PENN Entertainment (NASDAQ:PENN) Trading 4.4% Higher – Here’s Why

Shares of PENN Entertainment, Inc. (NASDAQ:PENN) shot up 4.4% during mid-day trading on Tuesday . The company traded as high as $19.62 and last traded at $19.55. 2,178,744 shares traded hands during trading, a decline of 55% from the average session volume of 4,805,648 shares. The stock had previously closed at $18.73.

Analyst Ratings Changes

Several brokerages have commented on PENN. Mizuho cut their target price on PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Tuesday, October 22nd. StockNews.com raised shares of PENN Entertainment from a “sell” rating to a “hold” rating in a research note on Tuesday, December 17th. Wells Fargo & Company increased their target price on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Barclays decreased their price target on shares of PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Finally, Craig Hallum restated a “buy” rating and set a $30.00 target price on shares of PENN Entertainment in a research report on Tuesday, October 8th. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $23.53.

PENN Entertainment Stock Performance

The business has a 50 day moving average price of $20.01 and a two-hundred day moving average price of $19.32. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market cap of $3.06 billion, a P/E ratio of -5.65 and a beta of 2.08.

PENN Entertainment (NASDAQ:PENN) last issued its earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.04. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.65 billion. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The business’s revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the business earned $1.21 earnings per share. On average, sell-side analysts anticipate that PENN Entertainment, Inc. will post -1.55 earnings per share for the current year.

Hedge Funds Weigh In On PENN Entertainment

A number of institutional investors have recently bought and sold shares of PENN. Northwestern Mutual Wealth Management Co. increased its stake in shares of PENN Entertainment by 4,624.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,456,094 shares of the company’s stock worth $28,183,000 after acquiring an additional 1,425,274 shares in the last quarter. Assenagon Asset Management S.A. grew its holdings in PENN Entertainment by 1,051.0% in the third quarter. Assenagon Asset Management S.A. now owns 1,421,471 shares of the company’s stock worth $26,809,000 after purchasing an additional 1,297,976 shares during the period. Armistice Capital LLC increased its stake in shares of PENN Entertainment by 91.9% during the second quarter. Armistice Capital LLC now owns 2,643,060 shares of the company’s stock valued at $51,156,000 after purchasing an additional 1,266,023 shares in the last quarter. Long Focus Capital Management LLC bought a new stake in shares of PENN Entertainment in the 2nd quarter worth approximately $11,613,000. Finally, DME Capital Management LP grew its stake in shares of PENN Entertainment by 11.9% in the 2nd quarter. DME Capital Management LP now owns 5,095,340 shares of the company’s stock worth $98,620,000 after buying an additional 540,630 shares during the last quarter. 91.69% of the stock is owned by institutional investors.

About PENN Entertainment

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.