Melqart Asset Management UK Ltd Has $10.52 Million Stake in PENN Entertainment, Inc. $PENN

Melqart Asset Management UK Ltd trimmed its stake in PENN Entertainment, Inc. (NASDAQ:PENN) by 5.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 713,416 shares of the company’s stock after selling 40,837 shares during the period. Melqart Asset Management UK Ltd owned about 0.54% of PENN Entertainment worth $10,523,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Quarry LP bought a new position in shares of PENN Entertainment during the fourth quarter valued at $36,000. IFP Advisors Inc grew its holdings in shares of PENN Entertainment by 76.2% in the 4th quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock worth $41,000 after purchasing an additional 1,196 shares during the last quarter. Triumph Capital Management bought a new stake in shares of PENN Entertainment in the 3rd quarter worth about $54,000. Modus Advisors LLC acquired a new stake in shares of PENN Entertainment during the 4th quarter worth about $47,000. Finally, Jones Financial Companies Lllp increased its position in shares of PENN Entertainment by 33.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 3,273 shares of the company’s stock worth $65,000 after purchasing an additional 825 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors and hedge funds.

PENN Entertainment Stock Up 0.1%

Shares of NASDAQ PENN opened at $21.86 on Wednesday. PENN Entertainment, Inc. has a 12-month low of $11.65 and a 12-month high of $22.36. The firm’s 50-day simple moving average is $17.47 and its 200 day simple moving average is $15.27. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 3.94. The company has a market cap of $2.93 billion, a price-to-earnings ratio of -3.25, a price-to-earnings-growth ratio of 0.70 and a beta of 1.44.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $0.11 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.06. PENN Entertainment had a negative net margin of 13.55% and a positive return on equity of 0.44%. The firm had revenue of $1.78 billion during the quarter, compared to analysts’ expectations of $1.74 billion. During the same quarter last year, the company posted $0.68 EPS. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. On average, research analysts expect that PENN Entertainment, Inc. will post 1.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. 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. Wells Fargo & Company raised their price objective on shares of PENN Entertainment from $16.00 to $18.00 and gave the stock an “equal weight” rating in a report on Thursday, April 16th. JPMorgan Chase & Co. lifted their target price on shares of PENN Entertainment from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, April 24th. Morgan Stanley boosted their target price on PENN Entertainment from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of PENN Entertainment in a research report on Friday, March 27th. Eight research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, PENN Entertainment has an average rating of “Hold” and a consensus target price of $20.43.

About PENN Entertainment

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.