Analysts Set PENN Entertainment, Inc. (NASDAQ:PENN) Price Target at $23.23

by · The Markets Daily

PENN Entertainment, Inc. (NASDAQ:PENN – Get Free Report) has earned an average recommendation of “Moderate Buy” from the nineteen brokerages that are currently covering the stock, Marketbeat Ratings reports. Eight equities research analysts have rated the stock with a hold recommendation and eleven have given a buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $23.15.

A number of research firms have commented on PENN. JPMorgan Chase & Co. began coverage on shares of PENN Entertainment in a research note on Monday. They set an “overweight” rating and a $24.00 price objective for the company. Mizuho cut their price target on shares of PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Monday, May 12th. Benchmark reaffirmed a “hold” rating on shares of PENN Entertainment in a research note on Monday, May 19th. Wells Fargo & Company lifted their price objective on shares of PENN Entertainment from $20.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Monday, March 3rd. Finally, Needham & Company LLC cut their target price on shares of PENN Entertainment from $26.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, February 28th.

Read Our Latest Report on PENN

Insider Transactions at PENN Entertainment

In related news, Director David A. Handler purchased 10,000 shares of the stock in a transaction on Thursday, May 22nd. The shares were bought at an average price of $14.83 per share, for a total transaction of $148,300.00. Following the completion of the acquisition, the director now directly owns 322,941 shares in the company, valued at approximately $4,789,215.03. This trade represents a 3.20% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jay A. Snowden acquired 34,000 shares of PENN Entertainment stock in a transaction dated Thursday, May 22nd. The stock was purchased at an average price of $14.70 per share, with a total value of $499,800.00. Following the completion of the purchase, the chief executive officer now directly owns 1,082,625 shares of the company’s stock, valued at $15,914,587.50. The trade was a 3.24% increase in their position. The disclosure for this purchase can be found here. 2.67% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PENN. Invesco Ltd. lifted its position in PENN Entertainment by 54.6% during the 1st quarter. Invesco Ltd. now owns 6,002,749 shares of the company’s stock worth $97,905,000 after acquiring an additional 2,120,740 shares during the last quarter. Contrarius Group Holdings Ltd acquired a new position in shares of PENN Entertainment during the 4th quarter worth about $34,994,000. Norges Bank acquired a new stake in PENN Entertainment in the 4th quarter valued at approximately $27,901,000. Raymond James Financial Inc. bought a new position in PENN Entertainment in the 4th quarter worth approximately $17,804,000. Finally, Invenomic Capital Management LP lifted its holdings in shares of PENN Entertainment by 87.8% during the first quarter. Invenomic Capital Management LP now owns 1,859,112 shares of the company’s stock worth $30,322,000 after buying an additional 869,347 shares during the last quarter. 91.69% of the stock is currently owned by institutional investors and hedge funds.

PENN Entertainment Stock Performance

PENN opened at $18.26 on Friday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 2.35. The firm has a market cap of $2.76 billion, a PE ratio of -29.45 and a beta of 1.56. The business has a fifty day simple moving average of $15.80 and a 200-day simple moving average of $17.73. PENN Entertainment has a fifty-two week low of $13.25 and a fifty-two week high of $23.08.

PENN Entertainment (NASDAQ:PENN – Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.29) by $0.04. PENN Entertainment had a negative return on equity of 5.75% and a negative net margin of 1.28%. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the prior year, the business posted ($0.76) earnings per share. PENN Entertainment’s revenue was up 4.1% compared to the same quarter last year. As a group, equities analysts predict that PENN Entertainment will post -1.61 EPS for the current fiscal year.

About PENN Entertainment

(Get Free Report

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.

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