Benchmark Initiates Coverage on PENN Entertainment (NASDAQ:PENN)

Benchmark initiated coverage on shares of PENN Entertainment (NASDAQ:PENN) in a report published on Tuesday, Marketbeat Ratings reports. The brokerage issued a hold rating on the stock.

PENN has been the subject of a number of other reports. StockNews.com lowered shares of PENN Entertainment from a hold rating to a sell rating in a research note on Wednesday, March 6th. Stifel Nicolaus reduced their price objective on shares of PENN Entertainment from $27.00 to $23.00 and set a hold rating for the company in a research note on Friday, February 16th. Needham & Company LLC reduced their price objective on shares of PENN Entertainment from $33.00 to $32.00 and set a buy rating for the company in a research note on Friday, February 16th. Mizuho assumed coverage on shares of PENN Entertainment in a research note on Tuesday, March 26th. They set a buy rating and a $29.00 price objective for the company. Finally, Truist Financial reduced their price objective on shares of PENN Entertainment from $27.00 to $23.00 and set a hold rating for the company in a research note on Friday, February 16th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Hold and an average target price of $29.80.

PENN Entertainment Price Performance

Shares of NASDAQ PENN opened at $16.54 on Tuesday. PENN Entertainment has a twelve month low of $15.88 and a twelve month high of $31.63. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 1.60. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of -4.54 and a beta of 2.06. The firm has a 50-day moving average of $17.98 and a two-hundred day moving average of $21.46.

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

Hedge Funds Weigh In On PENN Entertainment

A number of hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in PENN Entertainment by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 14,729,920 shares of the company’s stock worth $383,273,000 after buying an additional 97,945 shares during the last quarter. Earnest Partners LLC increased its holdings in PENN Entertainment by 11.1% in the third quarter. Earnest Partners LLC now owns 2,718,095 shares of the company’s stock worth $62,380,000 after buying an additional 271,254 shares during the last quarter. Geode Capital Management LLC increased its holdings in PENN Entertainment by 2.2% in the first quarter. Geode Capital Management LLC now owns 2,321,981 shares of the company’s stock worth $68,870,000 after buying an additional 50,999 shares during the last quarter. Sei Investments Co. increased its holdings in PENN Entertainment by 52.8% in the fourth quarter. Sei Investments Co. now owns 2,098,203 shares of the company’s stock worth $54,595,000 after buying an additional 725,221 shares during the last quarter. Finally, Norges Bank acquired a new position in PENN Entertainment in the fourth quarter worth approximately $59,504,000. Institutional investors and hedge funds own 91.69% of the company’s stock.

PENN Entertainment Company Profile

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.