Stock Traders Buy High Volume of PENN Entertainment Call Options (NASDAQ:PENN)

PENN Entertainment, Inc. (NASDAQ:PENN) was the recipient of unusually large options trading on Wednesday. Traders purchased 41,944 call options on the company. This represents an increase of 117% compared to the typical volume of 19,292 call options.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PENN. Truist Financial boosted their price objective on shares of PENN Entertainment from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. Raymond James downgraded PENN Entertainment from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 25th. Stifel Nicolaus upped their price target 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. Susquehanna restated a “positive” rating and set a $26.00 price objective on shares of PENN Entertainment in a research note on Friday, June 21st. Finally, Macquarie reiterated an “outperform” rating and set a $26.00 price target on shares of PENN Entertainment in a report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, PENN Entertainment has an average rating of “Hold” and an average target price of $23.77.

PENN Entertainment Trading Up 1.5 %

Shares of NASDAQ PENN opened at $18.75 on Thursday. PENN Entertainment has a 1-year low of $13.50 and a 1-year high of $27.20. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.03 and a quick ratio of 1.03. The business’s 50 day moving average is $18.84 and its two-hundred day moving average is $18.04. The stock has a market capitalization of $2.86 billion, a P/E ratio of -2.49 and a beta of 2.10.

PENN Entertainment (NASDAQ:PENN) last released its earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share 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 analyst estimates of $1.65 billion. During the same quarter last year, the firm posted $0.48 earnings per share. The business’s revenue was down .7% compared to the same quarter last year. As a group, research analysts expect that PENN Entertainment will post -1.32 EPS for the current year.

Insider Transactions at PENN Entertainment

In related news, Director Anuj Dhanda purchased 15,000 shares of the firm’s stock in a transaction on Friday, September 6th. The shares were acquired at an average cost of $18.40 per share, with a total value of $276,000.00. Following the purchase, the director now directly owns 31,523 shares of the company’s stock, valued at approximately $580,023.20. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Jay A. Snowden purchased 54,200 shares of PENN Entertainment stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average price of $18.44 per share, for a total transaction of $999,448.00. Following the completion of the transaction, the chief executive officer now directly owns 853,045 shares of the company’s stock, valued at $15,730,149.80. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Anuj Dhanda acquired 15,000 shares of the stock in a transaction on Friday, September 6th. The stock was bought at an average price of $18.40 per share, with a total value of $276,000.00. Following the completion of the acquisition, 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 ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders bought 79,200 shares of company stock worth $1,450,548. 2.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On PENN Entertainment

A number of large investors have recently bought and sold shares of the business. GAMMA Investing LLC increased its holdings in shares of PENN Entertainment by 233.6% during the second quarter. GAMMA Investing LLC now owns 1,441 shares of the company’s stock valued at $28,000 after acquiring an additional 1,009 shares in the last quarter. Neo Ivy Capital Management acquired a new position in shares of PENN Entertainment in the 4th quarter valued at $40,000. J.Safra Asset Management Corp purchased a new position in PENN Entertainment in the 2nd quarter worth $83,000. Quarry LP lifted its position in PENN Entertainment by 76.7% during the 2nd quarter. Quarry LP now owns 4,291 shares of the company’s stock worth $83,000 after acquiring an additional 1,862 shares during the period. Finally, B. Riley Wealth Advisors Inc. grew its stake in PENN Entertainment by 7.0% during 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 during the last quarter. 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.