StockNews.com Downgrades PENN Entertainment (NASDAQ:PENN) to Sell

PENN Entertainment (NASDAQ:PENN) was downgraded by stock analysts at StockNews.com from a “hold” rating to a “sell” rating in a report released on Tuesday.

Several other equities analysts also recently commented on the stock. Macquarie upped their price objective on shares of PENN Entertainment from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Susquehanna dropped their price objective on PENN Entertainment from $26.00 to $25.00 and set a “positive” rating for the company in a report on Monday, November 4th. Mizuho reduced their target price on PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 22nd. Jefferies Financial Group raised their price target on PENN Entertainment from $21.00 to $22.00 and gave the stock a “hold” rating in a research note on Friday, January 3rd. Finally, JPMorgan Chase & Co. raised shares of PENN Entertainment from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $19.00 to $27.00 in a research report on Friday, December 13th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $23.44.

PENN Entertainment Trading Down 3.7 %

NASDAQ PENN opened at $18.29 on Tuesday. The stock has a 50-day moving average of $19.90 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. PENN Entertainment has a 1-year low of $13.50 and a 1-year high of $24.98. The firm has a market cap of $2.79 billion, a PE ratio of -5.15 and a beta of 2.08.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.24) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.04. PENN Entertainment had a negative return on equity of 14.44% and a negative net margin of 8.51%. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same quarter in the prior year, the firm posted $1.21 earnings per share. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. As a group, sell-side analysts forecast that PENN Entertainment will post -1.55 EPS for the current year.

Hedge Funds Weigh In On PENN Entertainment

A number of hedge funds have recently added to or reduced their stakes in PENN. Driehaus Capital Management LLC bought a new stake in shares of PENN Entertainment in the 2nd quarter worth $4,535,000. Janus Henderson Group PLC raised its position in PENN Entertainment by 244.7% in the 3rd quarter. Janus Henderson Group PLC now owns 249,106 shares of the company’s stock worth $4,697,000 after buying an additional 176,844 shares during the last quarter. Quantbot Technologies LP raised its position in PENN Entertainment by 84.7% in the 3rd quarter. Quantbot Technologies LP now owns 208,094 shares of the company’s stock worth $3,925,000 after buying an additional 95,423 shares during the last quarter. Verition Fund Management LLC lifted its stake in PENN Entertainment by 367.2% during the 3rd quarter. Verition Fund Management LLC now owns 452,988 shares of the company’s stock valued at $8,543,000 after acquiring an additional 356,029 shares during the period. Finally, Public Sector Pension Investment Board purchased a new stake in shares of PENN Entertainment during the 2nd quarter valued at about $6,363,000. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

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.