PENN Entertainment (NASDAQ:PENN) Trading Up 4.4% – Here’s What Happened

Shares of PENN Entertainment, Inc. (NASDAQ:PENN) were up 4.4% on Tuesday . The stock traded as high as $19.62 and last traded at $19.55. Approximately 2,178,744 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 4,805,648 shares. The stock had previously closed at $18.73.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Barclays decreased their target price on shares of PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Craig Hallum restated a “buy” rating and issued a $30.00 price objective on shares of PENN Entertainment in a research report on Tuesday, October 8th. Needham & Company LLC reiterated a “buy” rating and set a $26.00 target price on shares of PENN Entertainment in a report on Friday, November 8th. Mizuho cut their target price on PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 22nd. Finally, Macquarie upped their price target on PENN Entertainment from $26.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Nine analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.53.

PENN Entertainment Stock Up 5.0 %

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’s fifty day moving average price is $19.97 and its 200-day moving average price is $19.30. The stock has a market capitalization of $3.00 billion, a PE ratio of -5.54 and a beta of 2.08.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.28) by $0.04. The firm had revenue of $1.64 billion during the quarter, compared to analyst estimates of $1.65 billion. PENN Entertainment had a negative return on equity of 14.44% and a negative net margin of 8.51%. PENN Entertainment’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.21 EPS. Analysts forecast that PENN Entertainment, Inc. will post -1.55 earnings per share for the current year.

Hedge Funds Weigh In On PENN Entertainment

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. DekaBank Deutsche Girozentrale bought a new position in PENN Entertainment in the third quarter valued at about $45,000. GAMMA Investing LLC boosted its stake in shares of PENN Entertainment by 88.5% during the 3rd quarter. GAMMA Investing LLC now owns 2,716 shares of the company’s stock worth $51,000 after acquiring an additional 1,275 shares during the last quarter. Quest Partners LLC purchased a new stake in shares of PENN Entertainment in the 3rd quarter worth $56,000. International Assets Investment Management LLC raised its holdings in PENN Entertainment by 1,634.8% in the 3rd quarter. International Assets Investment Management LLC now owns 3,244 shares of the company’s stock worth $61,000 after purchasing an additional 3,057 shares during the period. Finally, Quarry LP lifted its position in PENN Entertainment by 76.7% during the second quarter. Quarry LP now owns 4,291 shares of the company’s stock valued at $83,000 after purchasing an additional 1,862 shares in the last quarter. Institutional investors own 91.69% of the company’s stock.

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.