Victory Capital Management Inc. Lowers Stake in PENN Entertainment, Inc. (NASDAQ:PENN)

Victory Capital Management Inc. trimmed its holdings in PENN Entertainment, Inc. (NASDAQ:PENN) by 7.8% in the third quarter, Holdings Channel.com reports. The institutional investor owned 29,032 shares of the company’s stock after selling 2,449 shares during the quarter. Victory Capital Management Inc.’s holdings in PENN Entertainment were worth $548,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC increased its position in PENN Entertainment by 233.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,441 shares of the company’s stock valued at $28,000 after acquiring an additional 1,009 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in PENN Entertainment during the 3rd quarter worth approximately $45,000. International Assets Investment Management LLC grew its stake in shares of PENN Entertainment by 1,634.8% in the 3rd quarter. International Assets Investment Management LLC now owns 3,244 shares of the company’s stock valued at $61,000 after purchasing an additional 3,057 shares during the last quarter. J.Safra Asset Management Corp acquired a new position in shares of PENN Entertainment in the second quarter valued at approximately $83,000. Finally, Quarry LP raised its stake in shares of PENN Entertainment by 76.7% during the second quarter. Quarry LP now owns 4,291 shares of the company’s stock worth $83,000 after purchasing an additional 1,862 shares during the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on PENN shares. Truist Financial lowered their price objective on shares of PENN Entertainment from $25.00 to $23.00 and set a “buy” rating on the stock in a research report on Wednesday, October 23rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $26.00 target price on shares of PENN Entertainment in a report on Friday, November 8th. Macquarie increased their price target on shares of PENN Entertainment from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. Barclays lowered their price objective on PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Finally, Morgan Stanley dropped their target price on PENN Entertainment from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, PENN Entertainment presently has a consensus rating of “Hold” and a consensus price target of $23.29.

Insider Buying and Selling

In related news, Director Anuj Dhanda acquired 15,000 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were acquired at an average price of $18.40 per share, with a total value of $276,000.00. Following the completion of the purchase, the director now directly owns 31,523 shares in the company, valued at approximately $580,023.20. The trade was a 90.78 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jay A. Snowden bought 54,200 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average cost of $18.44 per share, with a total value of $999,448.00. Following the purchase, the chief executive officer now directly owns 853,045 shares in the company, valued at $15,730,149.80. The trade was a 6.78 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 79,200 shares of company stock worth $1,450,548 in the last ninety days. Insiders own 2.19% of the company’s stock.

PENN Entertainment Trading Down 1.0 %

Shares of PENN stock opened at $21.08 on Friday. The stock has a market cap of $3.22 billion, a P/E ratio of -5.94 and a beta of 2.09. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 2.34. PENN Entertainment, Inc. has a fifty-two week low of $13.50 and a fifty-two week high of $27.20. The business has a fifty day simple moving average of $19.57 and a 200-day simple moving average of $18.77.

PENN Entertainment (NASDAQ:PENN) last posted its earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.04. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same period last year, the firm posted $1.21 EPS. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. On average, analysts forecast that PENN Entertainment, Inc. will post -1.53 earnings per share for the current fiscal year.

PENN Entertainment Company 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.