Westside Investment Management Inc. Sells 6,877 Shares of PENN Entertainment, Inc. $PENN

Westside Investment Management Inc. lessened its holdings in PENN Entertainment, Inc. (NASDAQ:PENN) by 41.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 9,825 shares of the company’s stock after selling 6,877 shares during the quarter. Westside Investment Management Inc.’s holdings in PENN Entertainment were worth $176,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Parallel Advisors LLC raised its holdings in PENN Entertainment by 152.2% during the 2nd quarter. Parallel Advisors LLC now owns 1,397 shares of the company’s stock worth $25,000 after buying an additional 843 shares during the period. Quarry LP acquired a new position in PENN Entertainment during the first quarter worth $30,000. GAMMA Investing LLC boosted its position in PENN Entertainment by 38.7% during the first quarter. GAMMA Investing LLC now owns 2,636 shares of the company’s stock worth $43,000 after purchasing an additional 736 shares during the period. State of Wyoming bought a new position in PENN Entertainment during the first quarter worth $46,000. Finally, Ancora Advisors LLC lifted its holdings in shares of PENN Entertainment by 208.8% during the first quarter. Ancora Advisors LLC now owns 6,855 shares of the company’s stock worth $112,000 after buying an additional 4,635 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at PENN Entertainment

In other news, Director David A. Handler purchased 20,000 shares of PENN Entertainment stock in a transaction dated Friday, August 8th. The shares were bought at an average cost of $16.96 per share, for a total transaction of $339,200.00. Following the completion of the acquisition, the director owned 342,941 shares in the company, valued at approximately $5,816,279.36. This trade represents a 6.19% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.67% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PENN Entertainment in a research report on Tuesday, October 14th. Needham & Company LLC lowered their target price on PENN Entertainment from $25.00 to $22.00 and set a “buy” rating for the company in a research note on Friday, August 8th. Wall Street Zen downgraded PENN Entertainment from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Barclays lowered their target price on PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Friday, July 18th. Finally, JMP Securities boosted their target price on PENN Entertainment from $24.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Friday, August 8th. Ten analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $22.80.

PENN Entertainment Stock Performance

NASDAQ:PENN opened at $16.62 on Tuesday. The stock has a market cap of $2.43 billion, a P/E ratio of -29.68 and a beta of 1.60. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 2.39. The stock’s 50-day moving average is $18.58 and its 200-day moving average is $17.48. PENN Entertainment, Inc. has a 1-year low of $13.25 and a 1-year high of $23.08.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.14. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.73 billion. PENN Entertainment had a negative return on equity of 4.36% and a negative net margin of 1.12%.The business’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.18) earnings per share. Equities research analysts anticipate that PENN Entertainment, Inc. will post -1.61 earnings per share for the current year.

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.