Assenagon Asset Management S.A. Sells 1,246,750 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Assenagon Asset Management S.A. reduced its position in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 87.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 174,721 shares of the company’s stock after selling 1,246,750 shares during the quarter. Assenagon Asset Management S.A.’s holdings in PENN Entertainment were worth $3,463,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. DekaBank Deutsche Girozentrale acquired a new stake in shares of PENN Entertainment during the 3rd quarter worth approximately $45,000. GAMMA Investing LLC grew its holdings in PENN Entertainment by 88.5% during the 3rd quarter. GAMMA Investing LLC now owns 2,716 shares of the company’s stock worth $51,000 after acquiring an additional 1,275 shares during the period. Quest Partners LLC acquired a new stake in PENN Entertainment during the 3rd quarter worth $56,000. International Assets Investment Management LLC raised its position in shares of 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 valued at $61,000 after acquiring an additional 3,057 shares during the last quarter. Finally, Modus Advisors LLC acquired a new position in shares of PENN Entertainment in the 4th quarter valued at $63,000. 91.69% of the stock is currently owned by institutional investors and hedge funds.

PENN Entertainment Stock Performance

Shares of PENN Entertainment stock opened at $20.65 on Wednesday. The company has a debt-to-equity ratio of 2.34, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market cap of $3.15 billion, a price-to-earnings ratio of -5.82, a price-to-earnings-growth ratio of 1.46 and a beta of 2.08. The stock’s 50-day moving average is $19.93 and its 200-day moving average is $19.38. PENN Entertainment, Inc. has a one year low of $13.50 and a one year high of $24.57.

PENN Entertainment (NASDAQ:PENN) last released its earnings results on Thursday, November 7th. The company reported ($0.24) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.04. PENN Entertainment had a negative return on equity of 14.44% and a negative net margin of 8.51%. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the previous year, the business posted $1.21 EPS. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. Equities analysts predict that PENN Entertainment, Inc. will post -1.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PENN has been the subject of a number of analyst reports. Bank of America assumed coverage on PENN Entertainment in a research note on Wednesday, November 13th. They set a “neutral” rating and a $22.00 price objective for the company. Macquarie boosted their target price on PENN Entertainment from $26.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Wells Fargo & Company increased their price target on shares of PENN Entertainment from $18.00 to $20.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Susquehanna decreased their price objective on shares of PENN Entertainment from $26.00 to $25.00 and set a “positive” rating for the company in a report on Monday, November 4th. Finally, Morgan Stanley cut their target price 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, October 22nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $23.44.

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.