PENN Entertainment (NASDAQ:PENN) Now Covered by Raymond James

Raymond James started coverage on shares of PENN Entertainment (NASDAQ:PENN) in a research report released on Tuesday morning, MarketBeat.com reports. The brokerage issued an outperform rating and a $20.00 price objective on the stock.

PENN has been the topic of a number of other research reports. Wells Fargo & Company reduced their target price on PENN Entertainment from $21.00 to $18.00 and set an equal weight rating on the stock in a report on Friday, May 3rd. Morgan Stanley boosted their target price on PENN Entertainment from $21.00 to $22.00 and gave the stock an equal weight rating in a report on Tuesday, April 9th. Truist Financial upgraded shares of PENN Entertainment from a hold rating to a buy rating and set a $23.00 price target on the stock in a report on Tuesday, April 23rd. Craig Hallum reduced their price target on shares of PENN Entertainment from $25.00 to $20.00 and set a hold rating on the stock in a research report on Friday, May 3rd. Finally, Bank of America downgraded shares of PENN Entertainment from a buy rating to a neutral rating and cut their target price for the company from $28.00 to $17.50 in a research note on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $24.18.

PENN Entertainment Price Performance

PENN stock opened at $16.03 on Tuesday. PENN Entertainment has a one year low of $13.50 and a one year high of $29.38. The company has a 50 day moving average price of $16.80 and a two-hundred day moving average price of $20.70. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 2.33.

PENN Entertainment (NASDAQ:PENN) last released its earnings results on Thursday, May 2nd. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.20). PENN Entertainment had a negative return on equity of 3.53% and a negative net margin of 17.77%. The business had revenue of $1.61 billion for the quarter, compared to analysts’ expectations of $1.63 billion. As a group, sell-side analysts forecast that PENN Entertainment will post -1.35 EPS for the current fiscal year.

Insider Activity at PENN Entertainment

In other news, Director David A. Handler purchased 20,000 shares of the business’s stock in a transaction on Monday, May 6th. The stock was purchased at an average price of $15.37 per share, with a total value of $307,400.00. Following the acquisition, the director now directly owns 243,450 shares in the company, valued at approximately $3,741,826.50. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. In other PENN Entertainment news, CFO Felicia Hendrix purchased 16,157 shares of the business’s stock in a transaction on Monday, May 6th. The stock was purchased at an average price of $15.47 per share, for a total transaction of $249,948.79. Following the completion of the purchase, the chief financial officer now directly owns 68,596 shares in the company, valued at $1,061,180.12. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David A. Handler acquired 20,000 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were bought at an average cost of $15.37 per share, for a total transaction of $307,400.00. Following the completion of the acquisition, the director now directly owns 243,450 shares of the company’s stock, valued at approximately $3,741,826.50. The disclosure for this purchase can be found here. 2.19% of the stock is owned by corporate insiders.

Institutional Trading of PENN Entertainment

Several institutional investors have recently bought and sold shares of PENN. Norges Bank bought a new position in PENN Entertainment in the 4th quarter valued at $42,758,000. ING Groep NV bought a new position in PENN Entertainment in the 4th quarter valued at $32,556,000. Kettle Hill Capital Management LLC bought a new stake in shares of PENN Entertainment during the third quarter worth $19,792,000. Invenomic Capital Management LP lifted its stake in shares of PENN Entertainment by 71.9% during the first quarter. Invenomic Capital Management LP now owns 1,884,284 shares of the company’s stock valued at $34,313,000 after acquiring an additional 787,968 shares during the period. Finally, Sei Investments Co. boosted its holdings in PENN Entertainment by 52.8% in the fourth quarter. Sei Investments Co. now owns 2,098,203 shares of the company’s stock valued at $54,595,000 after acquiring an additional 725,221 shares during the last quarter. 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.