Citigroup Issues Positive Forecast for PENN Entertainment (NASDAQ:PENN) Stock Price

PENN Entertainment (NASDAQ:PENN) had its price target raised by equities research analysts at Citigroup from $17.00 to $19.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup‘s price target points to a potential upside of 2.26% from the stock’s current price.

Other analysts also recently issued reports about the company. Wells Fargo & Company increased their price target on PENN Entertainment from $22.00 to $23.00 and gave the company an “equal weight” rating in a report on Friday. Jefferies Financial Group reaffirmed a “hold” rating and issued a $22.00 target price on shares of PENN Entertainment in a research report on Friday, August 7th. Morgan Stanley lowered their target price on PENN Entertainment from $20.00 to $18.00 and set an “equal weight” rating for the company in a research note on Monday, October 19th. JPMorgan Chase & Co. dropped their target price on PENN Entertainment from $27.00 to $24.00 and set an “overweight” rating on the stock in a report on Tuesday, October 20th. Finally, Susquehanna reduced their price target on PENN Entertainment from $30.00 to $26.00 and set a “positive” rating on the stock in a research report on Monday, October 19th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, PENN Entertainment presently has an average rating of “Moderate Buy” and an average target price of $23.67.

PENN Entertainment Trading Up 6.6%

PENN stock traded up $1.15 during midday trading on Monday, reaching $18.58. 1,081,072 shares of the company’s stock traded hands, compared to its average volume of 3,680,192. The company has a debt-to-equity ratio of 3.69, a current ratio of 0.96 and a quick ratio of 0.96. PENN Entertainment has a fifty-two week low of $11.65 and a fifty-two week high of $22.36. The business has a 50-day moving average price of $16.01 and a two-hundred day moving average price of $16.86. The company has a market capitalization of $2.49 billion, a P/E ratio of -206.27, a PEG ratio of 0.45 and a beta of 1.40.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings data on Thursday, November 5th. The company reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.15. PENN Entertainment had a negative net margin of 0.13% and a positive return on equity of 6.99%. The company had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.84 billion. During the same quarter in the prior year, the business earned ($0.22) earnings per share. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. Equities research analysts forecast that PENN Entertainment will post 1.20 EPS for the current fiscal year.

Institutional Trading of PENN Entertainment

Several large investors have recently modified their holdings of the business. Versant Capital Management Inc boosted its stake in shares of PENN Entertainment by 29.6% during the 3rd quarter. Versant Capital Management Inc now owns 3,513 shares of the company’s stock valued at $51,000 after buying an additional 803 shares during the last quarter. Chicago Partners Investment Group LLC grew its position in shares of PENN Entertainment by 7.3% during the third quarter. Chicago Partners Investment Group LLC now owns 12,100 shares of the company’s stock worth $175,000 after buying an additional 823 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of PENN Entertainment by 19.4% in the second quarter. GAMMA Investing LLC now owns 5,506 shares of the company’s stock worth $118,000 after buying an additional 895 shares during the last quarter. NorthCrest Asset Manangement LLC increased its stake in shares of PENN Entertainment by 11.0% in the third quarter. NorthCrest Asset Manangement LLC now owns 11,303 shares of the company’s stock worth $178,000 after buying an additional 1,117 shares during the last quarter. Finally, Nykredit A S bought a new stake in shares of PENN Entertainment in the second quarter worth $25,000. 91.69% of the stock is currently owned by institutional investors and hedge funds.

About PENN Entertainment

PENN Entertainment is a diversified gaming and entertainment company that operates casinos, racetracks and sports betting facilities. Its properties offer casino games, hotel accommodations, dining, live entertainment and other hospitality services, with brands including Hollywood Casino, Ameristar and L’Auberge.

The company also offers online sports betting and iCasino products in markets where they are permitted. Its digital operations complement its retail properties and include the PENN Play customer loyalty program.

Founded as Penn National Gaming, the company adopted the name PENN Entertainment in 2022.