Benchmark Initiates Coverage on PENN Entertainment (NASDAQ:PENN)

Benchmark began coverage on shares of PENN Entertainment (NASDAQ:PENN) in a research note released on Tuesday, Marketbeat reports. The firm issued a hold rating on the stock.

Several other equities analysts have also recently issued reports on PENN. Stifel Nicolaus decreased their price target on PENN Entertainment from $27.00 to $23.00 and set a hold rating on the stock in a report on Friday, February 16th. Truist Financial reduced their target price on PENN Entertainment from $27.00 to $23.00 and set a hold rating on the stock in a report on Friday, February 16th. Macquarie reduced their target price on PENN Entertainment from $35.00 to $33.00 and set an outperform rating on the stock in a report on Friday, February 16th. Morgan Stanley raised their target price on PENN Entertainment from $21.00 to $22.00 and gave the stock an equal weight rating in a report on Tuesday, April 9th. Finally, Mizuho initiated coverage on PENN Entertainment in a report on Tuesday, March 26th. They set a buy rating and a $29.00 target price on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, PENN Entertainment presently has an average rating of Hold and an average price target of $29.80.

PENN Entertainment Price Performance

PENN Entertainment stock opened at $16.54 on Tuesday. The business’s 50-day simple moving average is $17.98 and its 200 day simple moving average is $21.46. The stock has a market cap of $2.52 billion, a price-to-earnings ratio of -4.54 and a beta of 2.06. PENN Entertainment has a 12-month low of $15.88 and a 12-month high of $31.63. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 1.60.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, February 15th. The company reported ($1.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($1.18). The firm had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.54 billion. PENN Entertainment had a negative net margin of 7.70% and a positive return on equity of 1.31%. As a group, research analysts anticipate that PENN Entertainment will post -0.86 earnings per share for the current year.

Institutional Investors Weigh In On PENN Entertainment

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Westside Investment Management Inc. raised its position in PENN Entertainment by 27.5% in the 1st quarter. Westside Investment Management Inc. now owns 17,274 shares of the company’s stock valued at $315,000 after buying an additional 3,722 shares during the last quarter. CWM LLC raised its position in PENN Entertainment by 80.3% in the 1st quarter. CWM LLC now owns 13,614 shares of the company’s stock valued at $248,000 after buying an additional 6,063 shares during the last quarter. PNC Financial Services Group Inc. raised its position in PENN Entertainment by 12.3% in the 4th quarter. PNC Financial Services Group Inc. now owns 13,942 shares of the company’s stock valued at $363,000 after buying an additional 1,522 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its position in PENN Entertainment by 7.0% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 9,674 shares of the company’s stock valued at $252,000 after buying an additional 632 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in PENN Entertainment by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 14,729,920 shares of the company’s stock valued at $383,273,000 after buying an additional 97,945 shares during the last quarter. Institutional investors and hedge funds 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.