PENN Entertainment (NASDAQ:PENN) Price Target Raised to $22.00 at Bank of America

PENN Entertainment (NASDAQ:PENN) had its price target hoisted by Bank of America from $18.00 to $22.00 in a research report sent to investors on Monday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other research analysts have also recently issued research reports about the stock. Weiss Ratings restated a “sell (d-)” rating on shares of PENN Entertainment in a research note on Wednesday, June 24th. Morgan Stanley increased their price target on PENN Entertainment from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 6th. Stifel Nicolaus raised their price target on PENN Entertainment from $23.00 to $25.00 and gave the company a “buy” rating in a report on Friday, June 12th. Truist Financial boosted their price objective on PENN Entertainment from $20.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, June 26th. Finally, The Goldman Sachs Group began coverage on PENN Entertainment in a research note on Friday, June 26th. They issued a “buy” rating and a $26.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $22.59.

PENN Entertainment Price Performance

NASDAQ PENN opened at $21.23 on Monday. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 3.94. PENN Entertainment has a 12 month low of $11.65 and a 12 month high of $22.36. The stock has a market cap of $2.84 billion, a price-to-earnings ratio of -3.16, a PEG ratio of 0.63 and a beta of 1.42. The company’s 50 day moving average is $19.78 and its two-hundred day moving average is $16.39.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.06. The business had revenue of $1.78 billion during the quarter, compared to analyst estimates of $1.74 billion. PENN Entertainment had a negative net margin of 13.55% and a positive return on equity of 0.44%. The company’s revenue was up 6.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.68 earnings per share. As a group, research analysts anticipate that PENN Entertainment will post 1.07 earnings per share for the current year.

Hedge Funds Weigh In On PENN Entertainment

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Caxton Associates LLP bought a new stake in PENN Entertainment in the 1st quarter valued at $246,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of PENN Entertainment by 30.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 344,565 shares of the company’s stock valued at $5,620,000 after purchasing an additional 79,978 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of PENN Entertainment by 6.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 64,280 shares of the company’s stock valued at $1,150,000 after purchasing an additional 4,011 shares during the last quarter. First Trust Advisors LP grew its position in shares of PENN Entertainment by 169.6% during the second quarter. First Trust Advisors LP now owns 94,575 shares of the company’s stock valued at $1,690,000 after purchasing an additional 59,489 shares in the last quarter. Finally, Marshall Wace LLP grew its position in shares of PENN Entertainment by 80.2% during the second quarter. Marshall Wace LLP now owns 386,871 shares of the company’s stock valued at $6,913,000 after purchasing an additional 172,158 shares in the last quarter. 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.