PENN Entertainment (NASDAQ:PENN) Reaches New 12-Month High – Here’s What Happened

Shares of PENN Entertainment, Inc. (NASDAQ:PENN) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $21.00 and last traded at $21.0390, with a volume of 253478 shares changing hands. The stock had previously closed at $20.32.

Analyst Upgrades and Downgrades

PENN has been the subject of a number of research reports. JPMorgan Chase & Co. lifted their price target on shares of PENN Entertainment from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, April 24th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of PENN Entertainment from $17.00 to $18.00 and gave the company a “hold” rating in a research report on Friday, April 24th. Wells Fargo & Company lifted their price target on shares of PENN Entertainment from $16.00 to $18.00 and gave the company an “equal weight” rating in a research report on Thursday, April 16th. Wall Street Zen upgraded shares of PENN Entertainment from a “strong sell” rating to a “hold” rating in a research report on Monday, March 2nd. Finally, Morgan Stanley lifted their price target on shares of PENN Entertainment from $16.00 to $17.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 6th. Eight research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, PENN Entertainment currently has a consensus rating of “Hold” and an average target price of $20.29.

PENN Entertainment Stock Up 3.9%

The company has a debt-to-equity ratio of 3.94, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a 50-day simple moving average of $16.78 and a two-hundred day simple moving average of $15.01. The company has a market cap of $2.83 billion, a PE ratio of -3.13, a P/E/G ratio of 0.62 and a beta of 1.44.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.06. The company had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $1.74 billion. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.PENN Entertainment’s revenue was up 6.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.68 earnings per share. Research analysts anticipate that PENN Entertainment, Inc. will post 1.01 earnings per share for the current fiscal year.

Institutional Trading of PENN Entertainment

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Shapiro Capital Management LLC grew its stake in PENN Entertainment by 6.6% in the 3rd quarter. Shapiro Capital Management LLC now owns 6,856,778 shares of the company’s stock worth $132,062,000 after acquiring an additional 425,190 shares during the period. Hill Path Capital LP grew its stake in PENN Entertainment by 64.4% in the 3rd quarter. Hill Path Capital LP now owns 5,759,820 shares of the company’s stock worth $110,934,000 after acquiring an additional 2,257,000 shares during the period. Bank of America Corp DE grew its stake in PENN Entertainment by 57.9% in the 1st quarter. Bank of America Corp DE now owns 4,351,310 shares of the company’s stock worth $65,400,000 after acquiring an additional 1,595,502 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in PENN Entertainment by 74.7% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,930,293 shares of the company’s stock worth $75,697,000 after acquiring an additional 1,679,953 shares during the period. Finally, AQR Capital Management LLC grew its stake in PENN Entertainment by 824.3% in the 4th quarter. AQR Capital Management LLC now owns 3,499,700 shares of the company’s stock worth $51,341,000 after acquiring an additional 3,121,051 shares during the period. 91.69% of the stock is owned by hedge funds and other institutional investors.

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.