PENN Entertainment (NASDAQ:PENN) Shares Gap Up to $16.93

PENN Entertainment, Inc. (NASDAQ:PENN) shares gapped up before the market opened on Tuesday . The stock had previously closed at $16.93, but opened at $17.67. PENN Entertainment shares last traded at $17.49, with a volume of 1,067,419 shares traded.

Analyst Upgrades and Downgrades

PENN has been the topic of a number of research reports. Truist Financial raised shares of PENN Entertainment from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a research note on Tuesday. Needham & Company LLC cut their price objective on PENN Entertainment from $33.00 to $32.00 and set a “buy” rating on the stock in a research report on Friday, February 16th. Morgan Stanley upped their target price on PENN Entertainment from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 9th. JMP Securities reissued a “market perform” rating on shares of PENN Entertainment in a research report on Tuesday. Finally, Benchmark initiated coverage on shares of PENN Entertainment in a research note on Tuesday, April 16th. They set a “hold” rating on the stock. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, PENN Entertainment has a consensus rating of “Moderate Buy” and a consensus price target of $29.80.

PENN Entertainment Trading Up 1.7 %

The stock has a market cap of $2.62 billion, a price-to-earnings ratio of -4.77 and a beta of 2.06. The business’s fifty day simple moving average is $17.85 and its 200 day simple moving average is $21.44. The company has a debt-to-equity ratio of 1.60, a current ratio of 1.11 and a quick ratio of 1.11.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, February 15th. The company reported ($1.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.57) by ($1.18). PENN Entertainment had a negative net margin of 7.70% and a positive return on equity of 1.31%. The business had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.54 billion. On average, research analysts predict that PENN Entertainment, Inc. will post -0.86 EPS for the current year.

Institutional Investors Weigh In On PENN Entertainment

Large investors have recently made changes to their positions in the company. Kettle Hill Capital Management LLC acquired a new stake in PENN Entertainment in the third quarter worth approximately $19,792,000. Source Financial Advisors LLC lifted its holdings in shares of PENN Entertainment by 1,061.1% during the third quarter. Source Financial Advisors LLC now owns 322,633 shares of the company’s stock valued at $7,404,000 after purchasing an additional 294,845 shares during the last quarter. Fred Alger Management LLC acquired a new position in shares of PENN Entertainment in the 3rd quarter valued at $1,750,000. Sei Investments Co. boosted its position in shares of PENN Entertainment by 13.9% in the 3rd quarter. Sei Investments Co. now owns 1,372,982 shares of the company’s stock valued at $31,510,000 after purchasing an additional 167,445 shares during the period. Finally, Blue Trust Inc. raised its holdings in PENN Entertainment by 20.0% during the 4th quarter. Blue Trust Inc. now owns 5,374 shares of the company’s stock worth $140,000 after buying an additional 896 shares during the period. 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.