PENN Entertainment (NASDAQ:PENN) Stock Gets Price Target Reduction from Citigroup

PENN Entertainment (NASDAQ:PENN) had its price target cut by Citigroup from $22.00 to $17.00 in a report released on Monday,Benzinga reports. They currently have a neutral rating on the stock.

PENN has been the subject of a number of other research reports. Susquehanna raised their price objective on shares of PENN Entertainment from $24.00 to $28.00 and gave the company a “positive” rating in a research report on Wednesday, July 1st. Citizens Jmp increased their target price on PENN Entertainment from $24.00 to $26.00 and gave the stock a “market outperform” rating in a research note on Thursday, July 16th. Weiss Ratings restated a “sell (d-)” rating on shares of PENN Entertainment in a research note on Monday, September 21st. Mizuho set a $28.00 price objective on PENN Entertainment in a report on Friday, August 7th. Finally, Bank of America increased their price objective on PENN Entertainment from $18.00 to $22.00 and gave the stock a “neutral” rating in a research report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $24.00.

PENN Entertainment Stock Down 5.5%

Shares of PENN Entertainment stock opened at $14.52 on Monday. PENN Entertainment has a one year low of $11.65 and a one year high of $22.36. The company has a market cap of $1.95 billion, a P/E ratio of 38.42, a PEG ratio of 0.39 and a beta of 1.39. The company has a debt-to-equity ratio of 3.79, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a fifty day moving average of $16.99 and a two-hundred day moving average of $18.05.

PENN Entertainment (NASDAQ:PENN) last issued its earnings results on Thursday, August 6th. The company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.07. PENN Entertainment had a negative net margin of 12.66% and a positive return on equity of 2.93%. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter in the previous year, the firm earned ($0.12) earnings per share. The business’s quarterly revenue was up 5.2% compared to the same quarter last year. On average, analysts forecast that PENN Entertainment will post 1.20 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Ieq Capital LLC acquired a new stake in shares of PENN Entertainment in the 2nd quarter worth approximately $3,190,000. Bamco Inc. NY purchased a new position in PENN Entertainment in the 2nd quarter valued at approximately $58,624,000. Wellington Management Group LLP acquired a new position in PENN Entertainment during the second quarter worth $8,680,000. Bank of New York Mellon Corp acquired a new position in PENN Entertainment during the second quarter worth $16,714,000. Finally, Deutsche Bank AG acquired a new position in PENN Entertainment during the second quarter worth $3,911,000. 91.69% of the stock is owned by hedge funds and other institutional investors.

About PENN Entertainment

PENN Entertainment, Inc is a North American provider of integrated entertainment, gaming and sports betting. The company operates casinos, racetracks and hotels, offering casino gaming, sports wagering, dining, live entertainment and other hospitality services. Its property portfolio includes regional gaming destinations serving customers across the United States.

PENN also develops and operates digital gaming products, including online sports betting and iCasino services. Its digital operations have included the ESPN BET sportsbook, developed through a strategic relationship with ESPN, as well as theScore Bet, supported by the company’s acquisition of Canadian digital media and sports betting business theScore.