PENN Entertainment (NASDAQ:PENN) Given New $23.00 Price Target at Truist Financial

PENN Entertainment (NASDAQ:PENN) had its price objective reduced by Truist Financial from $25.00 to $23.00 in a report released on Wednesday morning, Benzinga reports. Truist Financial currently has a buy rating on the stock.

Other research analysts have also recently issued research reports about the stock. Needham & Company LLC reiterated a “buy” rating and set a $26.00 price objective on shares of PENN Entertainment in a research report on Tuesday, October 8th. Morgan Stanley cut their price target on shares of PENN Entertainment from $20.00 to $19.00 and set an “equal weight” rating on the stock in a report on Tuesday. Stifel Nicolaus raised their price objective on shares of PENN Entertainment from $19.00 to $20.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Mizuho cut their target price on PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Tuesday. Finally, Barclays decreased their price target on PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, PENN Entertainment has a consensus rating of “Hold” and an average price target of $22.96.

PENN Entertainment Stock Down 1.4 %

Shares of NASDAQ PENN opened at $18.62 on Wednesday. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of -2.50 and a beta of 2.10. PENN Entertainment has a 12-month low of $13.50 and a 12-month high of $27.20. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.35. The firm’s 50-day moving average price is $18.92 and its 200-day moving average price is $18.10.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.09. The business had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.65 billion. PENN Entertainment had a negative return on equity of 7.13% and a negative net margin of 19.48%. The company’s quarterly revenue was down .7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.48 earnings per share. On average, equities research analysts anticipate that PENN Entertainment will post -1.37 EPS for the current fiscal year.

Insider Transactions at PENN Entertainment

In other PENN Entertainment news, Director Anuj Dhanda acquired 15,000 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were purchased at an average cost of $18.40 per share, for a total transaction of $276,000.00. Following the completion of the purchase, the director now owns 31,523 shares in the company, valued at approximately $580,023.20. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 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 stock was purchased at an average cost of $18.40 per share, for a total transaction of $276,000.00. Following the purchase, the director now directly owns 31,523 shares of the company’s stock, valued at $580,023.20. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director David A. Handler bought 10,000 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was bought at an average price of $17.51 per share, for a total transaction of $175,100.00. Following the purchase, the director now directly owns 293,450 shares of the company’s stock, valued at $5,138,309.50. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 79,200 shares of company stock valued at $1,450,548. Company insiders own 2.19% of the company’s stock.

Institutional Investors Weigh In On PENN Entertainment

Hedge funds and other institutional investors have recently bought and sold shares of the company. 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 last quarter. International Assets Investment Management LLC grew its stake in PENN Entertainment by 1,634.8% during the 3rd quarter. International Assets Investment Management LLC now owns 3,244 shares of the company’s stock worth $61,000 after buying an additional 3,057 shares during the last quarter. Raymond James & Associates increased its position in PENN Entertainment by 159.1% during the 3rd quarter. Raymond James & Associates now owns 403,699 shares of the company’s stock valued at $7,614,000 after buying an additional 247,873 shares in the last quarter. SeaCrest Wealth Management LLC acquired a new position in PENN Entertainment during the 3rd quarter valued at about $213,000. Finally, GAMMA Investing LLC raised its stake in PENN Entertainment by 88.5% in the third quarter. GAMMA Investing LLC now owns 2,716 shares of the company’s stock valued at $51,000 after buying an additional 1,275 shares during the last quarter. 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.