PENN Entertainment, Inc. (NASDAQ:PENN) Shares Purchased by Invenomic Capital Management LP

Invenomic Capital Management LP increased its position in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 71.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,884,284 shares of the company’s stock after purchasing an additional 787,968 shares during the period. PENN Entertainment accounts for about 1.8% of Invenomic Capital Management LP’s holdings, making the stock its 13th biggest holding. Invenomic Capital Management LP’s holdings in PENN Entertainment were worth $34,313,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Harbor Investment Advisory LLC acquired a new position in shares of PENN Entertainment in the 4th quarter valued at $32,000. Lindbrook Capital LLC lifted its position in PENN Entertainment by 57.1% in the fourth quarter. Lindbrook Capital LLC now owns 1,521 shares of the company’s stock valued at $40,000 after buying an additional 553 shares during the last quarter. Neo Ivy Capital Management purchased a new position in PENN Entertainment during the fourth quarter worth about $40,000. Rakuten Securities Inc. acquired a new stake in shares of PENN Entertainment during the fourth quarter valued at about $78,000. Finally, TFO Wealth Partners LLC raised its stake in shares of PENN Entertainment by 123,033.3% in the 4th quarter. TFO Wealth Partners LLC now owns 3,694 shares of the company’s stock valued at $96,000 after acquiring an additional 3,691 shares during the period. 91.69% of the stock is owned by hedge funds and other institutional investors.

PENN Entertainment Stock Down 0.6 %

NASDAQ:PENN traded down $0.11 during mid-day trading on Tuesday, hitting $19.51. The stock had a trading volume of 2,414,909 shares, compared to its average volume of 6,048,182. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 2.33. PENN Entertainment, Inc. has a twelve month low of $13.50 and a twelve month high of $29.38. The company has a market capitalization of $2.97 billion, a PE ratio of -2.62 and a beta of 2.11. The stock has a 50-day simple moving average of $18.23 and a two-hundred day simple moving average of $18.54.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, May 2nd. The company reported ($0.79) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.20). The firm had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.63 billion. PENN Entertainment had a negative net margin of 17.77% and a negative return on equity of 3.53%. On average, equities research analysts anticipate that PENN Entertainment, Inc. will post -1.35 EPS for the current year.

Insiders Place Their Bets

In other PENN Entertainment news, Director David A. Handler acquired 20,000 shares of the stock in a transaction dated Monday, May 6th. The stock was acquired at an average cost of $15.37 per share, with a total value of $307,400.00. Following the transaction, the director now owns 243,450 shares in the company, valued at approximately $3,741,826.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director David A. Handler acquired 20,000 shares of PENN Entertainment stock in a transaction dated Monday, May 6th. The stock was acquired at an average price of $15.37 per share, for a total transaction of $307,400.00. Following the transaction, the director now owns 243,450 shares of the company’s stock, valued at $3,741,826.50. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director David A. Handler bought 40,000 shares of the stock in a transaction dated Wednesday, May 29th. The stock was bought at an average price of $14.94 per share, with a total value of $597,600.00. Following the acquisition, the director now owns 283,450 shares in the company, valued at approximately $4,234,743. The disclosure for this purchase can be found here. Insiders acquired 76,157 shares of company stock valued at $1,154,949 in the last ninety days. Insiders own 2.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PENN. Bank of America downgraded shares of PENN Entertainment from a “buy” rating to a “neutral” rating and dropped their target price for the company from $28.00 to $17.50 in a report on Monday, May 13th. Morgan Stanley lifted their price objective on PENN Entertainment from $20.00 to $21.00 and gave the company an “equal weight” rating in a research note on Friday, July 12th. Wells Fargo & Company decreased their target price on PENN Entertainment from $21.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Friday, May 3rd. JMP Securities restated a “market perform” rating on shares of PENN Entertainment in a report on Tuesday, June 4th. Finally, Craig Hallum upgraded shares of PENN Entertainment from a “hold” rating to a “buy” rating and boosted their price target for the stock from $20.00 to $30.00 in a research note on Friday, June 21st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $25.03.

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.