PENN Entertainment (NASDAQ:PENN) Given New $24.00 Price Target at Mizuho

PENN Entertainment (NASDAQ:PENN) had its price objective dropped by research analysts at Mizuho from $25.00 to $24.00 in a research note issued on Tuesday, Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Mizuho’s price target indicates a potential upside of 30.43% from the company’s current price.

Several other equities analysts have also recently issued reports on the stock. Stifel Nicolaus boosted their price target on shares of PENN Entertainment from $19.00 to $20.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Craig Hallum restated a “buy” rating and issued a $30.00 price objective on shares of PENN Entertainment in a report on Tuesday, October 8th. Wells Fargo & Company upped their price objective on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock an “equal weight” rating in a report on Thursday, October 17th. Raymond James cut shares of PENN Entertainment from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 25th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock a “hold” rating in a report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $23.18.

PENN Entertainment Stock Performance

Shares of NASDAQ:PENN opened at $18.40 on Tuesday. The company has a market cap of $2.81 billion, a price-to-earnings ratio of -2.47 and a beta of 2.10. The company has a 50-day moving average price of $18.91 and a 200-day moving average price of $18.09. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.35. PENN Entertainment has a 12 month low of $13.50 and a 12 month high of $27.20.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.09. PENN Entertainment had a negative net margin of 19.48% and a negative return on equity of 7.13%. The company had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the previous year, the company earned $0.48 earnings per share. PENN Entertainment’s quarterly revenue was down .7% on a year-over-year basis. As a group, equities analysts anticipate that PENN Entertainment will post -1.32 EPS for the current year.

Insiders Place Their Bets

In other PENN Entertainment news, Director David A. Handler purchased 10,000 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were acquired at an average cost of $17.51 per share, for a total transaction of $175,100.00. Following the completion of the transaction, the director now owns 293,450 shares of the company’s stock, valued at approximately $5,138,309.50. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director David A. Handler acquired 10,000 shares of PENN Entertainment stock in a transaction dated Tuesday, September 10th. The stock was purchased at an average cost of $17.51 per share, with a total value of $175,100.00. Following the completion of the purchase, the director now directly owns 293,450 shares in the company, valued at approximately $5,138,309.50. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Jay A. Snowden acquired 54,200 shares of PENN Entertainment stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of $18.44 per share, with a total value of $999,448.00. Following the completion of the purchase, the chief executive officer now owns 853,045 shares of the company’s stock, valued at approximately $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. Over the last ninety days, insiders have acquired 79,200 shares of company stock worth $1,450,548. Company insiders own 2.19% of the company’s stock.

Hedge Funds Weigh In On PENN Entertainment

A number of institutional investors and hedge funds have recently made changes to their positions in the business. B. Riley Wealth Advisors Inc. grew its stake in shares of PENN Entertainment by 7.0% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 9,674 shares of the company’s stock worth $252,000 after buying an additional 632 shares in the last quarter. United Services Automobile Association lifted its holdings in shares of PENN Entertainment by 6.3% in the 2nd quarter. United Services Automobile Association now owns 12,009 shares of the company’s stock worth $232,000 after acquiring an additional 712 shares during the last quarter. Aaron Wealth Advisors LLC lifted its holdings in shares of PENN Entertainment by 6.0% in the 2nd quarter. Aaron Wealth Advisors LLC now owns 12,778 shares of the company’s stock worth $247,000 after acquiring an additional 720 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of PENN Entertainment by 2.5% in the 2nd quarter. Arizona State Retirement System now owns 38,403 shares of the company’s stock worth $743,000 after acquiring an additional 944 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in shares of PENN Entertainment by 233.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,441 shares of the company’s stock worth $28,000 after acquiring an additional 1,009 shares during the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.

About PENN Entertainment

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.