PENN Entertainment (NASDAQ:PENN) Upgraded by JPMorgan Chase & Co. to “Overweight” Rating

PENN Entertainment (NASDAQ:PENN) was upgraded by equities researchers at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research report issued on Friday, Marketbeat reports. The brokerage presently has a $27.00 price objective on the stock, up from their previous price objective of $19.00. JPMorgan Chase & Co.‘s target price indicates a potential upside of 29.87% from the company’s current price.

Other equities research analysts have also issued research reports about the company. Truist Financial cut their target price on PENN Entertainment from $25.00 to $23.00 and set a “buy” rating on the stock in a research report on Wednesday, October 23rd. Wells Fargo & Company boosted their target price on PENN Entertainment from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. JMP Securities reaffirmed a “market perform” rating on shares of PENN Entertainment in a report on Friday, October 4th. Susquehanna dropped their price target on PENN Entertainment from $26.00 to $25.00 and set a “positive” rating on the stock in a report on Monday, November 4th. Finally, Mizuho reduced their price objective 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. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, PENN Entertainment has a consensus rating of “Hold” and an average target price of $23.53.

PENN Entertainment Trading Up 3.9 %

Shares of PENN opened at $20.79 on Friday. The business’s fifty day moving average is $19.97 and its 200-day moving average is $19.13. PENN Entertainment has a 52-week low of $13.50 and a 52-week high of $27.20. 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 firm has a market cap of $3.17 billion, a price-to-earnings ratio of -5.86 and a beta of 2.08.

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

Institutional Inflows and Outflows

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

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.