PENN Entertainment Target of Unusually Large Options Trading (NASDAQ:PENN)

PENN Entertainment, Inc. (NASDAQ:PENN) was the target of unusually large options trading on Tuesday. Traders bought 30,243 call options on the company. This represents an increase of 110% compared to the typical volume of 14,427 call options.

Institutional Trading of PENN Entertainment

Hedge funds have recently made changes to their positions in the stock. DekaBank Deutsche Girozentrale purchased a new stake in shares of PENN Entertainment during the third quarter worth $45,000. GAMMA Investing LLC raised its stake in shares of PENN Entertainment by 88.5% during the 3rd quarter. GAMMA Investing LLC now owns 2,716 shares of the company’s stock worth $51,000 after purchasing an additional 1,275 shares in the last quarter. Quest Partners LLC acquired a new stake in shares of PENN Entertainment during the 3rd quarter valued at about $56,000. International Assets Investment Management LLC grew its stake in shares of PENN Entertainment by 1,634.8% in the 3rd quarter. International Assets Investment Management LLC now owns 3,244 shares of the company’s stock valued at $61,000 after buying an additional 3,057 shares in the last quarter. Finally, Quarry LP increased its holdings in PENN Entertainment by 76.7% in the second quarter. Quarry LP now owns 4,291 shares of the company’s stock worth $83,000 after buying an additional 1,862 shares during the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.

PENN Entertainment Price Performance

Shares of NASDAQ PENN traded up $1.09 during trading on Tuesday, hitting $19.82. The company had a trading volume of 4,054,001 shares, compared to its average volume of 4,813,955. PENN Entertainment has a 52 week low of $13.50 and a 52 week high of $26.53. The business’s 50-day moving average is $19.97 and its 200 day moving average is $19.30. The company has a market cap of $3.03 billion, a P/E ratio of -5.58 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.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.04. The company had revenue of $1.64 billion during 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% on a year-over-year basis. During the same period in the prior year, the firm earned $1.21 earnings per share. Equities research analysts predict that PENN Entertainment will post -1.55 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PENN. Susquehanna lowered their target price on shares of PENN Entertainment from $26.00 to $25.00 and set a “positive” rating for the company in a research note on Monday, November 4th. Macquarie increased their price objective on shares of PENN Entertainment from $26.00 to $27.00 and gave the stock an “outperform” rating in a research note on Friday, November 8th. Benchmark restated a “hold” rating on shares of PENN Entertainment in a research note on Friday, November 8th. Needham & Company LLC reiterated a “buy” rating and set a $26.00 price target on shares of PENN Entertainment in a research report on Friday, November 8th. Finally, Morgan Stanley reduced their price objective on PENN Entertainment from $20.00 to $19.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 22nd. Nine research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.53.

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.