Invenomic Capital Management LP Sells 221,862 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Invenomic Capital Management LP reduced its position in PENN Entertainment, Inc. (NASDAQ:PENN) by 16.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,147,490 shares of the company’s stock after selling 221,862 shares during the quarter. Invenomic Capital Management LP owned approximately 0.75% of PENN Entertainment worth $21,642,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of PENN. Nisa Investment Advisors LLC grew its holdings in PENN Entertainment by 4.0% during the 3rd quarter. Nisa Investment Advisors LLC now owns 17,410 shares of the company’s stock valued at $328,000 after buying an additional 665 shares in the last quarter. United Services Automobile Association increased its position in shares of PENN Entertainment by 6.3% during the 2nd quarter. United Services Automobile Association now owns 12,009 shares of the company’s stock valued at $232,000 after purchasing an additional 712 shares during the last quarter. Aaron Wealth Advisors LLC raised its holdings in PENN Entertainment by 6.0% during the 2nd quarter. Aaron Wealth Advisors LLC now owns 12,778 shares of the company’s stock valued at $247,000 after buying an additional 720 shares during the period. Arizona State Retirement System lifted its position in PENN Entertainment by 2.5% in the second quarter. Arizona State Retirement System now owns 38,403 shares of the company’s stock worth $743,000 after buying an additional 944 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in PENN Entertainment by 233.6% during the second quarter. GAMMA Investing LLC now owns 1,441 shares of the company’s stock worth $28,000 after buying an additional 1,009 shares during the period. 91.69% of the stock is owned by hedge funds and other institutional investors.

PENN Entertainment Stock Up 0.4 %

PENN Entertainment stock opened at $22.44 on Tuesday. PENN Entertainment, Inc. has a one year low of $13.50 and a one year high of $27.20. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 2.34. The stock has a 50-day moving average of $19.66 and a two-hundred day moving average of $18.89.

PENN Entertainment (NASDAQ:PENN) last released its earnings results on Thursday, November 7th. The company reported ($0.24) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.04. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same period last year, the business earned $1.21 EPS. PENN Entertainment’s revenue for the quarter was up 1.2% on a year-over-year basis. Equities research analysts forecast that PENN Entertainment, Inc. will post -1.53 earnings per share for the current fiscal year.

Insider Activity

In other news, Director David A. Handler acquired 10,000 shares of PENN Entertainment stock in a transaction dated Tuesday, September 10th. The stock was purchased at an average cost of $17.51 per share, for a total transaction of $175,100.00. Following the completion of the purchase, the director now directly owns 293,450 shares in the company, valued at $5,138,309.50. This trade represents a 3.53 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Anuj Dhanda bought 15,000 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was purchased at an average price of $18.40 per share, for a total transaction of $276,000.00. Following the transaction, the director now owns 31,523 shares of the company’s stock, valued at $580,023.20. The trade was a 90.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.19% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on PENN. Morgan Stanley lowered their target price on shares of PENN Entertainment from $20.00 to $19.00 and set an “equal weight” rating for the company in a report on Tuesday, October 22nd. Benchmark restated a “hold” rating on shares of PENN Entertainment in a research report on Friday, November 8th. JMP Securities reiterated a “market perform” rating on shares of PENN Entertainment in a report on Friday, October 4th. Truist Financial decreased their price target on PENN Entertainment from $25.00 to $23.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Finally, Mizuho decreased their target price on PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, PENN Entertainment currently has a consensus rating of “Hold” and a consensus price target of $23.29.

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.