PENN Entertainment (NASDAQ:PENN) Price Target Lowered to $26.00 at Morgan Stanley

PENN Entertainment (NASDAQ:PENN) had its target price reduced by Morgan Stanley from $27.00 to $26.00 in a report published on Monday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Several other research analysts have also weighed in on the stock. Truist Financial lowered shares of PENN Entertainment from a buy rating to a hold rating and lowered their price objective for the stock from $33.00 to $30.00 in a research note on Thursday, August 10th. StockNews.com downgraded shares of PENN Entertainment from a buy rating to a hold rating in a report on Wednesday, August 16th. Barclays lifted their target price on shares of PENN Entertainment from $33.00 to $36.00 and gave the stock an overweight rating in a report on Thursday, August 10th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of PENN Entertainment from $30.00 to $29.00 in a report on Thursday, August 10th. Finally, Canaccord Genuity Group reduced their target price on shares of PENN Entertainment from $44.00 to $38.00 and set a buy rating for the company in a report on Thursday, August 10th. Ten research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, PENN Entertainment currently has a consensus rating of Hold and a consensus price target of $36.67.

PENN Entertainment Stock Down 0.5 %

Shares of PENN stock opened at $23.41 on Monday. The company has a current ratio of 1.41, a quick ratio of 1.39 and a debt-to-equity ratio of 1.22. PENN Entertainment has a 1 year low of $21.32 and a 1 year high of $39.35. The firm’s fifty day moving average price is $24.42 and its two-hundred day moving average price is $26.03. The firm has a market capitalization of $3.54 billion, a P/E ratio of 5.34, a PEG ratio of 2.95 and a beta of 2.19.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings data on Wednesday, August 9th. The company reported $0.48 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.09. The company had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.66 billion. PENN Entertainment had a net margin of 11.24% and a return on equity of 7.10%. PENN Entertainment’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.15 EPS. On average, equities analysts predict that PENN Entertainment will post 1.71 EPS for the current fiscal year.

Insider Activity

In other news, CFO Felicia Hendrix bought 11,162 shares of the company’s stock in a transaction dated Wednesday, September 6th. The stock was bought at an average cost of $22.41 per share, for a total transaction of $250,140.42. Following the transaction, the chief financial officer now owns 27,975 shares of the company’s stock, valued at $626,919.75. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On PENN Entertainment

A number of institutional investors have recently added to or reduced their stakes in PENN. Long Pond Capital LP acquired a new position in PENN Entertainment during the 2nd quarter worth approximately $74,533,000. Norges Bank acquired a new position in PENN Entertainment during the 4th quarter worth approximately $59,504,000. Renaissance Technologies LLC increased its position in PENN Entertainment by 79.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,789,038 shares of the company’s stock valued at $75,891,000 after acquiring an additional 791,500 shares during the period. Bank of Montreal Can acquired a new position in PENN Entertainment in the 2nd quarter valued at approximately $15,008,000. Finally, HG Vora Capital Management LLC increased its position in PENN Entertainment by 3.6% in the 2nd quarter. HG Vora Capital Management LLC now owns 14,500,000 shares of the company’s stock valued at $348,435,000 after acquiring an additional 500,000 shares during the period. 82.34% of the stock is currently owned by institutional investors and hedge funds.

About PENN Entertainment

PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences in North America. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates online sports betting in various jurisdictions; and iCasino under a portfolio of brands, including Hollywood Casino, L'Auberge, Barstool Sportsbook, and theScore Bet Sportbook and Casino.