PENN Entertainment, Inc. (NASDAQ:PENN) Receives Consensus Recommendation of “Hold” from Brokerages

PENN Entertainment, Inc. (NASDAQ:PENN) has received an average rating of “Hold” from the eighteen analysts that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $21.1250.

A number of research firms have commented on PENN. Stifel Nicolaus raised shares of PENN Entertainment from a “hold” rating to a “buy” rating and upped their price objective for the company from $19.00 to $21.00 in a research note on Friday, November 7th. Weiss Ratings restated a “sell (d-)” rating on shares of PENN Entertainment in a research report on Monday, December 29th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $17.00 price objective on shares of PENN Entertainment in a research note on Wednesday, December 24th. Wells Fargo & Company assumed coverage on shares of PENN Entertainment in a research note on Tuesday, November 18th. They set an “underweight” rating and a $15.00 target price on the stock. Finally, Morgan Stanley reduced their target price on PENN Entertainment from $17.00 to $15.00 and set an “equal weight” rating for the company in a report on Friday, January 16th.

PENN Entertainment Stock Performance

PENN opened at $12.84 on Friday. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 3.65. The firm has a market cap of $1.71 billion, a PE ratio of -2.02, a P/E/G ratio of 0.44 and a beta of 1.34. The business has a fifty day simple moving average of $14.30 and a 200-day simple moving average of $16.63. PENN Entertainment has a fifty-two week low of $12.66 and a fifty-two week high of $23.08.

PENN Entertainment (NASDAQ:PENN) last announced its earnings results on Thursday, November 6th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.12). PENN Entertainment had a negative return on equity of 4.59% and a negative net margin of 13.24%.The company had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period last year, the firm earned ($0.24) earnings per share. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. As a group, equities analysts predict that PENN Entertainment will post -1.61 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director David A. Handler purchased 20,000 shares of PENN Entertainment stock in a transaction dated Monday, November 17th. The stock was acquired at an average cost of $14.25 per share, with a total value of $285,000.00. Following the completion of the transaction, the director directly owned 362,941 shares of the company’s stock, valued at $5,171,909.25. This trade represents a 5.83% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Gupta Vimla Black sold 7,987 shares of the firm’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $14.51, for a total transaction of $115,891.37. Following the sale, the director owned 25,000 shares of the company’s stock, valued at approximately $362,750. This represents a 24.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders bought a total of 62,015 shares of company stock valued at $882,778 in the last 90 days. Insiders own 2.67% of the company’s stock.

Institutional Investors Weigh In On PENN Entertainment

Institutional investors have recently modified their holdings of the stock. Shapiro Capital Management LLC increased its stake in shares of PENN Entertainment by 6.6% in the third quarter. Shapiro Capital Management LLC now owns 6,856,778 shares of the company’s stock worth $132,062,000 after acquiring an additional 425,190 shares during the last quarter. Hill Path Capital LP boosted its position in PENN Entertainment by 64.4% during the third quarter. Hill Path Capital LP now owns 5,759,820 shares of the company’s stock valued at $110,934,000 after purchasing an additional 2,257,000 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in PENN Entertainment by 74.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 3,930,293 shares of the company’s stock valued at $75,697,000 after purchasing an additional 1,679,953 shares in the last quarter. Earnest Partners LLC increased its position in PENN Entertainment by 0.6% in the 3rd quarter. Earnest Partners LLC now owns 2,961,273 shares of the company’s stock worth $57,034,000 after purchasing an additional 18,099 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of PENN Entertainment during the 2nd quarter worth about $39,737,000. Institutional investors and hedge funds own 91.69% of the company’s stock.

PENN Entertainment Company Profile

PENN Entertainment, Inc (NASDAQ: PENN) is a leading operator of gaming and racing facilities in the United States. The company’s business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company’s portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.