PENN Entertainment (NASDAQ:PENN) Shares Gap Up to $17.03

PENN Entertainment, Inc. (NASDAQ:PENN)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $17.03, but opened at $17.68. PENN Entertainment shares last traded at $18.07, with a volume of 1,519,724 shares traded.

Analyst Ratings Changes

PENN has been the topic of several analyst reports. Truist Financial cut their price target on shares of PENN Entertainment from $27.00 to $23.00 and set a “hold” rating on the stock in a report on Friday, February 16th. Needham & Company LLC cut their price target on shares of PENN Entertainment from $33.00 to $32.00 and set a “buy” rating on the stock in a report on Friday, February 16th. Stifel Nicolaus cut their price target on shares of PENN Entertainment from $27.00 to $23.00 and set a “hold” rating on the stock in a report on Friday, February 16th. Morgan Stanley cut their price target on shares of PENN Entertainment from $23.00 to $21.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 28th. Finally, Macquarie cut their price target on shares of PENN Entertainment from $35.00 to $33.00 and set an “outperform” rating on the stock in a report on Friday, February 16th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, PENN Entertainment currently has a consensus rating of “Hold” and an average target price of $31.31.

PENN Entertainment Stock Performance

The company has a debt-to-equity ratio of 1.60, a quick ratio of 1.11 and a current ratio of 1.11. The stock’s 50 day moving average is $19.89 and its 200 day moving average is $22.10.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings results on Thursday, February 15th. The company reported ($1.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.57) by ($1.18). The business had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.54 billion. PENN Entertainment had a negative net margin of 7.70% and a positive return on equity of 1.31%. As a group, research analysts forecast that PENN Entertainment, Inc. will post -0.82 EPS for the current year.

Insider Buying and Selling

In related news, EVP Christopher Byron Rogers sold 5,017 shares of the company’s stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $25.23, for a total transaction of $126,578.91. Following the sale, the executive vice president now owns 30,214 shares of the company’s stock, valued at approximately $762,299.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.80% of the stock is currently owned by insiders.

Institutional Trading of PENN Entertainment

A number of hedge funds and other institutional investors have recently bought and sold shares of PENN. International Assets Investment Management LLC bought a new position in shares of PENN Entertainment in the 3rd quarter worth $29,000. Huntington National Bank increased its holdings in shares of PENN Entertainment by 324.8% in the 3rd quarter. Huntington National Bank now owns 1,402 shares of the company’s stock worth $32,000 after buying an additional 1,072 shares during the last quarter. Harbor Investment Advisory LLC bought a new position in shares of PENN Entertainment in the 4th quarter worth $32,000. Quarry LP increased its holdings in shares of PENN Entertainment by 95.1% in the 2nd quarter. Quarry LP now owns 1,383 shares of the company’s stock worth $33,000 after buying an additional 674 shares during the last quarter. Finally, Tyler Stone Wealth Management bought a new position in shares of PENN Entertainment in the 2nd quarter worth $35,000. Institutional investors own 91.69% of the company’s stock.

About PENN Entertainment

PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates online sports betting in various jurisdictions; and iCasino under Hollywood Casino, L'Auberge, ESPN BET, and theScore Bet Sportsbook and Casino brands.