PENN Entertainment (NASDAQ:PENN) Raised to Strong-Buy at Zacks Research

PENN Entertainment (NASDAQ:PENN) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

Several other research firms have also issued reports on PENN. Deutsche Bank Aktiengesellschaft increased their target price on shares of PENN Entertainment from $17.00 to $18.00 and gave the stock a “hold” rating in a research note on Friday, April 24th. Barclays upped their price target on PENN Entertainment from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. JPMorgan Chase & Co. increased their price target on PENN Entertainment from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, April 24th. Wells Fargo & Company dropped their price objective on PENN Entertainment from $24.00 to $23.00 and set an “equal weight” rating on the stock in a report on Tuesday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of PENN Entertainment in a research report on Wednesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, PENN Entertainment currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.19.

PENN Entertainment Stock Performance

PENN opened at $20.18 on Monday. The firm has a fifty day moving average price of $19.42 and a 200 day moving average price of $16.21. PENN Entertainment has a 1 year low of $11.65 and a 1 year high of $22.36. The stock has a market cap of $2.70 billion, a P/E ratio of -3.00, a P/E/G ratio of 0.65 and a beta of 1.42. The company has a debt-to-equity ratio of 3.94, a current ratio of 0.82 and a quick ratio of 0.82.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings results on Thursday, April 23rd. The company reported $0.11 EPS 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 company had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.74 billion. During the same quarter last year, the business earned $0.68 earnings per share. The firm’s revenue was up 6.4% on a year-over-year basis. Equities research analysts anticipate that PENN Entertainment will post 1.02 earnings per share for the current year.

Institutional Trading of PENN Entertainment

A number of institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC raised its holdings in PENN Entertainment by 330.0% in the 4th quarter. SG Americas Securities LLC now owns 149,710 shares of the company’s stock valued at $2,208,000 after acquiring an additional 114,892 shares during the last quarter. CWM LLC lifted its stake in PENN Entertainment by 1,055.9% in the 4th quarter. CWM LLC now owns 92,056 shares of the company’s stock worth $1,358,000 after purchasing an additional 84,092 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new position in shares of PENN Entertainment during the 4th quarter worth approximately $6,376,000. Penn Capital Management Company LLC boosted its holdings in shares of PENN Entertainment by 26.9% during the 3rd quarter. Penn Capital Management Company LLC now owns 853,731 shares of the company’s stock worth $16,479,000 after purchasing an additional 180,940 shares during the last quarter. Finally, MYDA Advisors LLC purchased a new stake in shares of PENN Entertainment in the fourth quarter valued at approximately $369,000. Hedge funds and other institutional investors own 91.69% of the company’s stock.

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.