Harbor Capital Advisors Inc. Sells 465,592 Shares of PENN Entertainment, Inc. $PENN

Harbor Capital Advisors Inc. decreased its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 74.8% in the third quarter, Holdings Channel reports. The firm owned 157,213 shares of the company’s stock after selling 465,592 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in PENN Entertainment were worth $3,028,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Parallel Advisors LLC raised its holdings in shares of PENN Entertainment by 152.2% in the 2nd quarter. Parallel Advisors LLC now owns 1,397 shares of the company’s stock worth $25,000 after buying an additional 843 shares in the last quarter. Quarry LP acquired a new stake in PENN Entertainment in the 1st quarter valued at $30,000. State of Wyoming bought a new stake in PENN Entertainment in the first quarter valued at $46,000. GAMMA Investing LLC raised its stake in PENN Entertainment by 22.4% during the third quarter. GAMMA Investing LLC now owns 3,042 shares of the company’s stock worth $59,000 after acquiring an additional 556 shares in the last quarter. Finally, Ancora Advisors LLC lifted its holdings in shares of PENN Entertainment by 208.8% during the first quarter. Ancora Advisors LLC now owns 6,855 shares of the company’s stock valued at $112,000 after acquiring an additional 4,635 shares during the period. 91.69% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at PENN Entertainment

In other news, CEO Jay A. Snowden acquired 34,700 shares of the company’s stock in a transaction on Friday, November 7th. The stock was purchased at an average cost of $14.32 per share, with a total value of $496,904.00. Following the acquisition, the chief executive officer owned 1,117,325 shares of the company’s stock, valued at $16,000,094. This trade represents a 3.21% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David A. Handler bought 20,000 shares of the business’s stock in a transaction on Monday, November 17th. The shares were acquired at an average price of $14.25 per share, for a total transaction of $285,000.00. Following the completion of the transaction, the director owned 362,941 shares in the company, valued at approximately $5,171,909.25. This trade represents a 5.83% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders acquired 62,015 shares of company stock worth $882,778. 2.67% of the stock is owned by insiders.

Analysts Set New Price Targets

PENN has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft lowered their target price on shares of PENN Entertainment from $19.00 to $17.00 and set a “hold” rating on the stock in a report on Friday, November 7th. Weiss Ratings restated a “sell (d-)” rating on shares of PENN Entertainment in a research report on Monday. Jefferies Financial Group reaffirmed a “hold” rating and set a $17.00 price objective on shares of PENN Entertainment in a research note on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of PENN Entertainment in a research note on Friday, November 7th. Finally, Stifel Nicolaus upgraded PENN Entertainment from a “hold” rating to a “buy” rating and increased their price target for the stock from $19.00 to $21.00 in a research report on Friday, November 7th. Ten research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $21.25.

PENN Entertainment Price Performance

Shares of PENN stock opened at $14.63 on Thursday. PENN Entertainment, Inc. has a 1 year low of $13.24 and a 1 year high of $23.08. The firm’s 50 day moving average is $15.18 and its 200-day moving average is $17.24. The firm has a market capitalization of $1.95 billion, a price-to-earnings ratio of -2.30 and a beta of 1.40. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 3.65.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.12). PENN Entertainment had a negative net margin of 13.24% and a negative return on equity of 4.59%. The company had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same period in the prior year, the business earned ($0.24) EPS. The business’s revenue for the quarter was up 4.8% on a year-over-year basis. Sell-side analysts forecast that PENN Entertainment, Inc. will post -1.61 EPS for the current fiscal year.

PENN Entertainment Company Profile

PENN Entertainment, Inc (NASDAQ: PENN) is a leading operator of gaming and racing facilities in the United States. The company’s business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company’s portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.