PENN Entertainment (NASDAQ:PENN) PT Lowered to $19.00

PENN Entertainment (NASDAQ:PENN) had its price target decreased by investment analysts at Morgan Stanley from $20.00 to $19.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s target price suggests a potential upside of 2.04% from the company’s previous close.

PENN has been the subject of a number of other reports. JMP Securities restated a “market perform” rating on shares of PENN Entertainment in a report on Friday, October 4th. Mizuho lowered their price objective on shares of PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Tuesday. Craig Hallum reaffirmed a “buy” rating and issued a $30.00 target price on shares of PENN Entertainment in a research report on Tuesday, October 8th. Needham & Company LLC reissued a “buy” rating and set a $26.00 price target on shares of PENN Entertainment in a research report on Tuesday, October 8th. Finally, Barclays dropped 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 issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $22.96.

PENN Entertainment Price Performance

PENN stock opened at $18.62 on Tuesday. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of -2.50 and a beta of 2.10. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.35. PENN Entertainment has a 52-week low of $13.50 and a 52-week high of $27.20. The stock’s fifty day simple moving average is $18.92 and its 200-day simple moving average is $18.10.

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 firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same period last year, the company earned $0.48 EPS. The firm’s quarterly revenue was down .7% on a year-over-year basis. Equities research analysts expect that PENN Entertainment will post -1.37 EPS for the current year.

Insider Transactions at PENN Entertainment

In other news, CEO Jay A. Snowden purchased 54,200 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average cost of $18.44 per share, with a total value of $999,448.00. Following the acquisition, the chief executive officer now owns 853,045 shares in the company, valued at approximately $15,730,149.80. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other PENN Entertainment news, Director David A. Handler purchased 10,000 shares of PENN Entertainment stock in a transaction that occurred on Tuesday, September 10th. The stock was purchased at an average price of $17.51 per share, with a total value of $175,100.00. Following the completion of the acquisition, the director now owns 293,450 shares of the company’s stock, valued at approximately $5,138,309.50. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Jay A. Snowden acquired 54,200 shares of the stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average price of $18.44 per share, with a total value of $999,448.00. Following the purchase, the chief executive officer now owns 853,045 shares in the company, valued at $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 three months, insiders have bought 79,200 shares of company stock valued at $1,450,548. Corporate insiders own 2.19% of the company’s stock.

Hedge Funds Weigh In On PENN Entertainment

Several institutional investors and hedge funds have recently made changes to their positions in PENN. Wellington Management Group LLP acquired a new stake in PENN Entertainment in the fourth quarter valued at $16,341,000. Vanguard Group Inc. increased its position in shares of PENN Entertainment by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 14,729,920 shares of the company’s stock worth $383,273,000 after purchasing an additional 97,945 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its stake in shares of PENN Entertainment by 7.0% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 9,674 shares of the company’s stock valued at $252,000 after purchasing an additional 632 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of PENN Entertainment by 12.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 13,942 shares of the company’s stock valued at $363,000 after purchasing an additional 1,522 shares in the last quarter. Finally, Westside Investment Management Inc. grew its stake in PENN Entertainment by 27.5% in the first quarter. Westside Investment Management Inc. now owns 17,274 shares of the company’s stock worth $315,000 after purchasing an additional 3,722 shares in the last quarter. 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.