PENN Entertainment (NASDAQ:PENN) Given New $18.00 Price Target at Morgan Stanley

PENN Entertainment (NASDAQ:PENN) had its price target cut by equities researchers at Morgan Stanley from $20.00 to $18.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price target suggests a potential upside of 23.07% from the stock’s current price.

Several other research analysts have also issued reports on PENN. Weiss Ratings reissued a “sell (d-)” rating on shares of PENN Entertainment in a research report on Monday, September 21st. Jefferies Financial Group reaffirmed a “hold” rating and set a $22.00 price objective on shares of PENN Entertainment in a report on Friday, August 7th. The Goldman Sachs Group set a $23.00 price objective on PENN Entertainment in a research note on Tuesday, October 13th. Bank of America increased their target price on PENN Entertainment from $18.00 to $22.00 and gave the stock a “neutral” rating in a report on Monday, July 20th. Finally, Citigroup restated a “market outperform” rating on shares of PENN Entertainment in a research report on Tuesday, October 13th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, PENN Entertainment currently has a consensus rating of “Moderate Buy” and an average target price of $23.72.

PENN Entertainment Stock Performance

PENN Entertainment stock traded down $0.31 on Monday, hitting $14.63. The company’s stock had a trading volume of 862,775 shares, compared to its average volume of 3,713,870. PENN Entertainment has a one year low of $11.65 and a one year high of $22.36. The firm has a market cap of $1.96 billion, a P/E ratio of -2.30, a price-to-earnings-growth ratio of 0.38 and a beta of 1.39. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.79. The company has a fifty day moving average price of $16.79 and a 200-day moving average price of $18.06.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.07. PENN Entertainment had a negative net margin of 12.66% and a positive return on equity of 2.93%. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same period last year, the firm earned ($0.12) EPS. The firm’s revenue for the quarter was up 5.2% compared to the same quarter last year. On average, equities analysts anticipate that PENN Entertainment will post 1.20 earnings per share for the current year.

Institutional Investors Weigh In On PENN Entertainment

Hedge funds have recently made changes to their positions in the company. Ieq Capital LLC bought a new stake in PENN Entertainment during the second quarter worth about $3,190,000. Bamco Inc. NY acquired a new stake in shares of PENN Entertainment during the second quarter worth approximately $58,624,000. Wellington Management Group LLP bought a new position in shares of PENN Entertainment in the second quarter valued at approximately $8,680,000. Bank of New York Mellon Corp bought a new position in shares of PENN Entertainment in the second quarter valued at approximately $16,714,000. Finally, Deutsche Bank AG bought a new position in shares of PENN Entertainment in the second quarter valued at approximately $3,911,000. Institutional investors and hedge funds own 91.69% of the company’s stock.

PENN Entertainment Company Profile

PENN Entertainment, Inc is a North American provider of integrated entertainment, gaming and sports betting. The company operates casinos, racetracks and hotels, offering casino gaming, sports wagering, dining, live entertainment and other hospitality services. Its property portfolio includes regional gaming destinations serving customers across the United States.

PENN also develops and operates digital gaming products, including online sports betting and iCasino services. Its digital operations have included the ESPN BET sportsbook, developed through a strategic relationship with ESPN, as well as theScore Bet, supported by the company’s acquisition of Canadian digital media and sports betting business theScore.