PENN Entertainment (NASDAQ:PENN) Price Target Raised to $17.00 at Morgan Stanley

PENN Entertainment (NASDAQ:PENN) had its price objective upped by Morgan Stanley from $16.00 to $17.00 in a report issued on Friday,Benzinga reports. They currently have an equal weight rating on the stock.

Other analysts also recently issued reports about the stock. JMP Securities raised shares of PENN Entertainment from a “market perform” rating to a “market outperform” rating and set a $24.00 price target for the company in a research note on Thursday, June 26th. Benchmark reaffirmed a “hold” rating on shares of PENN Entertainment in a research note on Monday, May 19th. Citizens Jmp raised shares of PENN Entertainment from a “market perform” rating to an “outperform” rating and set a $24.00 price objective for the company in a research note on Thursday, June 26th. JPMorgan Chase & Co. initiated coverage on shares of PENN Entertainment in a research note on Monday, June 23rd. They set an “overweight” rating and a $24.00 price objective for the company. Finally, Citigroup raised shares of PENN Entertainment to an “outperform” rating in a research note on Thursday, June 26th. Nine investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $23.18.

PENN Entertainment Stock Performance

PENN Entertainment stock opened at $17.83 on Friday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 2.35. The company has a market capitalization of $2.69 billion, a PE ratio of -28.76 and a beta of 1.61. The firm has a fifty day simple moving average of $16.49 and a two-hundred day simple moving average of $17.68. PENN Entertainment has a twelve month low of $13.25 and a twelve month high of $23.08.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.04. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.71 billion. PENN Entertainment had a negative net margin of 1.28% and a negative return on equity of 5.75%. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.76) earnings per share. Research analysts expect that PENN Entertainment will post -1.61 EPS for the current year.

Insider Transactions at PENN Entertainment

In related news, Director David A. Handler purchased 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 22nd. The stock was bought at an average cost of $14.83 per share, with a total value of $148,300.00. Following the completion of the purchase, the director directly owned 322,941 shares in the company, valued at approximately $4,789,215.03. This represents a 3.20% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Jay A. Snowden acquired 34,000 shares of the business’s stock in a transaction on Thursday, May 22nd. The stock was acquired at an average price of $14.70 per share, for a total transaction of $499,800.00. Following the acquisition, the chief executive officer owned 1,082,625 shares of the company’s stock, valued at approximately $15,914,587.50. This trade represents a 3.24% increase in their position. The disclosure for this purchase can be found here. 2.67% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On PENN Entertainment

Institutional investors and hedge funds have recently made changes to their positions in the business. Parallel Advisors LLC increased its stake in shares of PENN Entertainment by 152.2% during the second quarter. Parallel Advisors LLC now owns 1,397 shares of the company’s stock valued at $25,000 after purchasing an additional 843 shares in the last quarter. Quarry LP bought a new position in shares of PENN Entertainment during the first quarter valued at approximately $30,000. GAMMA Investing LLC increased its stake in shares of PENN Entertainment by 38.7% during the first quarter. GAMMA Investing LLC now owns 2,636 shares of the company’s stock valued at $43,000 after purchasing an additional 736 shares in the last quarter. Byrne Asset Management LLC increased its stake in shares of PENN Entertainment by 201.1% during the first quarter. Byrne Asset Management LLC now owns 2,710 shares of the company’s stock valued at $44,000 after purchasing an additional 1,810 shares in the last quarter. Finally, State of Wyoming bought a new position in shares of PENN Entertainment during the first quarter valued at approximately $46,000. Institutional investors own 91.69% of the company’s stock.

PENN Entertainment Company Profile

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.