PENN Entertainment (NASDAQ:PENN) Stock Price Up 4.7% – Here’s Why

PENN Entertainment, Inc. (NASDAQ:PENN) traded up 4.7% on Thursday . The company traded as high as $20.41 and last traded at $20.34. 2,643,380 shares traded hands during trading, a decline of 46% from the average session volume of 4,871,614 shares. The stock had previously closed at $19.43.

Analyst Ratings Changes

PENN has been the topic of a number of recent analyst reports. JMP Securities restated a “market perform” rating on shares of PENN Entertainment in a research report on Friday, October 4th. JPMorgan Chase & Co. upgraded shares of PENN Entertainment from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $19.00 to $27.00 in a research report on Friday. Morgan Stanley reduced their price target on shares of 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. Craig Hallum restated a “buy” rating and set a $30.00 price objective on shares of PENN Entertainment in a research report on Tuesday, October 8th. Finally, Mizuho reduced their target price on PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $23.53.

PENN Entertainment Stock Performance

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 capitalization of $3.17 billion, a P/E ratio of -5.84 and a beta of 2.08. The company has a 50-day moving average of $19.93 and a 200-day moving average of $19.09.

PENN Entertainment (NASDAQ:PENN) last issued its earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.04. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same period in the prior year, the firm earned $1.21 earnings per share. PENN Entertainment’s revenue was up 1.2% on a year-over-year basis. On average, equities analysts anticipate that PENN Entertainment, Inc. will post -1.53 earnings per share for the current fiscal year.

Institutional Investors Weigh In On PENN Entertainment

A number of institutional investors and hedge funds have recently made changes to their positions in the business. DekaBank Deutsche Girozentrale bought a new stake in PENN Entertainment during the 3rd quarter worth approximately $45,000. GAMMA Investing LLC grew its holdings in PENN Entertainment by 88.5% during the third quarter. GAMMA Investing LLC now owns 2,716 shares of the company’s stock worth $51,000 after buying an additional 1,275 shares in the last quarter. Quest Partners LLC bought a new position in PENN Entertainment during the 3rd quarter valued at $56,000. International Assets Investment Management LLC raised its stake in shares of PENN Entertainment by 1,634.8% during the 3rd 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. Finally, Quarry LP grew its position in PENN Entertainment by 76.7% during the second quarter. Quarry LP now owns 4,291 shares of the company’s stock valued at $83,000 after buying an additional 1,862 shares during the period. Institutional investors and hedge funds own 91.69% of the company’s stock.

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.