Barclays Forecasts Strong Price Appreciation for PENN Entertainment (NASDAQ:PENN) Stock

PENN Entertainment (NASDAQ:PENN) had its price target hoisted by investment analysts at Barclays from $24.00 to $26.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Barclays‘s target price points to a potential upside of 25.63% from the company’s previous close.

A number of other research analysts have also recently commented on the stock. Wells Fargo & Company increased their target price on shares of PENN Entertainment from $16.00 to $18.00 and gave the stock an “equal weight” rating in a report on Thursday, April 16th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of PENN Entertainment from $17.00 to $18.00 and gave the stock a “hold” rating in a research report on Friday, April 24th. The Goldman Sachs Group assumed coverage on shares of PENN Entertainment in a research note on Friday, June 26th. They issued a “buy” rating and a $26.00 price objective for the company. Morgan Stanley boosted their target price on shares of PENN Entertainment from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 6th. Finally, Mizuho upped their price target on shares of PENN Entertainment from $22.00 to $23.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Ten investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $21.88.

PENN Entertainment Price Performance

PENN Entertainment stock opened at $20.70 on Thursday. The company has a debt-to-equity ratio of 3.94, a quick ratio of 0.82 and a current ratio of 0.82. PENN Entertainment has a 52 week low of $11.65 and a 52 week high of $22.36. The stock has a market capitalization of $2.77 billion, a P/E ratio of -3.07, a price-to-earnings-growth ratio of 0.66 and a beta of 1.42. The stock has a fifty day moving average of $19.19 and a 200-day moving average of $16.05.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.06. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.The business had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.74 billion. During the same period last year, the firm posted $0.68 earnings per share. PENN Entertainment’s revenue was up 6.4% compared to the same quarter last year. On average, sell-side analysts expect that PENN Entertainment will post 1.02 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PENN Entertainment

A number of hedge funds have recently modified their holdings of PENN. Quarry LP bought a new stake in shares of PENN Entertainment in the fourth quarter worth $36,000. IFP Advisors Inc raised its position in PENN Entertainment by 76.2% during the 4th quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock worth $41,000 after purchasing an additional 1,196 shares during the last quarter. Modus Advisors LLC bought a new position in PENN Entertainment during the 4th quarter worth $47,000. Triumph Capital Management acquired a new position in PENN Entertainment during the 3rd quarter worth about $54,000. Finally, Hantz Financial Services Inc. lifted its holdings in PENN Entertainment by 385.1% during the 4th quarter. Hantz Financial Services Inc. now owns 3,721 shares of the company’s stock worth $55,000 after buying an additional 2,954 shares during the period. Institutional investors and hedge funds own 91.69% of the company’s stock.

PENN Entertainment Company Profile

PENN Entertainment, Inc (NASDAQ: PENN) is a leading operator of gaming and racing facilities in the United States. The company’s business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company’s portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.