Macquarie Forecasts Strong Price Appreciation for PENN Entertainment (NASDAQ:PENN) Stock

PENN Entertainment (NASDAQ:PENN) had its price target boosted by analysts at Macquarie from $26.00 to $27.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Macquarie’s price objective would suggest a potential upside of 31.77% from the stock’s previous close.

A number of other research firms also recently weighed in on PENN. Truist Financial cut their price target on PENN Entertainment from $25.00 to $23.00 and set a “buy” rating on the stock in a research note on Wednesday, October 23rd. Mizuho cut their target price on PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 22nd. Susquehanna decreased their target price on PENN Entertainment from $26.00 to $25.00 and set a “positive” rating for the company in a research report on Monday, November 4th. Benchmark reiterated a “hold” rating on shares of PENN Entertainment in a research report on Friday. Finally, Stifel Nicolaus boosted their price objective on shares of PENN Entertainment from $19.00 to $20.00 and gave the company a “hold” rating in a report on Friday, August 9th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, PENN Entertainment presently has an average rating of “Hold” and an average target price of $22.96.

PENN Entertainment Price Performance

Shares of NASDAQ:PENN traded up $0.27 on Friday, hitting $20.49. The stock had a trading volume of 3,870,106 shares, compared to its average volume of 5,122,848. The company has a market capitalization of $3.13 billion, a price-to-earnings ratio of -2.53 and a beta of 2.09. The firm’s 50 day moving average price is $19.02 and its 200-day moving average price is $18.34. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.03 and a current ratio of 1.03. PENN Entertainment has a twelve month low of $13.50 and a twelve month high of $27.20.

PENN Entertainment (NASDAQ:PENN) last released its 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 during the quarter, compared to the consensus estimate of $1.65 billion. PENN Entertainment had a negative return on equity of 7.13% and a negative net margin of 19.48%. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.21 earnings per share. On average, equities research analysts predict that PENN Entertainment will post -1.41 earnings per share for the current year.

Insider Activity

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC grew its holdings in PENN Entertainment by 233.6% during the second quarter. GAMMA Investing LLC now owns 1,441 shares of the company’s stock worth $28,000 after purchasing an additional 1,009 shares during the period. DekaBank Deutsche Girozentrale acquired a new position in PENN Entertainment in the 3rd quarter valued at about $45,000. Quest Partners LLC bought a new position in PENN Entertainment in the 3rd quarter valued at about $56,000. International Assets Investment Management LLC lifted its position in PENN Entertainment by 1,634.8% during the third quarter. International Assets Investment Management LLC now owns 3,244 shares of the company’s stock worth $61,000 after acquiring an additional 3,057 shares during the last quarter. Finally, J.Safra Asset Management Corp bought a new stake in shares of PENN Entertainment during the second quarter worth approximately $83,000. 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.