PENN Entertainment (NASDAQ:PENN) Stock Price Up 8.3% – Still a Buy?

PENN Entertainment, Inc. (NASDAQ:PENN)’s stock price rose 8.3% during trading on Wednesday . The stock traded as high as $18.29 and last traded at $18.4750. Approximately 1,860,141 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 4,194,284 shares. The stock had previously closed at $17.06.

Analyst Upgrades and Downgrades

PENN has been the subject of several recent research reports. Stifel Nicolaus increased their price target on PENN Entertainment from $22.00 to $23.00 and gave the company a “buy” rating in a report on Friday, April 24th. Barclays increased their price objective on PENN Entertainment from $23.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, April 24th. Wells Fargo & Company increased their price objective on PENN Entertainment from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. increased their price objective on PENN Entertainment from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, April 24th. Finally, Citigroup increased their price objective on PENN Entertainment from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Monday, March 2nd. Eight equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $20.29.

PENN Entertainment Stock Performance

The firm has a 50-day moving average price of $15.69 and a 200 day moving average price of $14.66. The firm has a market capitalization of $2.50 billion, a PE ratio of -2.77, a price-to-earnings-growth ratio of 0.55 and a beta of 1.43. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 3.94.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.05 by $0.06. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.The business had revenue of $1.78 billion during the quarter, compared to analyst estimates of $1.74 billion. During the same period last year, the business posted $0.68 earnings per share. The company’s quarterly revenue was up 6.4% on a year-over-year basis. Research analysts expect that PENN Entertainment, Inc. will post 1 earnings per share for the current year.

Institutional Trading of PENN Entertainment

Several hedge funds have recently modified their holdings of PENN. Caxton Associates LLP acquired a new stake in shares of PENN Entertainment in the first quarter valued at $246,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of PENN Entertainment by 30.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 344,565 shares of the company’s stock valued at $5,620,000 after acquiring an additional 79,978 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of PENN Entertainment by 6.7% in the second quarter. Russell Investments Group Ltd. now owns 64,280 shares of the company’s stock valued at $1,150,000 after acquiring an additional 4,011 shares in the last quarter. First Trust Advisors LP raised its stake in shares of PENN Entertainment by 169.6% in the second quarter. First Trust Advisors LP now owns 94,575 shares of the company’s stock valued at $1,690,000 after acquiring an additional 59,489 shares in the last quarter. Finally, Marshall Wace LLP raised its stake in shares of PENN Entertainment by 80.2% in the second quarter. Marshall Wace LLP now owns 386,871 shares of the company’s stock valued at $6,913,000 after acquiring an additional 172,158 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors and hedge funds.

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.