Bank of America Initiates Coverage on PENN Entertainment (NASDAQ:PENN)

Bank of America started coverage on shares of PENN Entertainment (NASDAQ:PENN) in a research report released on Wednesday morning, Marketbeat reports. The brokerage issued a neutral rating and a $22.00 target price on the stock.

Several other equities research analysts have also commented on PENN. Barclays lowered their price target on shares of PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Susquehanna lowered their price target on shares of PENN Entertainment from $26.00 to $25.00 and set a “positive” rating on the stock in a report on Monday, November 4th. Benchmark reiterated a “hold” rating on shares of PENN Entertainment in a research report on Friday, November 8th. Deutsche Bank Aktiengesellschaft upped their price target on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Finally, Stifel Nicolaus upped their price target on shares of PENN Entertainment from $19.00 to $20.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $23.29.

PENN Entertainment Price Performance

Shares of PENN opened at $21.23 on Wednesday. The firm has a market capitalization of $3.24 billion, a PE ratio of -5.98 and a beta of 2.09. The company has a debt-to-equity ratio of 2.34, a current ratio of 0.94 and a quick ratio of 0.94. PENN Entertainment has a 1-year low of $13.50 and a 1-year high of $27.20. The company’s fifty day moving average price is $19.12 and its 200-day moving average price is $18.40.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.24) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.04. The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.65 billion. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.21 earnings per share. On average, equities research analysts predict that PENN Entertainment will post -1.5 EPS for the current year.

Insider Buying and Selling

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

Institutional Investors Weigh In On PENN Entertainment

Hedge funds have recently added to or reduced their stakes in the business. Driehaus Capital Management LLC acquired a new stake in PENN Entertainment during the 2nd quarter worth $4,535,000. Virtu Financial LLC acquired a new position in PENN Entertainment during the first quarter worth about $1,098,000. Cetera Advisors LLC raised its position in PENN Entertainment by 184.3% during the first quarter. Cetera Advisors LLC now owns 60,708 shares of the company’s stock worth $1,105,000 after acquiring an additional 39,356 shares during the last quarter. Axxcess Wealth Management LLC raised its position in PENN Entertainment by 300.5% during the first quarter. Axxcess Wealth Management LLC now owns 36,975 shares of the company’s stock worth $673,000 after acquiring an additional 27,743 shares during the last quarter. Finally, Public Sector Pension Investment Board acquired a new position in shares of PENN Entertainment in the second quarter valued at approximately $6,363,000. 91.69% of the stock is currently owned by institutional investors and hedge funds.

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.