Stock Traders Purchase Large Volume of Call Options on PENN Entertainment (NASDAQ:PENN)

PENN Entertainment, Inc. (NASDAQ:PENN) was the target of some unusual options trading activity on Friday. Stock traders purchased 29,715 call options on the stock. This is an increase of approximately 62% compared to the typical volume of 18,317 call options.

PENN Entertainment Price Performance

Shares of PENN Entertainment stock traded down $0.73 during midday trading on Friday, hitting $18.54. 4,426,433 shares of the company were exchanged, compared to its average volume of 4,527,040. The firm has a 50 day simple moving average of $20.42 and a 200-day simple moving average of $19.80. The company has a debt-to-equity ratio of 2.34, a current ratio of 0.94 and a quick ratio of 0.94. PENN Entertainment has a 52 week low of $13.50 and a 52 week high of $23.08. The firm has a market cap of $2.83 billion, a P/E ratio of -5.22, a PEG ratio of 1.55 and a beta of 2.09.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Wells Fargo & Company upped their price target on PENN Entertainment from $20.00 to $24.00 and gave the stock an “equal weight” rating in a research note on Monday. Macquarie reissued an “outperform” rating and set a $26.00 target price on shares of PENN Entertainment in a research report on Friday, February 28th. Jefferies Financial Group boosted their price objective on PENN Entertainment from $21.00 to $22.00 and gave the stock a “hold” rating in a research report on Friday, January 3rd. Mizuho raised their target price on PENN Entertainment from $24.00 to $25.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, JMP Securities reiterated a “market perform” rating on shares of PENN Entertainment in a report on Thursday, January 16th. Ten analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, PENN Entertainment presently has an average rating of “Hold” and a consensus price target of $23.69.

Hedge Funds Weigh In On PENN Entertainment

A number of large investors have recently modified their holdings of the stock. M&T Bank Corp lifted its stake in shares of PENN Entertainment by 4.2% during the third quarter. M&T Bank Corp now owns 12,460 shares of the company’s stock valued at $235,000 after acquiring an additional 497 shares during the period. Westside Investment Management Inc. grew its position in shares of PENN Entertainment by 3.2% during the 4th quarter. Westside Investment Management Inc. now owns 19,849 shares of the company’s stock worth $393,000 after buying an additional 620 shares during the period. XTX Topco Ltd raised its stake in shares of PENN Entertainment by 2.8% during the third quarter. XTX Topco Ltd now owns 23,362 shares of the company’s stock worth $441,000 after buying an additional 641 shares during the last quarter. CIBC Asset Management Inc raised its stake in shares of PENN Entertainment by 5.8% during the fourth quarter. CIBC Asset Management Inc now owns 14,774 shares of the company’s stock worth $293,000 after buying an additional 813 shares during the last quarter. Finally, IFP Advisors Inc lifted its holdings in PENN Entertainment by 201.5% in the fourth quarter. IFP Advisors Inc now owns 1,574 shares of the company’s stock valued at $31,000 after buying an additional 1,052 shares during the period. 91.69% of the stock is currently owned by institutional investors and hedge funds.

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.