JPMorgan Chase & Co. Begins Coverage on PENN Entertainment (NASDAQ:PENN)

JPMorgan Chase & Co. began coverage on shares of PENN Entertainment (NASDAQ:PENN) in a research report sent to investors on Monday morning, MarketBeat reports. The firm issued an overweight rating and a $24.00 target price on the stock.

A number of other research analysts have also weighed in on PENN. Wall Street Zen upgraded PENN Entertainment from a “sell” rating to a “hold” rating in a report on Monday, March 3rd. Benchmark restated a “hold” rating on shares of PENN Entertainment in a report on Monday, May 19th. Needham & Company LLC decreased their price objective on PENN Entertainment from $26.00 to $25.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Susquehanna restated a “positive” rating and issued a $25.00 price objective (up previously from $24.00) on shares of PENN Entertainment in a report on Tuesday, June 10th. Finally, Mizuho decreased their price objective on PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Monday, May 12th. Ten research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, PENN Entertainment presently has an average rating of “Hold” and a consensus price target of $23.03.

PENN Entertainment Trading Down 0.5%

Shares of NASDAQ:PENN opened at $17.40 on Monday. PENN Entertainment has a 1 year low of $13.25 and a 1 year high of $23.08. The firm has a market capitalization of $2.63 billion, a price-to-earnings ratio of -28.06 and a beta of 1.56. The company has a debt-to-equity ratio of 2.35, a current ratio of 0.74 and a quick ratio of 0.74. The business’s 50 day moving average price is $15.72 and its 200-day moving average price is $17.74.

PENN Entertainment (NASDAQ:PENN) last announced its earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.04. PENN Entertainment had a negative return on equity of 5.75% and a negative net margin of 1.28%. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same quarter last year, the firm posted ($0.76) EPS. The business’s revenue was up 4.1% on a year-over-year basis. On average, equities research analysts forecast that PENN Entertainment will post -1.61 earnings per share for the current fiscal year.

Insider Transactions at PENN Entertainment

In related news, CEO Jay A. Snowden purchased 34,000 shares of PENN Entertainment stock in a transaction dated Thursday, May 22nd. The shares were acquired at an average price of $14.70 per share, for a total transaction of $499,800.00. Following the acquisition, the chief executive officer now directly owns 1,082,625 shares in the company, valued at approximately $15,914,587.50. The trade was a 3.24% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David A. Handler acquired 10,000 shares of the business’s stock in a transaction that occurred on Thursday, May 22nd. The shares were acquired at an average cost of $14.83 per share, with a total value of $148,300.00. Following the completion of the transaction, the director now directly owns 322,941 shares in the company, valued at approximately $4,789,215.03. The trade was a 3.20% increase in their position. The disclosure for this purchase can be found here. Insiders own 2.67% of the company’s stock.

Institutional Trading of PENN Entertainment

A number of hedge funds and other institutional investors have recently modified their holdings of PENN. Quarry LP acquired a new stake in shares of PENN Entertainment during the 1st quarter worth about $30,000. IFP Advisors Inc increased its position in shares of PENN Entertainment by 201.5% during the 4th quarter. IFP Advisors Inc now owns 1,574 shares of the company’s stock worth $31,000 after purchasing an additional 1,052 shares during the last quarter. GAMMA Investing LLC increased its position in shares of PENN Entertainment by 38.7% during the 1st quarter. GAMMA Investing LLC now owns 2,636 shares of the company’s stock worth $43,000 after purchasing an additional 736 shares during the last quarter. Byrne Asset Management LLC increased its position in shares of PENN Entertainment by 201.1% during the 1st quarter. Byrne Asset Management LLC now owns 2,710 shares of the company’s stock worth $44,000 after purchasing an additional 1,810 shares during the last quarter. Finally, State of Wyoming acquired a new stake in shares of PENN Entertainment during the 1st quarter worth about $46,000. 91.69% of the stock is 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.