PENN Entertainment (NASDAQ:PENN) Now Covered by Bank of America

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

Other equities research analysts have also recently issued reports about the company. JMP Securities reiterated a “market perform” rating on shares of PENN Entertainment in a research note on Friday, October 4th. Needham & Company LLC reissued a “buy” rating and issued a $26.00 price objective on shares of PENN Entertainment in a report on Friday, November 8th. Truist Financial cut their price objective on PENN Entertainment from $25.00 to $23.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Wells Fargo & Company increased their price objective on PENN Entertainment from $18.00 to $20.00 and gave the company an “equal weight” rating in a report on Thursday, October 17th. Finally, Mizuho dropped their target price on PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Tuesday, October 22nd. 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. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $23.29.

PENN Entertainment Stock Down 0.8 %

Shares of NASDAQ PENN traded down $0.16 during mid-day trading on Wednesday, reaching $20.78. 2,045,595 shares of the company were exchanged, compared to its average volume of 5,064,240. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 2.34. The stock has a market cap of $3.17 billion, a price-to-earnings ratio of -5.85 and a beta of 2.09. PENN Entertainment has a 1 year low of $13.50 and a 1 year high of $27.20. The firm has a 50-day moving average of $19.26 and a 200 day moving average of $18.47.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.04. PENN Entertainment had a negative return on equity of 14.44% and a negative net margin of 8.51%. The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same period last year, the business posted $1.21 earnings per share. The firm’s revenue was up 1.2% compared to the same quarter last year. On average, research analysts expect that PENN Entertainment will post -1.53 earnings per share for the current year.

Insider Buying and Selling at PENN Entertainment

In related news, Director Anuj Dhanda acquired 15,000 shares of PENN Entertainment stock in a transaction that occurred on Friday, September 6th. The shares were purchased at an average price of $18.40 per share, for a total transaction of $276,000.00. Following the completion of the transaction, the director now owns 31,523 shares in the company, valued at $580,023.20. This represents a 90.78 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David A. Handler acquired 10,000 shares of PENN Entertainment stock in a transaction that occurred on Tuesday, September 10th. The shares were bought at an average price of $17.51 per share, for a total transaction of $175,100.00. Following the transaction, the director now owns 293,450 shares of the company’s stock, valued at $5,138,309.50. This represents a 3.53 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 79,200 shares of company stock valued at $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 have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in PENN Entertainment by 0.4% during the first quarter. Vanguard Group Inc. now owns 14,789,817 shares of the company’s stock worth $269,323,000 after buying an additional 59,897 shares in the last quarter. DME Capital Management LP increased its stake in PENN Entertainment by 11.9% during the second quarter. DME Capital Management LP now owns 5,095,340 shares of the company’s stock worth $98,620,000 after acquiring an additional 540,630 shares during the last quarter. Earnest Partners LLC increased its stake in PENN Entertainment by 4.6% during the second quarter. Earnest Partners LLC now owns 4,117,946 shares of the company’s stock worth $79,703,000 after acquiring an additional 179,813 shares during the last quarter. Armistice Capital LLC increased its stake in PENN Entertainment by 91.9% during the second quarter. Armistice Capital LLC now owns 2,643,060 shares of the company’s stock worth $51,156,000 after acquiring an additional 1,266,023 shares during the last quarter. Finally, Sei Investments Co. increased its stake in PENN Entertainment by 3.7% during the second quarter. Sei Investments Co. now owns 2,461,074 shares of the company’s stock worth $47,634,000 after acquiring an additional 88,797 shares during the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.

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.