Truist Financial Upgrades PENN Entertainment (NASDAQ:PENN) to “Buy”

PENN Entertainment (NASDAQ:PENN) was upgraded by investment analysts at Truist Financial from a “hold” rating to a “buy” rating in a research note issued on Tuesday, Marketbeat Ratings reports. The brokerage presently has a $23.00 price objective on the stock. Truist Financial’s price objective would suggest a potential upside of 28.92% from the stock’s current price.

PENN has been the subject of a number of other research reports. Morgan Stanley increased their target price on PENN Entertainment from $21.00 to $22.00 and gave the company an “equal weight” rating in a report on Tuesday, April 9th. Benchmark initiated coverage on shares of PENN Entertainment in a research note on Tuesday, April 16th. They issued a “hold” rating on the stock. Barclays dropped their price target on shares of PENN Entertainment from $27.00 to $26.00 and set an “overweight” rating on the stock in a research note on Friday, April 19th. Macquarie dropped their price target on shares of PENN Entertainment from $35.00 to $33.00 and set an “outperform” rating on the stock in a research note on Friday, February 16th. Finally, StockNews.com downgraded shares of PENN Entertainment from a “hold” rating to a “sell” rating in a research note on Wednesday, March 6th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $29.80.

PENN Entertainment Price Performance

PENN opened at $17.84 on Tuesday. The stock has a fifty day moving average of $17.65 and a 200-day moving average of $21.39. The firm has a market capitalization of $2.72 billion, a P/E ratio of -4.90 and a beta of 2.06. PENN Entertainment has a 12-month low of $15.88 and a 12-month high of $31.63. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 1.60.

PENN Entertainment (NASDAQ:PENN) last released its earnings results on Thursday, February 15th. The company reported ($1.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.57) by ($1.18). The business had revenue of $1.40 billion during the quarter, compared to analysts’ expectations of $1.54 billion. PENN Entertainment had a negative net margin of 7.70% and a positive return on equity of 1.31%. Equities analysts forecast that PENN Entertainment will post -0.86 EPS for the current fiscal year.

Hedge Funds Weigh In On PENN Entertainment

Hedge funds have recently bought and sold shares of the business. Kettle Hill Capital Management LLC acquired a new position in PENN Entertainment during the third quarter worth $19,792,000. Source Financial Advisors LLC boosted its holdings in PENN Entertainment by 1,061.1% during the third quarter. Source Financial Advisors LLC now owns 322,633 shares of the company’s stock valued at $7,404,000 after acquiring an additional 294,845 shares during the period. Fred Alger Management LLC bought a new stake in PENN Entertainment during the third quarter valued at about $1,750,000. Sei Investments Co. boosted its holdings in PENN Entertainment by 13.9% during the third quarter. Sei Investments Co. now owns 1,372,982 shares of the company’s stock valued at $31,510,000 after acquiring an additional 167,445 shares during the period. Finally, Blue Trust Inc. boosted its holdings in PENN Entertainment by 20.0% during the fourth quarter. Blue Trust Inc. now owns 5,374 shares of the company’s stock valued at $140,000 after acquiring an additional 896 shares during the period. 91.69% of the stock is 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. 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.