Peregrine Capital Management LLC Has $6.37 Million Stake in PENN Entertainment, Inc. (NASDAQ:PENN)

Peregrine Capital Management LLC lowered its stake in PENN Entertainment, Inc. (NASDAQ:PENN) by 0.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 328,913 shares of the company’s stock after selling 1,145 shares during the quarter. Peregrine Capital Management LLC owned approximately 0.22% of PENN Entertainment worth $6,366,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of PENN Entertainment by 0.4% during the first quarter. Vanguard Group Inc. now owns 14,789,817 shares of the company’s stock worth $269,323,000 after buying an additional 59,897 shares in the last quarter. Earnest Partners LLC raised its holdings in shares of PENN Entertainment by 4.0% in the 1st quarter. Earnest Partners LLC now owns 3,938,133 shares of the company’s stock worth $71,713,000 after purchasing an additional 151,025 shares during the period. Sei Investments Co. grew its stake in PENN Entertainment by 13.1% in the 1st quarter. Sei Investments Co. now owns 2,372,277 shares of the company’s stock valued at $43,199,000 after buying an additional 274,074 shares in the last quarter. Invenomic Capital Management LP grew its position in shares of PENN Entertainment by 71.9% during the 1st quarter. Invenomic Capital Management LP now owns 1,884,284 shares of the company’s stock valued at $34,313,000 after purchasing an additional 787,968 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of PENN Entertainment during the 4th quarter valued at $42,758,000. Institutional investors and hedge funds own 91.69% of the company’s stock.

Analyst Upgrades and Downgrades

PENN has been the topic of several research analyst reports. Craig Hallum upgraded shares of PENN Entertainment from a “hold” rating to a “buy” rating and boosted their price target for the company from $20.00 to $30.00 in a research report on Friday, June 21st. Needham & Company LLC reaffirmed a “buy” rating and set a $26.00 target price on shares of PENN Entertainment in a research note on Thursday, August 8th. Truist Financial raised their target price on shares of PENN Entertainment from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Stifel Nicolaus boosted their price target 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. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $23.83.

PENN Entertainment Stock Performance

Shares of PENN traded up $0.07 on Friday, reaching $18.62. 2,673,479 shares of the company’s stock traded hands, compared to its average volume of 5,695,456. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.35. The stock has a market cap of $2.84 billion, a PE ratio of -2.50 and a beta of 2.11. The stock’s 50 day simple moving average is $19.06 and its two-hundred day simple moving average is $17.93. PENN Entertainment, Inc. has a 52-week low of $13.50 and a 52-week high of $27.20.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.09. The business had revenue of $1.66 billion for 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 company’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter last year, the business posted $0.48 earnings per share. On average, analysts forecast that PENN Entertainment, Inc. will post -1.32 earnings per share for the current fiscal year.

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.