PENN Entertainment (NASDAQ:PENN) Price Target Cut to $22.00

PENN Entertainment (NASDAQ:PENN) had its target price reduced by stock analysts at Barclays from $23.00 to $22.00 in a report released on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price target would suggest a potential upside of 17.96% from the stock’s previous close.

A number of other research firms have also recently commented on PENN. Craig Hallum reiterated a “buy” rating and issued a $30.00 price target on shares of PENN Entertainment in a research note on Tuesday, October 8th. Stifel Nicolaus boosted their target price on shares of PENN Entertainment from $19.00 to $20.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Susquehanna reaffirmed a “positive” rating and issued a $26.00 price target on shares of PENN Entertainment in a report on Friday, June 21st. JMP Securities reiterated a “market perform” rating on shares of PENN Entertainment in a research note on Friday, October 4th. Finally, Morgan Stanley cut their target price on PENN Entertainment from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 4th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $23.61.

PENN Entertainment Stock Down 0.5 %

Shares of PENN stock traded down $0.09 during mid-day trading on Thursday, hitting $18.65. 370,828 shares of the stock traded hands, compared to its average volume of 5,295,932. The stock’s fifty day moving average is $18.90 and its two-hundred day moving average is $18.06. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.03 and a quick ratio of 1.03. PENN Entertainment has a 52-week low of $13.50 and a 52-week high of $27.20. The stock has a market cap of $2.84 billion, a P/E ratio of -2.50 and a beta of 2.10.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.09. PENN Entertainment had a negative return on equity of 7.13% and a negative net margin of 19.48%. The business had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the prior year, the firm posted $0.48 earnings per share. The business’s quarterly revenue was down .7% on a year-over-year basis. Equities analysts predict that PENN Entertainment will post -1.32 EPS for the current year.

Insider Activity at PENN Entertainment

In other news, CEO Jay A. Snowden bought 54,200 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were acquired 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 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director David A. Handler purchased 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was bought at an average price of $17.51 per share, with a total value of $175,100.00. Following the acquisition, the director now owns 293,450 shares in the company, valued at $5,138,309.50. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jay A. Snowden acquired 54,200 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were bought at an average cost of $18.44 per share, for a total transaction of $999,448.00. Following the completion of the acquisition, the chief executive officer now owns 853,045 shares of the company’s stock, valued at approximately $15,730,149.80. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 79,200 shares of company stock worth $1,450,548. 2.19% of the stock is owned by company insiders.

Hedge Funds Weigh In On PENN Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions in PENN. Northwestern Mutual Wealth Management Co. boosted its stake in 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 worth $28,183,000 after purchasing an additional 1,425,274 shares during the last quarter. Armistice Capital LLC grew 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 valued at $51,156,000 after purchasing an additional 1,266,023 shares during the period. Invenomic Capital Management LP increased its position in PENN Entertainment by 71.9% during the first quarter. Invenomic Capital Management LP now owns 1,884,284 shares of the company’s stock worth $34,313,000 after purchasing an additional 787,968 shares during the last quarter. National Bank of Canada FI boosted its holdings in PENN Entertainment by 284.6% in the 1st quarter. National Bank of Canada FI now owns 968,514 shares of the company’s stock valued at $17,637,000 after purchasing an additional 716,686 shares during the last quarter. Finally, Wellington Management Group LLP purchased a new stake in shares of PENN Entertainment in the 4th quarter valued at approximately $16,341,000. Hedge funds and other institutional investors 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.