PENN Entertainment (NASDAQ:PENN) Coverage Initiated at Bank of America

Equities researchers at Bank of America started coverage on shares of PENN Entertainment (NASDAQ:PENN) in a research note issued to investors on Wednesday, Marketbeat reports. The brokerage set a “neutral” rating and a $22.00 price target on the stock. Bank of America‘s target price points to a potential upside of 5.06% from the stock’s previous close.

Several other equities research analysts also recently weighed in on PENN. Needham & Company LLC restated a “buy” rating and set a $26.00 price target on shares of PENN Entertainment in a report on Friday, November 8th. Stifel Nicolaus raised their target price 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. Truist Financial lowered 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. Craig Hallum restated a “buy” rating and issued a $30.00 price objective on shares of PENN Entertainment in a report on Tuesday, October 8th. Finally, Susquehanna lowered their target price on shares of PENN Entertainment from $26.00 to $25.00 and set a “positive” rating for the company in a research note on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, PENN Entertainment presently has a consensus rating of “Hold” and an average target price of $23.29.

PENN Entertainment Price Performance

Shares of PENN opened at $20.94 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 2.34. The stock has a fifty day simple moving average of $19.17 and a two-hundred day simple moving average of $18.42. PENN Entertainment has a 52-week low of $13.50 and a 52-week high of $27.20.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.24) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.04. The business had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.65 billion. PENN Entertainment had a negative return on equity of 14.44% and a negative net margin of 8.51%. The company’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.21 EPS. Analysts predict that PENN Entertainment will post -1.53 EPS for the current year.

Insider Transactions at PENN Entertainment

In related news, CEO Jay A. Snowden acquired 54,200 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was bought at an average cost of $18.44 per share, with a total value of $999,448.00. Following the transaction, the chief executive officer now owns 853,045 shares of the company’s stock, valued at $15,730,149.80. The trade was a 6.78 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director David A. Handler bought 10,000 shares of the company’s stock in a transaction dated Tuesday, September 10th. The stock was bought at an average cost of $17.51 per share, for a total transaction of $175,100.00. Following the acquisition, the director now owns 293,450 shares of the company’s stock, valued at approximately $5,138,309.50. This trade represents a 3.53 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 79,200 shares of company stock worth $1,450,548. Company insiders own 2.19% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC increased its position in PENN Entertainment by 233.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,441 shares of the company’s stock worth $28,000 after purchasing an additional 1,009 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in shares of PENN Entertainment in the third quarter valued at approximately $45,000. Quest Partners LLC acquired a new position in PENN Entertainment during the third quarter worth $56,000. International Assets Investment Management LLC raised its position in PENN Entertainment by 1,634.8% in the third quarter. International Assets Investment Management LLC now owns 3,244 shares of the company’s stock worth $61,000 after acquiring an additional 3,057 shares in the last quarter. Finally, J.Safra Asset Management Corp acquired a new stake in PENN Entertainment in the second quarter valued at $83,000. 91.69% of the stock is currently owned by institutional investors and hedge funds.

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.