PENN Entertainment (NASDAQ:PENN) Rating Increased to Market Outperform at JMP Securities

JMP Securities upgraded shares of PENN Entertainment (NASDAQ:PENN) from a market perform rating to a market outperform rating in a research report report published on Thursday,Benzinga reports. They currently have $24.00 target price on the stock.

PENN has been the topic of several other research reports. Needham & Company LLC lowered 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. Wall Street Zen upgraded shares of PENN Entertainment from a “sell” rating to a “hold” rating in a report on Monday, March 3rd. Benchmark reissued a “hold” rating on shares of PENN Entertainment in a report on Monday, May 19th. Citizens Jmp upgraded PENN Entertainment from a “market perform” rating to an “outperform” rating and set a $24.00 target price for the company in a research report on Thursday. Finally, Truist Financial lowered their price target on PENN Entertainment from $23.00 to $20.00 and set a “hold” rating on the stock in a research report on Wednesday, April 23rd. Nine investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $23.15.

PENN Entertainment Price Performance

Shares of NASDAQ:PENN opened at $18.26 on Thursday. The firm’s 50 day moving average is $15.80 and its two-hundred day moving average is $17.73. The firm has a market capitalization of $2.76 billion, a P/E ratio of -29.45 and a beta of 1.56. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 2.35. PENN Entertainment has a 52 week low of $13.25 and a 52 week high of $23.08.

PENN Entertainment (NASDAQ:PENN) last announced its earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share 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 firm had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same quarter in the previous year, the business earned ($0.76) EPS. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. Analysts anticipate that PENN Entertainment will post -1.61 earnings per share for the current year.

Insider Buying and Selling at PENN Entertainment

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

Institutional Trading of PENN Entertainment

A number of hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. increased its stake in shares of PENN Entertainment by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 725,147 shares of the company’s stock worth $14,372,000 after acquiring an additional 20,662 shares during the last quarter. IFP Advisors Inc raised its stake in shares of PENN Entertainment by 201.5% during the 4th quarter. IFP Advisors Inc now owns 1,574 shares of the company’s stock worth $31,000 after purchasing an additional 1,052 shares in the last quarter. Illinois Municipal Retirement Fund purchased a new stake in shares of PENN Entertainment during the 4th quarter worth about $1,757,000. Proficio Capital Partners LLC acquired a new stake in shares of PENN Entertainment during the 4th quarter valued at about $596,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of PENN Entertainment by 4.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,337,162 shares of the company’s stock valued at $26,503,000 after buying an additional 55,138 shares during the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.

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.