PENN Entertainment (NASDAQ:PENN) CEO Purchases $496,904.00 in Stock

PENN Entertainment, Inc. (NASDAQ:PENN) CEO Jay Snowden purchased 34,700 shares of the stock in a transaction on Friday, November 7th. The stock was acquired at an average price of $14.32 per share, with a total value of $496,904.00. Following the completion of the acquisition, the chief executive officer directly owned 1,117,325 shares of the company’s stock, valued at approximately $16,000,094. This represents a 3.21% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

PENN Entertainment Price Performance

Shares of PENN opened at $15.28 on Thursday. The stock has a 50 day simple moving average of $17.95 and a 200 day simple moving average of $17.49. PENN Entertainment, Inc. has a 52-week low of $13.25 and a 52-week high of $23.08. The company has a debt-to-equity ratio of 2.39, a quick ratio of 0.79 and a current ratio of 0.79. The firm has a market capitalization of $2.23 billion, a PE ratio of -27.29 and a beta of 1.53.

PENN Entertainment (NASDAQ:PENN) last announced its earnings results on Thursday, November 6th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.12). The company had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.73 billion. PENN Entertainment had a negative return on equity of 4.36% and a negative net margin of 1.12%.The business’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter last year, the business posted ($0.24) earnings per share. Sell-side analysts predict that PENN Entertainment, Inc. will post -1.61 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Hill Path Capital LP acquired a new position in shares of PENN Entertainment during the 2nd quarter worth approximately $62,595,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of PENN Entertainment during the second quarter worth $40,214,000. Norges Bank bought a new stake in shares of PENN Entertainment in the second quarter valued at about $39,737,000. Invesco Ltd. boosted its position in shares of PENN Entertainment by 54.6% in the first quarter. Invesco Ltd. now owns 6,002,749 shares of the company’s stock valued at $97,905,000 after acquiring an additional 2,120,740 shares during the period. Finally, Hennessy Advisors Inc. acquired a new position in shares of PENN Entertainment in the third quarter valued at about $40,537,000. 91.69% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on PENN. Barclays cut their price objective on shares of PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Friday, July 18th. JMP Securities boosted their price target on PENN Entertainment from $24.00 to $25.00 and gave the company a “market outperform” rating in a report on Friday, August 8th. Wall Street Zen downgraded PENN Entertainment from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Needham & Company LLC reissued a “hold” rating on shares of PENN Entertainment in a research report on Friday, November 7th. Finally, Stifel Nicolaus raised PENN Entertainment from a “hold” rating to a “buy” rating and upped their price target for the stock from $19.00 to $21.00 in a research report on Friday, November 7th. Ten equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $22.60.

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.