Needham & Company LLC Reaffirms Buy Rating for PENN Entertainment (NASDAQ:PENN)

PENN Entertainment (NASDAQ:PENN)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a research note issued to investors on Friday,Benzinga reports. They currently have a $26.00 price objective on the stock. Needham & Company LLC’s price target suggests a potential upside of 28.59% from the company’s current price.

A number of other equities research analysts have also recently commented on the stock. Truist Financial reduced their price target on shares of PENN Entertainment from $25.00 to $23.00 and set a “buy” rating for the company in a report on Wednesday, October 23rd. Barclays reduced their price target on shares of PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Macquarie restated an “outperform” rating and issued a $26.00 price target on shares of PENN Entertainment in a report on Friday, August 9th. Craig Hallum reaffirmed a “buy” rating and issued a $30.00 price objective on shares of PENN Entertainment in a research note on Tuesday, October 8th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of PENN Entertainment in a research note on Friday, October 4th. One analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $22.89.

PENN Entertainment Trading Up 5.1 %

PENN opened at $20.22 on Friday. PENN Entertainment 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 company has a fifty day moving average of $18.98 and a 200-day moving average of $18.31. The stock has a market cap of $3.09 billion, a PE ratio of -2.49 and a beta of 2.09.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.18) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.09. The business had revenue of $1.66 billion during the quarter, compared to analysts’ expectations of $1.65 billion. PENN Entertainment had a negative net margin of 19.48% and a negative return on equity of 7.13%. The business’s quarterly revenue was down .7% on a year-over-year basis. During the same period last year, the company posted $0.48 earnings per share. On average, sell-side analysts predict that PENN Entertainment will post -1.36 EPS for the current year.

Insider Activity at PENN Entertainment

In other news, Director David A. Handler purchased 10,000 shares of the company’s 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. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Jay A. Snowden acquired 54,200 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average price of $18.44 per share, for a total transaction of $999,448.00. Following the completion of the acquisition, the chief executive officer now owns 853,045 shares of the company’s stock, valued at approximately $15,730,149.80. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David A. Handler acquired 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were bought at an average price of $17.51 per share, with a total value of $175,100.00. Following the acquisition, the director now directly owns 293,450 shares of the company’s stock, valued at $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 bought 79,200 shares of company stock valued at $1,450,548 over the last ninety days. Corporate insiders own 2.19% of the company’s stock.

Institutional Trading of PENN Entertainment

A number of large investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC increased its holdings in PENN Entertainment by 4.0% during the third quarter. Nisa Investment Advisors LLC now owns 17,410 shares of the company’s stock worth $328,000 after buying an additional 665 shares during the last quarter. United Services Automobile Association increased its stake in shares of PENN Entertainment by 6.3% in the second quarter. United Services Automobile Association now owns 12,009 shares of the company’s stock worth $232,000 after purchasing an additional 712 shares in the last quarter. Aaron Wealth Advisors LLC increased its stake in shares of PENN Entertainment by 6.0% in the second quarter. Aaron Wealth Advisors LLC now owns 12,778 shares of the company’s stock worth $247,000 after purchasing an additional 720 shares in the last quarter. Arizona State Retirement System increased its stake in shares of PENN Entertainment by 2.5% in the second quarter. Arizona State Retirement System now owns 38,403 shares of the company’s stock worth $743,000 after purchasing an additional 944 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of PENN Entertainment by 233.6% in 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 in 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.