Armistice Capital LLC Decreases Stock Position in PENN Entertainment, Inc. $PENN

Armistice Capital LLC lessened its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 54.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,413,588 shares of the company’s stock after selling 1,672,469 shares during the period. PENN Entertainment makes up about 0.4% of Armistice Capital LLC’s portfolio, making the stock its 28th biggest position. Armistice Capital LLC owned approximately 0.97% of PENN Entertainment worth $25,261,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership acquired a new position in PENN Entertainment during the second quarter valued at $40,214,000. Banco Bilbao Vizcaya Argentaria S.A. purchased a new stake in shares of PENN Entertainment during the first quarter worth about $289,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of PENN Entertainment by 711.8% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 119,490 shares of the company’s stock valued at $2,135,000 after acquiring an additional 104,770 shares in the last quarter. Peregrine Capital Management LLC grew its holdings in shares of PENN Entertainment by 13.6% during the second quarter. Peregrine Capital Management LLC now owns 315,633 shares of the company’s stock worth $5,640,000 after buying an additional 37,888 shares in the last quarter. Finally, Baron Wealth Management LLC purchased a new position in PENN Entertainment in the 2nd quarter worth approximately $650,000. Institutional investors and hedge funds own 91.69% of the company’s stock.

Insider Buying and Selling at PENN Entertainment

In other news, Director Gupta Vimla Black sold 7,987 shares of the stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $14.51, for a total value of $115,891.37. Following the sale, the director directly owned 25,000 shares in the company, valued at $362,750. This represents a 24.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jay A. Snowden acquired 34,700 shares of PENN Entertainment stock in a transaction dated Friday, November 7th. The stock was bought at an average price of $14.32 per share, for a total transaction of $496,904.00. Following the completion of the transaction, the chief executive officer directly owned 1,117,325 shares of the company’s stock, valued at approximately $16,000,094. This represents a 3.21% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired 62,015 shares of company stock valued at $882,778 over the last three months. Company insiders own 2.67% of the company’s stock.

Analyst Ratings Changes

PENN has been the subject of several recent analyst reports. Stifel Nicolaus upgraded shares of PENN Entertainment from a “hold” rating to a “buy” rating and raised their price objective for the stock from $19.00 to $21.00 in a research report on Friday, November 7th. Wells Fargo & Company initiated coverage on shares of PENN Entertainment in a report on Tuesday, November 18th. They set an “underweight” rating and a $15.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of PENN Entertainment in a research note on Monday. Needham & Company LLC reaffirmed a “hold” rating on shares of PENN Entertainment in a research report on Friday, November 7th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of PENN Entertainment from $19.00 to $17.00 and set a “hold” rating for the company in a research report on Friday, November 7th. Ten equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $21.56.

PENN Entertainment Stock Performance

NASDAQ PENN opened at $14.01 on Friday. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 3.65. PENN Entertainment, Inc. has a 12-month low of $13.24 and a 12-month high of $23.08. The business’s 50 day moving average is $15.71 and its two-hundred day moving average is $17.28. The stock has a market capitalization of $1.87 billion, a price-to-earnings ratio of -2.21 and a beta of 1.40.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.12). The company had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.73 billion. PENN Entertainment had a negative return on equity of 4.59% and a negative net margin of 13.24%.The firm’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.24) EPS. Research analysts expect that PENN Entertainment, Inc. will post -1.61 EPS for the current year.

PENN Entertainment 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.