PENN Entertainment (NASDAQ:PENN) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of PENN Entertainment (NASDAQ:PENN) from a neutral rating to an overweight rating in a report published on Friday, Marketbeat Ratings reports. JPMorgan Chase & Co. currently has $27.00 target price on the stock, up from their prior target price of $19.00.

PENN has been the topic of a number of other research reports. Barclays decreased their price target on shares of PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. JMP Securities reiterated a “market perform” rating on shares of PENN Entertainment in a report on Friday, October 4th. Bank of America assumed coverage on shares of PENN Entertainment in a report on Wednesday, November 13th. They issued a “neutral” rating and a $22.00 price target on the stock. Susquehanna reduced their target price on shares of PENN Entertainment from $26.00 to $25.00 and set a “positive” rating on the stock in a report on Monday, November 4th. Finally, Truist Financial reduced their target price on shares of PENN Entertainment from $25.00 to $23.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, PENN Entertainment currently has an average rating of “Hold” and an average price target of $23.53.

PENN Entertainment Price Performance

Shares of PENN stock opened at $20.79 on Friday. The firm’s 50-day simple moving average is $19.97 and its 200-day simple moving average is $19.15. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 2.34. PENN Entertainment has a 1-year low of $13.50 and a 1-year high of $27.20.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.04. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.65 billion. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. PENN Entertainment’s revenue was up 1.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.21 earnings per share. As a group, research analysts anticipate that PENN Entertainment will post -1.55 earnings per share for the current year.

Institutional Investors Weigh In On PENN Entertainment

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. DME Capital Management LP increased its stake in PENN Entertainment by 11.9% during the 2nd quarter. DME Capital Management LP now owns 5,095,340 shares of the company’s stock worth $98,620,000 after buying an additional 540,630 shares during the period. Earnest Partners LLC increased its position in shares of PENN Entertainment by 4.6% in the 2nd quarter. Earnest Partners LLC now owns 4,117,946 shares of the company’s stock worth $79,703,000 after purchasing an additional 179,813 shares during the last quarter. Armistice Capital LLC increased its position in shares of PENN Entertainment by 91.9% in the 2nd quarter. Armistice Capital LLC now owns 2,643,060 shares of the company’s stock worth $51,156,000 after purchasing an additional 1,266,023 shares during the last quarter. Sei Investments Co. increased its position in shares of PENN Entertainment by 3.7% in the 2nd quarter. Sei Investments Co. now owns 2,461,074 shares of the company’s stock worth $47,634,000 after purchasing an additional 88,797 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of PENN Entertainment by 4,624.5% in 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. 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.