Edgestream Partners L.P. Has $1.87 Million Position in PENN Entertainment, Inc. (NASDAQ:PENN)

Edgestream Partners L.P. trimmed its position in PENN Entertainment, Inc. (NASDAQ:PENN) by 20.3% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 99,270 shares of the company’s stock after selling 25,214 shares during the period. Edgestream Partners L.P. owned about 0.07% of PENN Entertainment worth $1,872,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in PENN. GAMMA Investing LLC lifted its stake in PENN Entertainment by 233.6% in the second quarter. GAMMA Investing LLC now owns 1,441 shares of the company’s stock valued at $28,000 after buying an additional 1,009 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in shares of PENN Entertainment in the 3rd quarter valued at approximately $45,000. Quest Partners LLC bought a new position in PENN Entertainment during the 3rd quarter worth approximately $56,000. International Assets Investment Management LLC grew its holdings in PENN Entertainment by 1,634.8% during the third 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 period. Finally, J.Safra Asset Management Corp bought a new stake in PENN Entertainment in the second quarter valued at approximately $83,000. 91.69% of the stock is owned by institutional investors and hedge funds.

PENN Entertainment Price Performance

NASDAQ:PENN opened at $21.51 on Wednesday. PENN Entertainment, Inc. has a 52-week low of $13.50 and a 52-week high of $27.20. The company has a market cap of $3.28 billion, a P/E ratio of -6.06 and a beta of 2.08. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.94 and a current ratio of 0.94. The stock’s 50-day simple moving average is $19.71 and its 200 day simple moving average is $18.93.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share for the quarter, topping the consensus estimate 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 return on equity of 14.44% and a negative net margin of 8.51%. The business’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.21 EPS. As a group, sell-side analysts forecast that PENN Entertainment, Inc. will post -1.53 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Craig Hallum reissued a “buy” rating and set a $30.00 price target on shares of PENN Entertainment in a research report on Tuesday, October 8th. JMP Securities reissued a “market perform” rating on shares of PENN Entertainment in a research note on Friday, October 4th. Truist Financial dropped their price target on PENN Entertainment from $25.00 to $23.00 and set a “buy” rating on the stock in a research report on Wednesday, October 23rd. Wells Fargo & Company boosted their price objective on PENN Entertainment from $18.00 to $20.00 and gave the company an “equal weight” rating in a research report on Thursday, October 17th. Finally, Bank of America started coverage on shares of PENN Entertainment in a report on Wednesday, November 13th. They set a “neutral” rating and a $22.00 target price on the stock. One equities 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’s stock. According to data from MarketBeat, PENN Entertainment currently has an average rating of “Hold” and an average price target of $23.29.

Insiders Place Their Bets

In other news, Director David A. Handler acquired 10,000 shares of the stock in a transaction dated Tuesday, September 10th. The shares were bought at an average cost of $17.51 per share, for a total transaction of $175,100.00. Following the purchase, the director now directly owns 293,450 shares of the company’s stock, valued at approximately $5,138,309.50. This trade represents a 3.53 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Anuj Dhanda bought 15,000 shares of the business’s 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 completion of the purchase, the director now directly owns 31,523 shares in the company, valued at $580,023.20. The trade was a 90.78 % increase in their position. The disclosure for this purchase can be found here. Insiders own 2.19% of the company’s stock.

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.