PENN Entertainment (NASDAQ:PENN) Price Target Raised to $22.00

PENN Entertainment (NASDAQ:PENN) had its price objective lifted by JPMorgan Chase & Co. from $21.00 to $22.00 in a research report released on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other research analysts have also issued reports about the company. Wells Fargo & Company upped their target price on PENN Entertainment from $16.00 to $18.00 and gave the company an “equal weight” rating in a research note on Thursday. Morgan Stanley lifted their price target on shares of PENN Entertainment from $15.00 to $16.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 8th. Wall Street Zen raised shares of PENN Entertainment from a “strong sell” rating to a “hold” rating in a report on Monday, March 2nd. Jefferies Financial Group restated a “hold” rating and issued a $17.00 price objective on shares of PENN Entertainment in a research note on Wednesday, December 24th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PENN Entertainment in a report on Friday, March 27th. Eight analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, PENN Entertainment has an average rating of “Hold” and an average price target of $19.80.

PENN Entertainment Stock Down 1.8%

PENN stock opened at $15.85 on Thursday. PENN Entertainment has a twelve month low of $11.65 and a twelve month high of $20.60. The company has a market cap of $2.12 billion, a PE ratio of -2.63, a price-to-earnings-growth ratio of 0.52 and a beta of 1.32. The business’s 50-day simple moving average is $14.28 and its 200 day simple moving average is $14.80. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 3.92.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, February 26th. The company reported $0.07 EPS for the quarter, beating the consensus estimate of ($0.23) by $0.30. PENN Entertainment had a negative return on equity of 1.94% and a negative net margin of 12.11%.The firm had revenue of $1.81 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same quarter in the prior year, the firm posted ($0.44) EPS. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. On average, research analysts anticipate that PENN Entertainment will post -1.61 earnings per share for the current year.

Institutional Investors Weigh In On PENN Entertainment

A number of hedge funds and other institutional investors have recently bought and sold shares of PENN. Quarry LP acquired a new position in PENN Entertainment in the fourth quarter worth $36,000. IFP Advisors Inc raised its holdings in shares of PENN Entertainment by 76.2% in the fourth quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock valued at $41,000 after buying an additional 1,196 shares during the last quarter. Modus Advisors LLC bought a new position in shares of PENN Entertainment in the fourth quarter valued at about $47,000. Cloud Capital Management LLC acquired a new position in PENN Entertainment during the 3rd quarter worth about $54,000. Finally, Triumph Capital Management bought a new stake in PENN Entertainment during the 3rd quarter worth about $54,000. 91.69% of the stock is 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.