Traders Buy High Volume of Call Options on PENN Entertainment (NASDAQ:PENN)

PENN Entertainment, Inc. (NASDAQ:PENNGet Free Report) was the recipient of some unusual options trading activity on Wednesday. Traders acquired 39,391 call options on the stock. This is an increase of 137% compared to the average daily volume of 16,588 call options.

PENN Entertainment Stock Performance

Shares of PENN stock traded up $0.32 during trading on Thursday, hitting $20.49. The company’s stock had a trading volume of 3,027,157 shares, compared to its average volume of 6,347,687. The business has a fifty day moving average of $19.94 and a 200-day moving average of $19.34. The company has a market cap of $3.13 billion, a PE ratio of -5.76, a P/E/G ratio of 1.27 and a beta of 2.08. PENN Entertainment has a 52 week low of $13.50 and a 52 week high of $24.57. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 2.34.

PENN Entertainment (NASDAQ:PENNGet Free Report) last announced its earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.04. The firm had revenue of $1.64 billion during 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 revenue was up 1.2% compared to the same quarter last year. During the same period last year, the firm posted $1.21 EPS. As a group, research analysts anticipate that PENN Entertainment will post -1.54 earnings per share for the current year.

Institutional Trading of PENN Entertainment

Several hedge funds have recently added to or reduced their stakes in PENN. DekaBank Deutsche Girozentrale purchased a new stake in shares of PENN Entertainment during the 3rd quarter worth approximately $45,000. GAMMA Investing LLC increased its position in PENN Entertainment by 88.5% in the third quarter. GAMMA Investing LLC now owns 2,716 shares of the company’s stock worth $51,000 after buying an additional 1,275 shares during the last quarter. Quest Partners LLC purchased a new stake in PENN Entertainment in the third quarter worth $56,000. International Assets Investment Management LLC raised its stake in shares of PENN Entertainment by 1,634.8% in the third 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 during the period. Finally, Modus Advisors LLC purchased a new position in shares of PENN Entertainment during the 4th quarter valued at $63,000. Institutional investors own 91.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PENN. Craig Hallum reissued a “buy” rating and set a $30.00 price objective on shares of PENN Entertainment in a research report on Tuesday, October 8th. JPMorgan Chase & Co. raised PENN Entertainment from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $19.00 to $27.00 in a research note on Friday, December 13th. Needham & Company LLC reaffirmed a “buy” rating and set a $26.00 target price on shares of PENN Entertainment 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 report on Monday, November 4th. Finally, Jefferies Financial Group boosted their price target on shares of PENN Entertainment from $21.00 to $22.00 and gave the company a “hold” rating in a research note on Friday, January 3rd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $23.44.

Check Out Our Latest Stock Report on PENN

About PENN Entertainment

(Get Free Report)

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.

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