PENN Entertainment (NASDAQ:PENN) Stock Rating Lowered by Zacks Research

PENN Entertainment (NASDAQ:PENN) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

PENN has been the subject of a number of other reports. Benchmark upped their target price on PENN Entertainment from $21.00 to $22.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Jefferies Financial Group reaffirmed a “hold” rating and set a $22.00 price target on shares of PENN Entertainment in a research report on Friday, August 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of PENN Entertainment in a research note on Wednesday, June 24th. Deutsche Bank Aktiengesellschaft increased their price objective on PENN Entertainment from $17.00 to $18.00 and gave the company a “hold” rating in a report on Friday, April 24th. Finally, The Goldman Sachs Group initiated coverage on shares of PENN Entertainment in a report on Friday, June 26th. They issued a “buy” rating and a $26.00 target price on the stock. Twelve equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, PENN Entertainment presently has a consensus rating of “Moderate Buy” and an average price target of $23.53.

PENN Entertainment Stock Up 0.2%

Shares of NASDAQ:PENN opened at $19.17 on Tuesday. The firm has a 50 day simple moving average of $20.72 and a 200-day simple moving average of $17.10. PENN Entertainment has a twelve month low of $11.65 and a twelve month high of $22.36. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.79. The company has a market capitalization of $2.57 billion, a PE ratio of -3.01, a P/E/G ratio of 0.53 and a beta of 1.43.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.44 EPS for the quarter, topping 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 firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same period last year, the business earned ($0.12) EPS. PENN Entertainment’s revenue for the quarter was up 5.2% compared to the same quarter last year. On average, equities analysts predict that PENN Entertainment will post 1.11 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of PENN. Whitebox Advisors LLC acquired a new stake in PENN Entertainment in the first quarter valued at about $737,000. CWM LLC boosted its position in PENN Entertainment by 1,055.9% during the fourth quarter. CWM LLC now owns 92,056 shares of the company’s stock worth $1,358,000 after purchasing an additional 84,092 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new stake in PENN Entertainment in the fourth quarter valued at $6,376,000. Hsbc Holdings PLC increased its position in shares of PENN Entertainment by 817.8% in the first quarter. Hsbc Holdings PLC now owns 68,439 shares of the company’s stock valued at $1,031,000 after buying an additional 60,982 shares in the last quarter. Finally, Seven Six Capital Management LLC raised its stake in shares of PENN Entertainment by 61.1% during the 1st quarter. Seven Six Capital Management LLC now owns 258,700 shares of the company’s stock worth $3,888,000 after buying an additional 98,100 shares during the last quarter. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

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.