PENN Entertainment Sees Unusually Large Options Volume (NASDAQ:PENN)

PENN Entertainment, Inc. (NASDAQ:PENN) was the target of unusually large options trading activity on Wednesday. Stock traders acquired 30,750 call options on the company. This is an increase of approximately 77% compared to the typical daily volume of 17,381 call options.

PENN Entertainment Stock Down 2.0%

PENN stock opened at $16.48 on Friday. 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 has a 12 month low of $13.25 and a 12 month high of $23.08. The firm has a market cap of $2.49 billion, a PE ratio of -4.64, a P/E/G ratio of 1.55 and a beta of 1.57. The firm has a 50 day simple moving average of $15.32 and a 200 day simple moving average of $18.02.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.04. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The firm had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same period in the previous year, the company posted ($0.76) EPS. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. Equities research analysts forecast that PENN Entertainment will post -1.61 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PENN has been the topic of several recent analyst reports. Wall Street Zen raised PENN Entertainment from a “sell” rating to a “hold” rating in a research note on Monday, March 3rd. Morgan Stanley cut their target price on PENN Entertainment from $17.50 to $16.50 and set an “equal weight” rating on the stock in a research note on Wednesday, April 16th. Benchmark reaffirmed a “hold” rating on shares of PENN Entertainment in a research note on Monday, May 19th. Stifel Nicolaus reduced their price target on shares of PENN Entertainment from $22.00 to $19.00 and set a “hold” rating for the company in a research note on Tuesday, March 18th. Finally, Wells Fargo & Company upped their price target on shares of PENN Entertainment from $20.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Monday, March 3rd. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, PENN Entertainment presently has a consensus rating of “Hold” and an average price target of $23.23.

Insider Buying and Selling

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

Hedge Funds Weigh In On PENN Entertainment

Large investors have recently made changes to their positions in the business. Strs Ohio purchased a new stake in shares of PENN Entertainment during the 1st quarter worth about $1,346,000. SCS Capital Management LLC acquired a new stake in shares of PENN Entertainment in the 1st quarter valued at $200,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of PENN Entertainment by 30.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 344,565 shares of the company’s stock valued at $5,620,000 after purchasing an additional 79,978 shares during the last quarter. Caxton Associates LLP acquired a new stake in shares of PENN Entertainment in the 1st quarter valued at $246,000. Finally, Sender Co & Partners Inc. lifted its stake in shares of PENN Entertainment by 155.4% in the 1st quarter. Sender Co & Partners Inc. now owns 86,880 shares of the company’s stock valued at $1,417,000 after purchasing an additional 52,869 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.