PENN Entertainment (NASDAQ:PENN) Sees Large Volume Increase – Here’s Why

PENN Entertainment, Inc. (NASDAQ:PENN) saw an uptick in trading volume on Monday . 7,918,603 shares traded hands during trading, an increase of 42% from the previous session’s volume of 5,570,471 shares.The stock last traded at $19.71 and had previously closed at $19.19.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Craig Hallum reiterated a “buy” rating and issued a $30.00 target price on shares of PENN Entertainment in a report on Tuesday, October 8th. Benchmark reissued a “hold” rating on shares of PENN Entertainment in a research report on Friday, November 8th. Susquehanna dropped their target price on shares of PENN Entertainment from $26.00 to $25.00 and set a “positive” rating on the stock in a report on Monday, November 4th. Needham & Company LLC reiterated a “buy” rating and set a $26.00 price target on shares of PENN Entertainment in a report on Friday, November 8th. Finally, Wells Fargo & Company upped their price target on PENN Entertainment from $18.00 to $20.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $23.44.

PENN Entertainment Price Performance

The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 2.34. The company’s 50 day moving average is $19.93 and its 200 day moving average is $19.34. The firm has a market capitalization of $3.15 billion, a price-to-earnings ratio of -5.82 and a beta of 2.08.

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

Institutional Trading of PENN Entertainment

Several large investors have recently made changes to their positions in PENN. DME Capital Management LP lifted its position in shares of PENN Entertainment by 11.9% during the 2nd quarter. DME Capital Management LP now owns 5,095,340 shares of the company’s stock worth $98,620,000 after buying an additional 540,630 shares during the last quarter. Earnest Partners LLC lifted its holdings in shares of PENN Entertainment by 4.6% in the second quarter. Earnest Partners LLC now owns 4,117,946 shares of the company’s stock worth $79,703,000 after acquiring an additional 179,813 shares during the last quarter. Armistice Capital LLC boosted its stake in shares of PENN Entertainment by 91.9% in the 2nd quarter. Armistice Capital LLC now owns 2,643,060 shares of the company’s stock valued at $51,156,000 after purchasing an additional 1,266,023 shares in the last quarter. Sei Investments Co. grew its holdings in shares of PENN Entertainment by 3.7% during the 2nd quarter. Sei Investments Co. now owns 2,461,074 shares of the company’s stock valued at $47,634,000 after purchasing an additional 88,797 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its position in PENN Entertainment by 4,624.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,456,094 shares of the company’s stock valued at $28,183,000 after buying an additional 1,425,274 shares in the last quarter. Institutional investors and hedge funds own 91.69% of the company’s stock.

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.