Entropy Technologies LP Takes Position in PENN Entertainment, Inc. (NASDAQ:PENN)

Entropy Technologies LP acquired a new stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 31,092 shares of the company’s stock, valued at approximately $586,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PENN. GAMMA Investing LLC lifted its holdings in shares of PENN Entertainment by 233.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,441 shares of the company’s stock valued at $28,000 after purchasing an additional 1,009 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in shares of PENN Entertainment during the 3rd quarter valued at $45,000. International Assets Investment Management LLC lifted its holdings in shares of PENN Entertainment by 1,634.8% during the 3rd quarter. International Assets Investment Management LLC now owns 3,244 shares of the company’s stock valued at $61,000 after purchasing an additional 3,057 shares during the last quarter. J.Safra Asset Management Corp purchased a new stake in shares of PENN Entertainment during the 2nd quarter valued at $83,000. Finally, Quarry LP increased its position in shares of PENN Entertainment by 76.7% in the 2nd quarter. Quarry LP now owns 4,291 shares of the company’s stock valued at $83,000 after acquiring an additional 1,862 shares during the period. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Insider Transactions at PENN Entertainment

In other news, Director Anuj Dhanda purchased 15,000 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was acquired at an average price of $18.40 per share, for a total transaction of $276,000.00. Following the acquisition, the director now directly owns 31,523 shares of the company’s stock, valued at approximately $580,023.20. This represents a 90.78 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Jay A. Snowden bought 54,200 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average price of $18.44 per share, with a total value of $999,448.00. Following the acquisition, the chief executive officer now directly owns 853,045 shares in the company, valued at $15,730,149.80. The trade was a 6.78 % increase in their position. The disclosure for this purchase can be found here. Insiders bought 79,200 shares of company stock worth $1,450,548 in the last 90 days. Insiders own 2.19% of the company’s stock.

PENN Entertainment Trading Down 1.4 %

PENN opened at $20.94 on Friday. The company has a debt-to-equity ratio of 2.34, a current ratio of 0.94 and a quick ratio of 0.94. The company’s 50 day simple moving average is $19.17 and its two-hundred day simple moving average is $18.42. PENN Entertainment, Inc. has a 1-year low of $13.50 and a 1-year high of $27.20. The firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of -5.90 and a beta of 2.09.

PENN Entertainment (NASDAQ:PENN) last released its earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.04. The business 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 revenue was up 1.2% on a year-over-year basis. During the same period last year, the company posted $1.21 EPS. Analysts expect that PENN Entertainment, Inc. will post -1.5 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently issued reports on PENN. Macquarie upped their target price on PENN Entertainment from $26.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Susquehanna cut 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. Mizuho cut their target price on PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft upped their target price on PENN Entertainment from $18.00 to $20.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Finally, Barclays cut their price target on PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. 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. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $23.29.

PENN Entertainment 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.