Morgan Stanley Cuts PENN Entertainment (NASDAQ:PENN) Price Target to $19.00

PENN Entertainment (NASDAQ:PENN) had its target price lowered by Morgan Stanley from $20.00 to $19.00 in a research report report published on Tuesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other equities analysts also recently issued research reports about the stock. Barclays decreased their target price on shares of PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Raymond James cut PENN Entertainment from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 25th. Macquarie reaffirmed an “outperform” rating and issued a $26.00 price target on shares of PENN Entertainment in a research report on Friday, August 9th. Stifel Nicolaus increased their price objective on shares of PENN Entertainment from $19.00 to $20.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Finally, Craig Hallum restated a “buy” rating and set a $30.00 price objective on shares of PENN Entertainment in a research note on Tuesday, October 8th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $22.96.

PENN Entertainment Price Performance

Shares of PENN stock opened at $19.19 on Tuesday. The business’s fifty day moving average is $18.91 and its 200 day moving average is $18.11. 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 stock has a market cap of $2.93 billion, a price-to-earnings ratio of -2.37 and a beta of 2.10. PENN Entertainment has a twelve month low of $13.50 and a twelve month high of $27.20.

PENN Entertainment (NASDAQ:PENN) last released its earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the prior year, the firm earned $0.48 EPS. The company’s revenue was down .7% compared to the same quarter last year. Research analysts expect that PENN Entertainment will post -1.37 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director David A. Handler bought 10,000 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were acquired 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 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other PENN Entertainment news, CEO Jay A. Snowden bought 54,200 shares of PENN Entertainment stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average cost of $18.44 per share, with a total value of $999,448.00. Following the completion of the acquisition, the chief executive officer now owns 853,045 shares in the company, valued at approximately $15,730,149.80. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David A. Handler purchased 10,000 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was acquired at an average price of $17.51 per share, for a total transaction 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 position. The disclosure for this purchase can be found here. Insiders bought 79,200 shares of company stock valued at $1,450,548 over the last 90 days. Company insiders own 2.19% of the company’s stock.

Institutional Investors Weigh In On PENN Entertainment

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC lifted its position in PENN Entertainment by 4.0% during the third quarter. Nisa Investment Advisors LLC now owns 17,410 shares of the company’s stock valued at $328,000 after purchasing an additional 665 shares in the last quarter. Semanteon Capital Management LP lifted its position in shares of PENN Entertainment by 70.8% during the 3rd quarter. Semanteon Capital Management LP now owns 51,115 shares of the company’s stock valued at $964,000 after buying an additional 21,194 shares in the last quarter. New World Advisors LLC lifted its position in shares of PENN Entertainment by 7.5% during the 3rd quarter. New World Advisors LLC now owns 15,800 shares of the company’s stock valued at $298,000 after buying an additional 1,100 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of PENN Entertainment during the 3rd quarter valued at approximately $45,000. Finally, Assenagon Asset Management S.A. increased its holdings in PENN Entertainment by 1,051.0% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,421,471 shares of the company’s stock worth $26,809,000 after acquiring an additional 1,297,976 shares in the last quarter. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

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.