PENN Entertainment (NASDAQ:PENN) Shares Up 4.4% – Still a Buy?

PENN Entertainment, Inc. (NASDAQ:PENN)’s share price rose 4.4% during mid-day trading on Tuesday . The stock traded as high as $19.62 and last traded at $19.55. Approximately 2,178,744 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 4,805,648 shares. The stock had previously closed at $18.73.

Analysts Set New Price Targets

Several brokerages have weighed in on PENN. JMP Securities reaffirmed a “market perform” rating on shares of PENN Entertainment in a report on Friday, October 4th. StockNews.com upgraded PENN Entertainment from a “sell” rating to a “hold” rating in a research note on Tuesday, December 17th. Needham & Company LLC restated a “buy” rating and issued a $26.00 price objective on shares of PENN Entertainment in a research report on Friday, November 8th. Benchmark reiterated a “hold” rating on shares of PENN Entertainment in a research report on Friday, November 8th. Finally, Susquehanna decreased their target price on PENN Entertainment from $26.00 to $25.00 and set a “positive” rating on the stock in a research note on Monday, November 4th. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, PENN Entertainment currently has an average rating of “Moderate Buy” and an average target price of $23.53.

PENN Entertainment Price Performance

The company has a market cap of $3.00 billion, a P/E ratio of -5.54 and a beta of 2.08. The firm’s 50-day moving average is $19.97 and its two-hundred day moving average is $19.30. The company has a debt-to-equity ratio of 2.34, a current ratio of 0.94 and a quick ratio of 0.94.

PENN Entertainment (NASDAQ:PENN) last posted its earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.04. The firm had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.65 billion. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. During the same period in the previous year, the firm posted $1.21 EPS. The business’s quarterly revenue was up 1.2% on a year-over-year basis. Analysts anticipate that PENN Entertainment, Inc. will post -1.55 earnings per share for the current year.

Institutional Investors Weigh In On PENN Entertainment

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PENN. Tidal Investments LLC increased its position in shares of PENN Entertainment by 35.2% during the 3rd quarter. Tidal Investments LLC now owns 14,888 shares of the company’s stock valued at $281,000 after purchasing an additional 3,879 shares during the last quarter. Neo Ivy Capital Management purchased a new position in PENN Entertainment during the third quarter worth $716,000. Sender Co & Partners Inc. bought a new position in PENN Entertainment during the third quarter valued at $321,000. M&T Bank Corp raised its stake in shares of PENN Entertainment by 4.2% in the third quarter. M&T Bank Corp now owns 12,460 shares of the company’s stock valued at $235,000 after acquiring an additional 497 shares during the period. Finally, MML Investors Services LLC raised its stake in shares of PENN Entertainment by 27.6% in the third quarter. MML Investors Services LLC now owns 49,613 shares of the company’s stock valued at $936,000 after acquiring an additional 10,740 shares during the period. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

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.