PENN Entertainment (NASDAQ:PENN) Raised to Hold at Wall Street Zen

PENN Entertainment (NASDAQ:PENN) was upgraded by equities researchers at Wall Street Zen from a “strong sell” rating to a “hold” rating in a report issued on Monday.

A number of other research firms have also recently commented on PENN. Stifel Nicolaus raised shares of PENN Entertainment from a “hold” rating to a “buy” rating and upped their target price for the company from $19.00 to $21.00 in a research report on Friday, November 7th. Citizens Jmp reduced their price target on shares of PENN Entertainment from $25.00 to $24.00 and set a “market outperform” rating on the stock in a research note on Friday, November 7th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of PENN Entertainment from $16.00 to $17.00 and gave the stock a “hold” rating in a research report on Friday, February 27th. Morgan Stanley cut their target price on PENN Entertainment from $17.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Friday, January 16th. Finally, Jefferies Financial Group restated a “hold” rating and set a $17.00 price target on shares of PENN Entertainment in a research report on Wednesday, December 24th. Seven equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, PENN Entertainment currently has an average rating of “Hold” and an average target price of $19.36.

PENN Entertainment Stock Up 0.5%

PENN stock opened at $14.93 on Monday. PENN Entertainment has a one year low of $11.65 and a one year high of $20.60. The firm has a market cap of $1.99 billion, a PE ratio of -2.48, a PEG ratio of 0.42 and a beta of 1.33. The firm’s 50 day moving average price is $13.79 and its 200-day moving average price is $15.88. The company has a debt-to-equity ratio of 3.92, a quick ratio of 0.79 and a current ratio of 0.79.

PENN Entertainment (NASDAQ:PENN) last posted its earnings results on Thursday, February 26th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.23) by $0.30. PENN Entertainment had a negative return on equity of 1.94% and a negative net margin of 12.11%.The company had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter last year, the firm earned ($0.44) earnings per share. The firm’s quarterly revenue was up 8.2% compared to the same quarter last year. On average, equities research analysts anticipate that PENN Entertainment will post -1.61 EPS for the current year.

Institutional Trading of PENN Entertainment

A number of large investors have recently modified their holdings of PENN. Hill Path Capital LP purchased a new position in PENN Entertainment in the second quarter valued at $62,595,000. AQR Capital Management LLC raised its position in PENN Entertainment by 824.3% in the 4th quarter. AQR Capital Management LLC now owns 3,499,700 shares of the company’s stock valued at $51,341,000 after purchasing an additional 3,121,051 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of PENN Entertainment in the 2nd quarter valued at about $40,214,000. Norges Bank purchased a new position in shares of PENN Entertainment in the 2nd quarter valued at about $39,737,000. Finally, Hennessy Advisors Inc. acquired a new position in shares of PENN Entertainment during the third quarter worth about $40,537,000. Hedge funds and other institutional investors own 91.69% of the company’s stock.

About PENN Entertainment

PENN Entertainment, Inc (NASDAQ: PENN) is a leading operator of gaming and racing facilities in the United States. The company’s business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company’s portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.