PENN Entertainment (NASDAQ:PENN) Price Target Raised to $22.00 at Jefferies Financial Group

PENN Entertainment (NASDAQ:PENN) had its price target lifted by Jefferies Financial Group from $21.00 to $22.00 in a research report sent to investors on Friday,Benzinga reports. They currently have a hold rating on the stock.

A number of other research firms have also weighed in on PENN. JMP Securities reiterated a “market perform” rating on shares of PENN Entertainment in a research report on Friday, October 4th. JPMorgan Chase & Co. upgraded shares of PENN Entertainment from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $19.00 to $27.00 in a research report on Friday, December 13th. Needham & Company LLC reiterated a “buy” rating and issued a $26.00 price target on shares of PENN Entertainment in a research report on Friday, November 8th. Barclays lowered their target price on shares of PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Finally, Wells Fargo & Company boosted their target price on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Ten equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $23.44.

PENN Entertainment Stock Performance

Shares of NASDAQ PENN opened at $18.76 on Friday. The firm has a 50 day moving average of $19.99 and a 200 day moving average of $19.32. 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 firm has a market capitalization of $2.86 billion, a price-to-earnings ratio of -5.28 and a beta of 2.08. PENN Entertainment has a 12-month low of $13.50 and a 12-month high of $25.53.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.04. The business had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.65 billion. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The company’s revenue was up 1.2% on a year-over-year basis. During the same period in the prior year, the business posted $1.21 earnings per share. On average, research analysts anticipate that PENN Entertainment will post -1.55 earnings per share for the current year.

Institutional Investors Weigh In On PENN Entertainment

Several hedge funds and other institutional investors have recently made changes to their positions in PENN. Northwestern Mutual Wealth Management Co. raised its stake in shares of PENN Entertainment by 4,624.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,456,094 shares of the company’s stock valued at $28,183,000 after acquiring an additional 1,425,274 shares during the period. Assenagon Asset Management S.A. raised its stake in shares of PENN Entertainment by 1,051.0% in the third quarter. Assenagon Asset Management S.A. now owns 1,421,471 shares of the company’s stock valued at $26,809,000 after acquiring an additional 1,297,976 shares during the period. Armistice Capital LLC raised its stake in shares of PENN Entertainment by 91.9% in the second quarter. Armistice Capital LLC now owns 2,643,060 shares of the company’s stock valued at $51,156,000 after acquiring an additional 1,266,023 shares during the period. Long Focus Capital Management LLC purchased a new stake in shares of PENN Entertainment in the second quarter valued at $11,613,000. Finally, DME Capital Management LP raised its stake in shares of PENN Entertainment by 11.9% in the second quarter. DME Capital Management LP now owns 5,095,340 shares of the company’s stock valued at $98,620,000 after acquiring an additional 540,630 shares during the period. 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.