PENN Entertainment (NASDAQ:PENN) Issues Quarterly Earnings Results

PENN Entertainment (NASDAQ:PENN) posted its quarterly earnings results on Thursday. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.04, Briefing.com reports. PENN Entertainment had a negative net margin of 19.48% and a negative return on equity of 7.13%. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same period last year, the firm posted $1.21 EPS. The company’s revenue for the quarter was up 1.2% on a year-over-year basis.

PENN Entertainment Stock Performance

PENN opened at $20.49 on Friday. The business has a 50 day moving average price of $19.02 and a two-hundred day moving average price of $18.34. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.03 and a quick ratio of 1.03. The company has a market capitalization of $3.13 billion, a price-to-earnings ratio of -2.53 and a beta of 2.09. PENN Entertainment has a 1-year low of $13.50 and a 1-year high of $27.20.

Analysts Set New Price Targets

A number of brokerages have issued reports on PENN. Truist Financial cut their target price on shares of PENN Entertainment from $25.00 to $23.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Craig Hallum reissued a “buy” rating and issued a $30.00 price target on shares of PENN Entertainment in a report on Tuesday, October 8th. Morgan Stanley reduced their price objective on PENN Entertainment from $20.00 to $19.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 22nd. Susquehanna dropped their target price on PENN Entertainment from $26.00 to $25.00 and set a “positive” rating on the stock in a research report on Monday, November 4th. Finally, Wells Fargo & Company boosted their price target on shares of PENN Entertainment from $18.00 to $20.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $22.96.

Insider Activity

In other news, CEO Jay A. Snowden acquired 54,200 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was acquired at an average price of $18.44 per share, for a total transaction of $999,448.00. Following the completion of the acquisition, the chief executive officer now directly owns 853,045 shares in the company, valued at $15,730,149.80. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. In other PENN Entertainment news, CEO Jay A. Snowden bought 54,200 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were acquired at an average cost of $18.44 per share, for a total transaction of $999,448.00. Following the acquisition, the chief executive officer now directly owns 853,045 shares of the company’s stock, valued at $15,730,149.80. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Anuj Dhanda bought 15,000 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The shares were acquired at an average cost of $18.40 per share, with a total value of $276,000.00. Following the completion of the purchase, the director now owns 31,523 shares of the company’s stock, valued at approximately $580,023.20. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 79,200 shares of company stock worth $1,450,548. 2.19% of the stock is owned by company insiders.

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.