PENN Entertainment (NASDAQ:PENN) Downgraded by Raymond James

PENN Entertainment (NASDAQ:PENN) was downgraded by Raymond James from an “outperform” rating to a “market perform” rating in a report released on Tuesday, MarketBeat Ratings reports.

Several other brokerages also recently commented on PENN. Craig Hallum upgraded shares of PENN Entertainment from a “hold” rating to a “buy” rating and raised their price objective for the company from $20.00 to $30.00 in a research report on Friday, June 21st. JMP Securities restated a “market perform” rating on shares of PENN Entertainment in a research report on Tuesday, June 4th. Morgan Stanley increased their target price on PENN Entertainment from $21.00 to $22.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 9th. Canaccord Genuity Group lowered their price target on PENN Entertainment from $32.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, April 29th. Finally, Susquehanna reaffirmed a “positive” rating and set a $26.00 price objective on shares of PENN Entertainment in a report on Friday, June 21st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $25.10.

PENN Entertainment Price Performance

PENN stock opened at $18.30 on Tuesday. The company has a debt-to-equity ratio of 2.33, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a 50 day moving average price of $16.84 and a 200-day moving average price of $19.53. PENN Entertainment has a 52-week low of $13.50 and a 52-week high of $29.38. The firm has a market capitalization of $2.79 billion, a price-to-earnings ratio of -2.46 and a beta of 2.06.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings results on Thursday, May 2nd. The company reported ($0.79) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.20). PENN Entertainment had a negative net margin of 17.77% and a negative return on equity of 3.53%. The business had revenue of $1.61 billion for the quarter, compared to the consensus estimate of $1.63 billion. Equities research analysts forecast that PENN Entertainment will post -1.35 EPS for the current fiscal year.

Insider Activity

In other PENN Entertainment news, CFO Felicia Hendrix acquired 16,157 shares of the stock in a transaction on Monday, May 6th. The shares were bought at an average price of $15.47 per share, with a total value of $249,948.79. Following the acquisition, the chief financial officer now owns 68,596 shares of the company’s stock, valued at $1,061,180.12. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other PENN Entertainment news, Director David A. Handler bought 20,000 shares of the company’s stock in a transaction on Monday, May 6th. The stock was purchased at an average cost of $15.37 per share, for a total transaction of $307,400.00. Following the acquisition, the director now owns 243,450 shares of the company’s stock, valued at approximately $3,741,826.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Felicia Hendrix purchased 16,157 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was bought at an average cost of $15.47 per share, with a total value of $249,948.79. Following the completion of the acquisition, the chief financial officer now owns 68,596 shares of the company’s stock, valued at $1,061,180.12. The disclosure for this purchase can be found here. Insiders have bought a total of 76,157 shares of company stock valued at $1,154,949 over the last quarter. Corporate insiders own 2.19% of the company’s stock.

Institutional Investors Weigh In On PENN Entertainment

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in PENN Entertainment by 0.4% during the first quarter. Vanguard Group Inc. now owns 14,789,817 shares of the company’s stock worth $269,323,000 after purchasing an additional 59,897 shares during the last quarter. Earnest Partners LLC grew its stake in shares of PENN Entertainment by 4.0% during the 1st quarter. Earnest Partners LLC now owns 3,938,133 shares of the company’s stock valued at $71,713,000 after buying an additional 151,025 shares during the period. Sei Investments Co. increased its holdings in shares of PENN Entertainment by 13.1% during the 1st quarter. Sei Investments Co. now owns 2,372,277 shares of the company’s stock worth $43,199,000 after buying an additional 274,074 shares during the last quarter. Invenomic Capital Management LP raised its position in shares of PENN Entertainment by 71.9% in the 1st quarter. Invenomic Capital Management LP now owns 1,884,284 shares of the company’s stock worth $34,313,000 after buying an additional 787,968 shares during the period. Finally, Norges Bank acquired a new position in PENN Entertainment in the fourth quarter valued at $42,758,000. Hedge funds and other institutional investors 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.