PENN Entertainment (NASDAQ:PENN) Given Market Perform Rating at JMP Securities

PENN Entertainment (NASDAQ:PENN)‘s stock had its “market perform” rating reiterated by stock analysts at JMP Securities in a research report issued to clients and investors on Friday, Benzinga reports.

Several other equities research analysts have also commented on PENN. Craig Hallum upgraded PENN Entertainment from a “hold” rating to a “buy” rating and upped their price objective for the stock from $20.00 to $30.00 in a research note on Friday, June 21st. Susquehanna restated a “positive” rating and issued a $26.00 price target on shares of PENN Entertainment in a research report on Friday, June 21st. Morgan Stanley lowered their price objective on PENN Entertainment from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 4th. Raymond James lowered shares of PENN Entertainment from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 25th. Finally, Stifel Nicolaus lifted 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. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $23.77.

PENN Entertainment Trading Up 2.9 %

Shares of NASDAQ:PENN opened at $18.96 on Friday. The stock’s 50-day simple moving average is $18.88 and its two-hundred day simple moving average is $18.02. The stock has a market capitalization of $2.89 billion, a price-to-earnings ratio of -2.54 and a beta of 2.10. PENN Entertainment has a 52-week low of $13.50 and a 52-week high of $27.20. 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 (NASDAQ:PENN) last announced its earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same period in the previous year, the business posted $0.48 earnings per share. The firm’s quarterly revenue was down .7% compared to the same quarter last year. Analysts expect that PENN Entertainment will post -1.32 EPS for the current year.

Insider Buying and Selling at PENN Entertainment

In other news, Director Anuj Dhanda acquired 15,000 shares of PENN Entertainment stock in a transaction on Friday, September 6th. The shares were acquired at an average price of $18.40 per share, with a total value of $276,000.00. Following the purchase, the director now directly owns 31,523 shares in the company, valued at $580,023.20. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other PENN Entertainment news, CEO Jay A. Snowden purchased 54,200 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average price of $18.44 per share, with a total value 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 trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Anuj Dhanda acquired 15,000 shares of PENN Entertainment stock in a transaction on Friday, September 6th. The shares were bought at an average cost of $18.40 per share, for a total transaction of $276,000.00. Following the completion of the purchase, the director now directly owns 31,523 shares of the company’s stock, valued at $580,023.20. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 79,200 shares of company stock valued at $1,450,548 in the last 90 days. Insiders own 2.19% of the company’s stock.

Hedge Funds Weigh In On PENN Entertainment

A number of institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC boosted its stake 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 buying an additional 1,009 shares during the period. Neo Ivy Capital Management purchased a new position in shares of PENN Entertainment during the 4th quarter worth about $40,000. J.Safra Asset Management Corp bought a new position in PENN Entertainment during the 2nd quarter valued at about $83,000. Quarry LP raised its position in PENN Entertainment by 76.7% in the 2nd quarter. Quarry LP now owns 4,291 shares of the company’s stock worth $83,000 after purchasing an additional 1,862 shares during the period. Finally, Blue Trust Inc. lifted its stake in PENN Entertainment by 18.3% in the second quarter. Blue Trust Inc. now owns 10,060 shares of the company’s stock worth $183,000 after purchasing an additional 1,555 shares during the last quarter. Hedge funds and other 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.