares in the last quarter. Landscape Capital Management L.L.C. bought a new position in shares of PENN Entertainment in the third quarter worth $645,000. Jennison Associates LLC grew its holdings in PENN Entertainment by 103.9% during the 3rd quarter. Jennison Associates LLC now owns 768,503 shares of the company’s stock valued at $14,494,000 after buying an additional 391,640 shares in the last quarter. Finally, Pathstone Holdings LLC lifted its stake in PENN Entertainment by 10.2% in the 3rd quarter. Pathstone Holdings LLC now owns 394,244 shares of the company’s stock worth $7,435,000 after purchasing an additional 36,347 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors.

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.