PENN Entertainment, Inc. (NASDAQ:PENN) Shares Sold by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. trimmed its position in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 92.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,909 shares of the company’s stock after selling 161,812 shares during the quarter. Assenagon Asset Management S.A.’s holdings in PENN Entertainment were worth $211,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in PENN. Contrarius Group Holdings Ltd acquired a new position in shares of PENN Entertainment during the fourth quarter worth about $34,994,000. Norges Bank purchased a new stake in PENN Entertainment during the fourth quarter worth about $27,901,000. Raymond James Financial Inc. purchased a new stake in PENN Entertainment during the fourth quarter worth about $17,804,000. Invesco Ltd. boosted its holdings in PENN Entertainment by 28.0% during the fourth quarter. Invesco Ltd. now owns 3,882,009 shares of the company’s stock worth $76,941,000 after buying an additional 848,066 shares in the last quarter. Finally, Benchstone Capital Management LP purchased a new stake in PENN Entertainment during the fourth quarter worth about $16,613,000. 91.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on PENN. Macquarie reissued an “outperform” rating and set a $26.00 price objective on shares of PENN Entertainment in a report on Friday, February 28th. Truist Financial decreased their price objective on shares of PENN Entertainment from $23.00 to $20.00 and set a “hold” rating on the stock in a report on Wednesday, April 23rd. Mizuho reduced 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. Wells Fargo & Company upped their price target on shares of PENN Entertainment from $20.00 to $24.00 and gave the company an “equal weight” rating in a report on Monday, March 3rd. Finally, Canaccord Genuity Group reduced their price target on shares of PENN Entertainment from $28.00 to $26.00 and set a “buy” rating on the stock in a report on Monday, May 5th. Eleven analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $23.23.

PENN Entertainment Stock Performance

NASDAQ:PENN opened at $17.28 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 company has a market cap of $2.61 billion, a P/E ratio of -27.87 and a beta of 1.56. PENN Entertainment, Inc. has a fifty-two week low of $13.25 and a fifty-two week high of $23.08. The firm’s 50 day moving average is $15.48 and its two-hundred day moving average is $17.85.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. PENN Entertainment had a negative net margin of 1.28% and a negative return on equity of 5.75%. The company had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter last year, the firm posted ($0.76) earnings per share. PENN Entertainment’s revenue was up 4.1% on a year-over-year basis. Analysts expect that PENN Entertainment, Inc. will post -1.61 EPS for the current year.

Insider Activity

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