Readystate Asset Management LP Trims Stock Position in PENN Entertainment, Inc. $PENN

Readystate Asset Management LP decreased its stake in PENN Entertainment, Inc. (NASDAQ:PENN) by 56.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,845 shares of the company’s stock after selling 43,904 shares during the period. Readystate Asset Management LP’s holdings in PENN Entertainment were worth $509,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Caxton Associates LLP purchased a new stake in PENN Entertainment in the first quarter valued at $246,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of PENN Entertainment by 30.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 344,565 shares of the company’s stock worth $5,620,000 after purchasing an additional 79,978 shares during the last quarter. Russell Investments Group Ltd. increased its position in shares of PENN Entertainment by 6.7% during the second quarter. Russell Investments Group Ltd. now owns 64,280 shares of the company’s stock worth $1,150,000 after purchasing an additional 4,011 shares in the last quarter. First Trust Advisors LP increased its position in shares of PENN Entertainment by 169.6% during the second quarter. First Trust Advisors LP now owns 94,575 shares of the company’s stock worth $1,690,000 after purchasing an additional 59,489 shares in the last quarter. Finally, Marshall Wace LLP lifted its holdings in shares of PENN Entertainment by 80.2% in the 2nd quarter. Marshall Wace LLP now owns 386,871 shares of the company’s stock valued at $6,913,000 after purchasing an additional 172,158 shares during the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of PENN Entertainment in a research report on Wednesday, June 24th. Truist Financial boosted their price objective on PENN Entertainment from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, June 26th. Stifel Nicolaus increased their price objective on PENN Entertainment from $23.00 to $25.00 and gave the company a “buy” rating in a report on Friday, June 12th. Susquehanna raised their target price on shares of PENN Entertainment from $24.00 to $28.00 and gave the stock a “positive” rating in a research report on Wednesday, July 1st. Finally, Barclays lifted their target price on shares of PENN Entertainment from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $22.78.

PENN Entertainment Stock Performance

NASDAQ PENN opened at $21.20 on Thursday. The firm has a market cap of $2.84 billion, a P/E ratio of -3.15, a P/E/G ratio of 0.40 and a beta of 1.42. PENN Entertainment, Inc. has a 52-week low of $11.65 and a 52-week high of $22.36. The business’s 50-day moving average price is $20.46 and its 200 day moving average price is $16.70. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 3.94.

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.