PENN Entertainment (NASDAQ:PENN) Upgraded to “Buy” at Truist Financial

PENN Entertainment (NASDAQ:PENN) was upgraded by analysts at Truist Financial from a “hold” rating to a “buy” rating in a research report issued on Tuesday, MarketBeat reports. The firm currently has a $23.00 price target on the stock. Truist Financial’s price objective would indicate a potential upside of 28.92% from the stock’s previous close.

PENN has been the topic of a number of other research reports. StockNews.com lowered shares of PENN Entertainment from a “hold” rating to a “sell” rating in a report on Wednesday, March 6th. Morgan Stanley upped their target price on shares of PENN Entertainment from $21.00 to $22.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 9th. Benchmark initiated coverage on shares of PENN Entertainment in a report on Tuesday, April 16th. They set a “hold” rating on the stock. Barclays decreased their target price on shares of PENN Entertainment from $27.00 to $26.00 and set an “overweight” rating on the stock in a report on Friday, April 19th. Finally, Mizuho initiated coverage on shares of PENN Entertainment in a research note on Tuesday, March 26th. They issued a “buy” rating and a $29.00 price target for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, PENN Entertainment currently has a consensus rating of “Moderate Buy” and an average target price of $29.80.

PENN Entertainment Stock Performance

NASDAQ PENN opened at $17.84 on Tuesday. The company’s 50 day moving average is $17.65 and its 200-day moving average is $21.39. PENN Entertainment has a 12-month low of $15.88 and a 12-month high of $31.63. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 1.60. The firm has a market cap of $2.72 billion, a P/E ratio of -4.90 and a beta of 2.06.

PENN Entertainment (NASDAQ:PENN) last posted its earnings results on Thursday, February 15th. The company reported ($1.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.57) by ($1.18). The firm had revenue of $1.40 billion for the quarter, compared to the consensus estimate of $1.54 billion. PENN Entertainment had a positive return on equity of 1.31% and a negative net margin of 7.70%. Sell-side analysts predict that PENN Entertainment will post -0.86 earnings per share for the current year.

Institutional Investors Weigh In On PENN Entertainment

A number of institutional investors have recently made changes to their positions in the business. Hedges Asset Management LLC boosted its position in PENN Entertainment by 10.3% during the 1st quarter. Hedges Asset Management LLC now owns 220,450 shares of the company’s stock valued at $4,014,000 after buying an additional 20,500 shares during the period. Assenagon Asset Management S.A. boosted its position in PENN Entertainment by 65.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 342,539 shares of the company’s stock valued at $6,238,000 after buying an additional 135,697 shares during the period. Amalgamated Bank boosted its position in PENN Entertainment by 7.6% during the 1st quarter. Amalgamated Bank now owns 102,277 shares of the company’s stock valued at $1,862,000 after buying an additional 7,229 shares during the period. Fifth Third Bancorp boosted its position in PENN Entertainment by 4.6% during the 1st quarter. Fifth Third Bancorp now owns 74,291 shares of the company’s stock valued at $1,353,000 after buying an additional 3,254 shares during the period. Finally, Westside Investment Management Inc. raised its holdings in PENN Entertainment by 27.5% in the 1st quarter. Westside Investment Management Inc. now owns 17,274 shares of the company’s stock worth $315,000 after purchasing an additional 3,722 shares in the last quarter. Hedge funds and other 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.