Quarry LP Buys 1,862 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Quarry LP raised its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 76.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,291 shares of the company’s stock after purchasing an additional 1,862 shares during the quarter. Quarry LP’s holdings in PENN Entertainment were worth $83,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of PENN. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of PENN Entertainment by 4,624.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,456,094 shares of the company’s stock worth $28,183,000 after acquiring an additional 1,425,274 shares during the last quarter. Armistice Capital LLC raised its position in PENN Entertainment by 91.9% during the second quarter. Armistice Capital LLC now owns 2,643,060 shares of the company’s stock valued at $51,156,000 after purchasing an additional 1,266,023 shares in the last quarter. Invenomic Capital Management LP lifted its stake in PENN Entertainment by 71.9% during the first quarter. Invenomic Capital Management LP now owns 1,884,284 shares of the company’s stock worth $34,313,000 after purchasing an additional 787,968 shares during the last quarter. Sei Investments Co. boosted its holdings in shares of PENN Entertainment by 52.8% in the 4th quarter. Sei Investments Co. now owns 2,098,203 shares of the company’s stock worth $54,595,000 after purchasing an additional 725,221 shares in the last quarter. Finally, National Bank of Canada FI raised its holdings in shares of PENN Entertainment by 284.6% during the 1st quarter. National Bank of Canada FI now owns 968,514 shares of the company’s stock valued at $17,637,000 after buying an additional 716,686 shares in the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Macquarie reiterated an “outperform” rating and set a $26.00 price target on shares of PENN Entertainment in a research report on Friday, August 9th. Barclays upped their price target on shares of PENN Entertainment from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, August 9th. Susquehanna reiterated a “positive” rating and issued a $26.00 price objective on shares of PENN Entertainment in a report on Friday, June 21st. Morgan Stanley dropped their target price on PENN Entertainment from $21.00 to $20.00 and set an “equal weight” rating for the company in a report on Wednesday, September 4th. Finally, Stifel Nicolaus lifted their price target on PENN Entertainment from $19.00 to $20.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $23.77.

PENN Entertainment Stock Performance

NASDAQ:PENN opened at $18.35 on Thursday. The firm’s fifty day simple moving average is $18.89 and its 200 day simple moving average is $18.00. PENN Entertainment, Inc. has a twelve month low of $13.50 and a twelve month high of $27.20. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.35. The stock has a market cap of $2.80 billion, a P/E ratio of -2.46 and a beta of 2.10.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.09. PENN Entertainment had a negative net margin of 19.48% and a negative return on equity of 7.13%. The business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same period last year, the business posted $0.48 earnings per share. PENN Entertainment’s quarterly revenue was down .7% compared to the same quarter last year. As a group, research analysts predict that PENN Entertainment, Inc. will post -1.32 EPS for the current year.

Insider Activity at PENN Entertainment

In other PENN Entertainment news, CEO Jay A. Snowden bought 54,200 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average price of $18.44 per share, for a total transaction 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. The purchase was disclosed in a filing with the SEC, which is available at this link. In related news, Director David A. Handler bought 10,000 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were acquired at an average cost 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. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Jay A. Snowden purchased 54,200 shares of PENN Entertainment stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of $18.44 per share, with a total value of $999,448.00. Following the completion of the acquisition, the chief executive officer now directly owns 853,045 shares of the company’s stock, valued at $15,730,149.80. The disclosure for this purchase can be found here. Insiders have bought 79,200 shares of company stock worth $1,450,548 over the last ninety days. 2.19% of the stock is owned by corporate insiders.

PENN Entertainment 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.