Freestone Grove Partners LP Acquires Shares of 1,008,060 PENN Entertainment, Inc. $PENN

Freestone Grove Partners LP bought a new stake in PENN Entertainment, Inc. (NASDAQ:PENN) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 1,008,060 shares of the company’s stock, valued at approximately $21,532,000.

Several other institutional investors also recently modified their holdings of the business. Quarry LP bought a new stake in PENN Entertainment in the fourth quarter valued at about $36,000. IFP Advisors Inc boosted its holdings in shares of PENN Entertainment by 76.2% in the fourth quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock valued at $41,000 after buying an additional 1,196 shares during the period. Modus Advisors LLC bought a new position in shares of PENN Entertainment during the fourth quarter worth about $47,000. Triumph Capital Management acquired a new stake in shares of PENN Entertainment in the third quarter valued at about $54,000. Finally, Hantz Financial Services Inc. increased its holdings in PENN Entertainment by 385.1% during the fourth 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 last quarter. Institutional investors and hedge funds own 91.69% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on PENN. Susquehanna lifted their price target on PENN Entertainment from $24.00 to $28.00 and gave the stock a “positive” rating in a report on Wednesday, July 1st. Truist Financial raised their price target on shares of PENN Entertainment from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, June 26th. Mizuho set a $28.00 price objective on PENN Entertainment in a research report on Friday, August 7th. Stifel Nicolaus upped their price target on PENN Entertainment from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, June 12th. Finally, Benchmark lifted their price objective on PENN Entertainment from $21.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Twelve investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $23.53.

PENN Entertainment Stock Performance

Shares of PENN stock opened at $17.33 on Friday. The company has a debt-to-equity ratio of 3.79, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a 50-day moving average of $20.17 and a 200-day moving average of $17.49. PENN Entertainment, Inc. has a one year low of $11.65 and a one year high of $22.36. The company has a market cap of $2.32 billion, a P/E ratio of -2.72, a P/E/G ratio of 0.46 and a beta of 1.43.

PENN Entertainment (NASDAQ:PENN) last announced its earnings results on Thursday, August 6th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.07. The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.86 billion. PENN Entertainment had a positive return on equity of 2.93% and a negative net margin of 12.66%.The business’s revenue was up 5.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.12) EPS. Equities research analysts forecast that PENN Entertainment, Inc. will post 1.19 EPS for the current fiscal year.

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.