Morgan Stanley Raises PENN Entertainment (NASDAQ:PENN) Price Target to $21.00

PENN Entertainment (NASDAQ:PENN) had its target price hoisted by stock analysts at Morgan Stanley from $20.00 to $21.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would indicate a potential downside of 0.80% from the stock’s previous close.

A number of other analysts have also recently weighed in on PENN. Raymond James cut PENN Entertainment from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 25th. Mizuho lifted their price objective on shares of PENN Entertainment from $29.00 to $32.00 and gave the company a “buy” rating in a research report on Friday, May 3rd. Benchmark restated a “hold” rating on shares of PENN Entertainment in a research report on Friday, May 3rd. Susquehanna reaffirmed a “positive” rating and issued a $26.00 target price on shares of PENN Entertainment in a report on Friday, June 21st. Finally, Craig Hallum raised shares of PENN Entertainment from a “hold” rating to a “buy” rating and increased their price target for the stock from $20.00 to $30.00 in a report on Friday, June 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, PENN Entertainment has a consensus rating of “Hold” and a consensus target price of $25.03.

PENN Entertainment Stock Performance

PENN traded up $0.40 during trading on Friday, hitting $21.17. 2,937,238 shares of the stock were exchanged, compared to its average volume of 6,252,747. The firm has a market capitalization of $3.23 billion, a P/E ratio of -2.84 and a beta of 2.11. PENN Entertainment has a 1-year low of $13.50 and a 1-year high of $29.38. The stock has a fifty day moving average price of $17.44 and a two-hundred day moving average price of $19.12. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 2.33.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.20). The business had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.63 billion. PENN Entertainment had a negative net margin of 17.77% and a negative return on equity of 3.53%. As a group, sell-side analysts predict that PENN Entertainment will post -1.35 earnings per share for the current year.

Insider Activity

In other news, CFO Felicia Hendrix purchased 16,157 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were bought at an average cost of $15.47 per share, with a total value of $249,948.79. Following the purchase, the chief financial officer now directly owns 68,596 shares of the company’s stock, valued at $1,061,180.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other PENN Entertainment news, CFO Felicia Hendrix purchased 16,157 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were purchased at an average price of $15.47 per share, for a total transaction of $249,948.79. Following the completion of the acquisition, the chief financial officer now owns 68,596 shares of the company’s stock, valued at approximately $1,061,180.12. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David A. Handler acquired 40,000 shares of the firm’s stock in a transaction on Wednesday, May 29th. The shares were acquired at an average price of $14.94 per share, with a total value of $597,600.00. Following the completion of the purchase, the director now owns 283,450 shares of the company’s stock, valued at $4,234,743. The disclosure for this purchase can be found here. Insiders have purchased 76,157 shares of company stock worth $1,154,949 over the last three months. 2.19% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On PENN Entertainment

A number of large investors have recently modified their holdings of PENN. Vanguard Group Inc. lifted its stake in shares of PENN Entertainment by 0.4% in the first quarter. Vanguard Group Inc. now owns 14,789,817 shares of the company’s stock worth $269,323,000 after acquiring an additional 59,897 shares in the last quarter. Earnest Partners LLC raised its position in shares of PENN Entertainment by 4.0% in the 1st quarter. Earnest Partners LLC now owns 3,938,133 shares of the company’s stock valued at $71,713,000 after purchasing an additional 151,025 shares in the last quarter. Sei Investments Co. boosted its stake in shares of PENN Entertainment by 13.1% during the 1st quarter. Sei Investments Co. now owns 2,372,277 shares of the company’s stock valued at $43,199,000 after buying an additional 274,074 shares during the last quarter. Invenomic Capital Management LP increased its stake in shares of PENN Entertainment by 71.9% in the first quarter. Invenomic Capital Management LP now owns 1,884,284 shares of the company’s stock worth $34,313,000 after buying an additional 787,968 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of PENN Entertainment in the fourth quarter worth $42,758,000. Institutional investors and hedge funds own 91.69% of the company’s stock.

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.