Needham & Company LLC Lowers PENN Entertainment (NASDAQ:PENN) Price Target to $22.00

PENN Entertainment (NASDAQ:PENN) had its target price cut by equities research analysts at Needham & Company LLC from $25.00 to $22.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Needham & Company LLC’s price target would suggest a potential upside of 29.72% from the company’s current price.

PENN has been the topic of a number of other reports. Mizuho lowered their price target on PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Monday, May 12th. Stifel Nicolaus lifted their price target on PENN Entertainment from $17.00 to $19.00 and gave the stock a “hold” rating in a research note on Friday, July 11th. Morgan Stanley reaffirmed a “sell” rating on shares of PENN Entertainment in a research note on Friday, July 11th. Canaccord Genuity Group lowered their price target on PENN Entertainment from $28.00 to $26.00 and set a “buy” rating on the stock in a research note on Monday, May 5th. Finally, Benchmark reaffirmed a “hold” rating on shares of PENN Entertainment in a research note on Monday, May 19th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, PENN Entertainment presently has an average rating of “Hold” and an average target price of $23.25.

PENN Entertainment Stock Up 0.2%

Shares of PENN opened at $16.96 on Friday. 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 12 month low of $13.25 and a 12 month high of $23.08. The stock’s 50 day moving average is $17.51 and its two-hundred day moving average is $17.46. The firm has a market cap of $2.56 billion, a P/E ratio of -30.29 and a beta of 1.60.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.14. PENN Entertainment had a negative return on equity of 4.37% and a negative net margin of 1.12%. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period last year, the company earned ($0.18) earnings per share. PENN Entertainment’s quarterly revenue was up 6.1% compared to the same quarter last year. Analysts predict that PENN Entertainment will post -1.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On PENN Entertainment

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PENN. Invesco Ltd. raised its position in PENN Entertainment by 54.6% in the first quarter. Invesco Ltd. now owns 6,002,749 shares of the company’s stock valued at $97,905,000 after purchasing an additional 2,120,740 shares during the period. Raymond James Financial Inc. purchased a new stake in PENN Entertainment in the fourth quarter valued at $17,804,000. Assenagon Asset Management S.A. raised its position in PENN Entertainment by 6,920.2% in the second quarter. Assenagon Asset Management S.A. now owns 906,234 shares of the company’s stock valued at $16,194,000 after purchasing an additional 893,325 shares during the period. Invenomic Capital Management LP raised its position in PENN Entertainment by 87.8% in the first quarter. Invenomic Capital Management LP now owns 1,859,112 shares of the company’s stock valued at $30,322,000 after purchasing an additional 869,347 shares during the period. Finally, Benchstone Capital Management LP purchased a new stake in PENN Entertainment in the fourth quarter valued at $16,613,000. Hedge funds and other institutional investors own 91.69% 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.