PENN Entertainment (NASDAQ:PENN) Sees Unusually-High Trading Volume – What’s Next?

Shares of PENN Entertainment, Inc. (NASDAQ:PENNGet Free Report) saw unusually-high trading volume on Monday . Approximately 7,918,603 shares traded hands during trading, an increase of 42% from the previous session’s volume of 5,570,471 shares.The stock last traded at $19.71 and had previously closed at $19.19.

Wall Street Analysts Forecast Growth

PENN has been the subject of several research reports. Mizuho dropped their target price on PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Tuesday, October 22nd. Craig Hallum reissued a “buy” rating and issued a $30.00 price objective on shares of PENN Entertainment in a research note on Tuesday, October 8th. JPMorgan Chase & Co. raised PENN Entertainment from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $19.00 to $27.00 in a research report on Friday, December 13th. Benchmark reiterated a “hold” rating on shares of PENN Entertainment in a research report on Friday, November 8th. Finally, Jefferies Financial Group lifted their price objective on PENN Entertainment from $21.00 to $22.00 and gave the stock a “hold” rating in a research note on Friday, January 3rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $23.44.

Check Out Our Latest Stock Report on PENN

PENN Entertainment Price Performance

The business has a 50-day moving average price of $19.93 and a two-hundred day moving average price of $19.34. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 2.34. The company has a market capitalization of $3.15 billion, a price-to-earnings ratio of -5.82 and a beta of 2.08.

PENN Entertainment (NASDAQ:PENNGet Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.24) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.04. The firm had revenue of $1.64 billion for the quarter, compared to analyst estimates of $1.65 billion. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The business’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period last year, the firm earned $1.21 earnings per share. As a group, research analysts anticipate that PENN Entertainment, Inc. will post -1.55 EPS for the current year.

Hedge Funds Weigh In On PENN Entertainment

A number of hedge funds have recently added to or reduced their stakes in the stock. Driehaus Capital Management LLC bought a new position in shares of PENN Entertainment in the second quarter valued at approximately $4,535,000. Janus Henderson Group PLC lifted its stake in PENN Entertainment by 244.7% during the 3rd quarter. Janus Henderson Group PLC now owns 249,106 shares of the company’s stock valued at $4,697,000 after acquiring an additional 176,844 shares in the last quarter. Quantbot Technologies LP lifted its stake in PENN Entertainment by 84.7% during the 3rd quarter. Quantbot Technologies LP now owns 208,094 shares of the company’s stock valued at $3,925,000 after acquiring an additional 95,423 shares in the last quarter. Verition Fund Management LLC boosted its holdings in PENN Entertainment by 367.2% during the 3rd quarter. Verition Fund Management LLC now owns 452,988 shares of the company’s stock worth $8,543,000 after acquiring an additional 356,029 shares during the last quarter. Finally, Public Sector Pension Investment Board bought a new stake in shares of PENN Entertainment in the 2nd quarter worth $6,363,000. Institutional investors and hedge funds own 91.69% of the company’s stock.

PENN Entertainment Company Profile

(Get Free Report)

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

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