Mizuho Increases PENN Entertainment (NASDAQ:PENN) Price Target to $22.00

PENN Entertainment (NASDAQ:PENN) had its price target raised by stock analysts at Mizuho from $19.00 to $22.00 in a research note issued on Thursday, Marketbeat reports. The firm currently has an “outperform” rating on the stock. Mizuho’s price target suggests a potential upside of 53.74% from the stock’s previous close.

A number of other brokerages have also issued reports on PENN. Susquehanna decreased their target price on shares of PENN Entertainment from $20.00 to $17.00 and set a “positive” rating for the company in a research note on Wednesday, February 11th. Wells Fargo & Company raised shares of PENN Entertainment from a “strong sell” rating to an “equal weight” rating and upped their price target for the stock from $15.00 to $16.00 in a research note on Friday, February 27th. Deutsche Bank Aktiengesellschaft increased their price objective on PENN Entertainment from $16.00 to $17.00 and gave the stock a “hold” rating in a report on Friday, February 27th. Wall Street Zen upgraded PENN Entertainment from a “strong sell” rating to a “hold” rating in a research note on Monday, March 2nd. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $17.00 target price on shares of PENN Entertainment in a research report on Wednesday, December 24th. Eight research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, PENN Entertainment has an average rating of “Hold” and an average target price of $19.67.

PENN Entertainment Price Performance

NASDAQ PENN opened at $14.31 on Thursday. The company has a 50 day simple moving average of $13.78 and a 200-day simple moving average of $15.68. The company has a debt-to-equity ratio of 3.92, a current ratio of 0.79 and a quick ratio of 0.79. The firm has a market capitalization of $1.91 billion, a price-to-earnings ratio of -2.38, a price-to-earnings-growth ratio of 0.44 and a beta of 1.33. PENN Entertainment has a 52-week low of $11.65 and a 52-week high of $20.60.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, February 26th. The company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.30. The firm had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.76 billion. PENN Entertainment had a negative net margin of 12.11% and a negative return on equity of 1.94%. The firm’s revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.44) earnings per share. Equities research analysts predict that PENN Entertainment will post -1.61 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PENN. Hill Path Capital LP bought a new stake in PENN Entertainment in the second quarter worth $62,595,000. AQR Capital Management LLC raised its holdings in PENN Entertainment by 824.3% during the fourth quarter. AQR Capital Management LLC now owns 3,499,700 shares of the company’s stock valued at $51,341,000 after buying an additional 3,121,051 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in PENN Entertainment during the second quarter valued at about $40,214,000. Norges Bank acquired a new stake in shares of PENN Entertainment in the second quarter worth about $39,737,000. Finally, Hennessy Advisors Inc. acquired a new stake in shares of PENN Entertainment in the third quarter worth about $40,537,000. Institutional investors 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.