Penn National Gaming (NASDAQ:PENN) Price Target Cut to $70.00 by Analysts at Truist Securities

Penn National Gaming (NASDAQ:PENN) had its price target decreased by analysts at Truist Securities from $95.00 to $70.00 in a research note issued to investors on Thursday, Stock Target Advisor reports. The firm currently has a “buy” rating on the stock. Truist Securities’ target price would indicate a potential upside of 57.48% from the stock’s current price. Truist Securities also issued estimates for Penn National Gaming’s Q4 2021 earnings at $0.47 EPS, FY2021 earnings at $2.63 EPS, Q1 2022 earnings at $0.35 EPS, Q2 2022 earnings at $0.62 EPS, Q3 2022 earnings at $0.52 EPS, Q4 2022 earnings at $0.52 EPS and FY2023 earnings at $2.53 EPS.

A number of other research analysts also recently issued reports on PENN. Citigroup started coverage on Penn National Gaming in a report on Tuesday, December 7th. They set a “hold” rating and a $60.00 price target on the stock. Jefferies Financial Group lowered their target price on Penn National Gaming from $81.00 to $62.00 and set a “hold” rating on the stock in a report on Friday, November 5th. Morgan Stanley lowered their target price on Penn National Gaming from $85.00 to $69.00 and set an “equal weight” rating on the stock in a report on Monday, November 8th. Credit Suisse Group lowered their target price on Penn National Gaming from $136.00 to $128.00 and set an “outperform” rating on the stock in a report on Friday, November 5th. Finally, The Goldman Sachs Group lowered their target price on Penn National Gaming from $128.00 to $115.00 and set a “buy” rating on the stock in a report on Wednesday, October 27th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $93.50.

Shares of NASDAQ:PENN opened at $44.45 on Thursday. The company has a market cap of $7.53 billion, a P/E ratio of 19.24 and a beta of 2.49. The company has a debt-to-equity ratio of 2.21, a current ratio of 2.82 and a quick ratio of 2.82. Penn National Gaming has a 1 year low of $43.36 and a 1 year high of $142.00. The stock’s fifty day moving average price is $50.87 and its 200-day moving average price is $65.78.

Penn National Gaming (NASDAQ:PENN) last announced its quarterly earnings results on Thursday, November 4th. The company reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.32). The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. Penn National Gaming had a net margin of 7.22% and a return on equity of 13.64%. The company’s revenue for the quarter was up 33.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.93 earnings per share. On average, sell-side analysts anticipate that Penn National Gaming will post 2.64 earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in PENN. Moors & Cabot Inc. grew its position in shares of Penn National Gaming by 350.9% during the third quarter. Moors & Cabot Inc. now owns 25,000 shares of the company’s stock worth $26,000 after purchasing an additional 19,455 shares in the last quarter. Meeder Asset Management Inc. grew its position in shares of Penn National Gaming by 428.8% during the third quarter. Meeder Asset Management Inc. now owns 386 shares of the company’s stock worth $28,000 after purchasing an additional 313 shares in the last quarter. Manchester Capital Management LLC purchased a new stake in shares of Penn National Gaming during the third quarter worth about $28,000. Crewe Advisors LLC grew its position in shares of Penn National Gaming by 43.6% during the second quarter. Crewe Advisors LLC now owns 494 shares of the company’s stock worth $38,000 after purchasing an additional 150 shares in the last quarter. Finally, Berman Capital Advisors LLC grew its position in shares of Penn National Gaming by 155.5% during the third quarter. Berman Capital Advisors LLC now owns 649 shares of the company’s stock worth $47,000 after purchasing an additional 395 shares in the last quarter. Hedge funds and other institutional investors own 78.52% of the company’s stock.

About Penn National Gaming

Penn National Gaming, Inc owns and manages gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. It operates through the following business segments: Northeast, South, West, and Midwest, and Other. The Northeast segment consists of properties including Ameristar East Chicago, Greektown Casino-Hotel, and Hollywood Casino Bangor.

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