Susquehanna Has Lowered Expectations for PENN Entertainment (NASDAQ:PENN) Stock Price

PENN Entertainment (NASDAQ:PENN) had its price objective cut by Susquehanna from $20.00 to $17.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “positive” rating on the stock. Susquehanna’s price target indicates a potential upside of 36.99% from the stock’s current price.

A number of other equities research analysts have also recently commented on the stock. Citigroup reaffirmed a “market outperform” rating on shares of PENN Entertainment in a report on Monday, December 1st. Jefferies Financial Group reaffirmed a “hold” rating and set a $17.00 price objective on shares of PENN Entertainment in a research report on Wednesday, December 24th. Canaccord Genuity Group lowered their target price on PENN Entertainment from $26.00 to $21.00 and set a “buy” rating on the stock in a research note on Tuesday, February 3rd. Stifel Nicolaus raised PENN Entertainment from a “hold” rating to a “buy” rating and increased their price target for the stock from $19.00 to $21.00 in a report on Friday, November 7th. Finally, Wells Fargo & Company initiated coverage on shares of PENN Entertainment in a research report on Tuesday, November 18th. They issued an “underweight” rating and a $15.00 price objective on the stock. Ten analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $20.00.

PENN Entertainment Stock Down 7.1%

PENN Entertainment stock opened at $12.41 on Wednesday. PENN Entertainment has a fifty-two week low of $12.10 and a fifty-two week high of $23.08. The company has a debt-to-equity ratio of 3.65, a quick ratio of 0.75 and a current ratio of 0.75. The company has a market capitalization of $1.65 billion, a P/E ratio of -1.95, a PEG ratio of 0.45 and a beta of 1.39. The stock has a 50-day simple moving average of $14.02 and a 200-day simple moving average of $16.30.

Insiders Place Their Bets

In other PENN Entertainment news, Director David A. Handler acquired 20,000 shares of the business’s stock in a transaction on Monday, November 17th. The stock was purchased at an average price of $14.25 per share, for a total transaction of $285,000.00. Following the completion of the transaction, the director owned 362,941 shares of the company’s stock, valued at $5,171,909.25. The trade was a 5.83% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Felicia Hendrix bought 7,315 shares of the firm’s stock in a transaction on Friday, November 21st. The shares were bought at an average price of $13.79 per share, for a total transaction of $100,873.85. Following the completion of the transaction, the chief financial officer directly owned 119,448 shares in the company, valued at approximately $1,647,187.92. This represents a 6.52% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 2.67% of the company’s stock.

Institutional Investors Weigh In On PENN Entertainment

Hedge funds and other institutional investors have recently modified their holdings of the stock. Shapiro Capital Management LLC grew its holdings in shares of PENN Entertainment by 6.6% in the 3rd 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 period. 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 worth $110,934,000 after purchasing an additional 2,257,000 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in PENN Entertainment by 74.7% during the third quarter. Arrowstreet Capital Limited Partnership now owns 3,930,293 shares of the company’s stock worth $75,697,000 after purchasing an additional 1,679,953 shares in the last quarter. Earnest Partners LLC increased its position in shares of PENN Entertainment by 0.6% in the third quarter. Earnest Partners LLC now owns 2,961,273 shares of the company’s stock valued at $57,034,000 after buying an additional 18,099 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of PENN Entertainment during the 2nd quarter worth $39,737,000. 91.69% of the stock is currently owned by institutional investors and hedge funds.

About PENN Entertainment

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.