Jay Snowden Acquires 34,700 Shares of PENN Entertainment (NASDAQ:PENN) Stock

PENN Entertainment, Inc. (NASDAQ:PENN) CEO Jay Snowden purchased 34,700 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The stock was purchased at an average price of $14.32 per share, for a total transaction of $496,904.00. Following the acquisition, the chief executive officer owned 1,117,325 shares of the company’s stock, valued at $16,000,094. The trade was a 3.21% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

PENN Entertainment Trading Up 7.4%

Shares of PENN Entertainment stock traded up $1.08 on Monday, hitting $15.62. 1,924,714 shares of the company’s stock traded hands, compared to its average volume of 4,083,435. PENN Entertainment, Inc. has a one year low of $13.25 and a one year high of $23.08. The company has a debt-to-equity ratio of 2.39, a current ratio of 0.79 and a quick ratio of 0.79. The stock has a market capitalization of $2.28 billion, a PE ratio of -28.07 and a beta of 1.53. The firm’s 50-day moving average price is $18.22 and its two-hundred day moving average price is $17.51.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.12). PENN Entertainment had a negative net margin of 1.12% and a negative return on equity of 4.36%. The company had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the company posted ($0.24) EPS. The company’s revenue for the quarter was up 4.8% compared to the same quarter last year. On average, research analysts expect that PENN Entertainment, Inc. will post -1.61 EPS for the current fiscal year.

Hedge Funds Weigh In On PENN Entertainment

Several hedge funds have recently modified their holdings of PENN. Banco Bilbao Vizcaya Argentaria S.A. acquired a new stake in PENN Entertainment during the first quarter worth approximately $289,000. Principal Financial Group Inc. increased its stake in PENN Entertainment by 2.4% in the first quarter. Principal Financial Group Inc. now owns 742,899 shares of the company’s stock valued at $12,117,000 after acquiring an additional 17,752 shares during the last quarter. Teacher Retirement System of Texas bought a new position in shares of PENN Entertainment in the 1st quarter valued at $344,000. Peregrine Capital Management LLC boosted its stake in shares of PENN Entertainment by 13.6% in the 2nd quarter. Peregrine Capital Management LLC now owns 315,633 shares of the company’s stock valued at $5,640,000 after purchasing an additional 37,888 shares in the last quarter. Finally, Baron Wealth Management LLC bought a new stake in shares of PENN Entertainment during the second quarter worth $650,000. Institutional investors own 91.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of PENN Entertainment in a research note on Friday. Citigroup reiterated an “outperform” rating on shares of PENN Entertainment in a report on Friday, August 8th. Wall Street Zen downgraded PENN Entertainment from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Barclays cut their price objective on PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Friday, July 18th. Finally, Citizens Jmp lowered their target price on PENN Entertainment from $25.00 to $24.00 and set a “market outperform” rating for the company in a research note on Friday. Ten equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $22.56.

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.