Bank of America Forecasts Strong Price Appreciation for PENN Entertainment (NASDAQ:PENN) Stock

PENN Entertainment (NASDAQ:PENN) had its price target increased by research analysts at Bank of America from $18.00 to $22.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s target price indicates a potential upside of 3.04% from the company’s previous close.

PENN has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft upped their target price on PENN Entertainment from $17.00 to $18.00 and gave the stock a “hold” rating in a research report on Friday, April 24th. Barclays boosted their price target on PENN Entertainment from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Wells Fargo & Company decreased their price target on PENN Entertainment from $24.00 to $23.00 and set an “equal weight” rating for the company in a report on Tuesday, July 14th. Zacks Research raised shares of PENN Entertainment from a “hold” rating to a “strong-buy” rating in a research report on Monday, July 13th. Finally, Susquehanna lifted their price objective on shares of PENN Entertainment from $24.00 to $28.00 and gave the company a “positive” rating in a research note on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, PENN Entertainment currently has an average rating of “Moderate Buy” and an average price target of $22.59.

PENN Entertainment Trading Up 3.8%

Shares of PENN stock traded up $0.78 during mid-day trading on Monday, reaching $21.35. The company’s stock had a trading volume of 1,169,744 shares, compared to its average volume of 4,115,177. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 3.94. The firm has a market capitalization of $2.86 billion, a PE ratio of -3.19, a price-to-earnings-growth ratio of 0.63 and a beta of 1.42. The company’s 50 day simple moving average is $19.67 and its 200-day simple moving average is $16.34. PENN Entertainment has a 12-month low of $11.65 and a 12-month high of $22.36.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.06. PENN Entertainment had a negative net margin of 13.55% and a positive return on equity of 0.44%. The firm had revenue of $1.78 billion during the quarter, compared to analysts’ expectations of $1.74 billion. During the same period in the prior year, the company earned $0.68 EPS. The firm’s revenue was up 6.4% on a year-over-year basis. On average, research analysts predict that PENN Entertainment will post 1.07 EPS for the current fiscal year.

Hedge Funds Weigh In On PENN Entertainment

Institutional investors have recently made changes to their positions in the business. Quarry LP purchased a new position in shares of PENN Entertainment during the 4th quarter valued at approximately $36,000. IFP Advisors Inc increased its stake in shares of PENN Entertainment by 76.2% in the fourth quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock worth $41,000 after buying an additional 1,196 shares during the last quarter. Modus Advisors LLC bought a new stake in shares of PENN Entertainment in the fourth quarter worth $47,000. Triumph Capital Management acquired a new stake in PENN Entertainment in the third quarter valued at $54,000. Finally, Hantz Financial Services Inc. boosted its stake in PENN Entertainment by 385.1% during the 4th quarter. Hantz Financial Services Inc. now owns 3,721 shares of the company’s stock valued at $55,000 after acquiring an additional 2,954 shares during the last quarter. 91.69% of the stock is owned by institutional investors and hedge funds.

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.