PENN Entertainment (NASDAQ:PENN) Shares Gap Up to $16.93

PENN Entertainment, Inc. (NASDAQ:PENN) gapped up before the market opened on Tuesday . The stock had previously closed at $16.93, but opened at $17.67. PENN Entertainment shares last traded at $17.49, with a volume of 1,067,419 shares changing hands.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on PENN. Needham & Company LLC reduced their price objective on PENN Entertainment from $33.00 to $32.00 and set a “buy” rating on the stock in a research report on Friday, February 16th. Barclays lowered their price objective on PENN Entertainment from $27.00 to $26.00 and set an “overweight” rating for the company in a research note on Friday. Benchmark began coverage on shares of PENN Entertainment in a research report on Tuesday, April 16th. They set a “hold” rating on the stock. Stifel Nicolaus dropped their price target 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. Finally, Mizuho initiated coverage on shares of PENN Entertainment in a research note on Tuesday, March 26th. They issued a “buy” rating and a $29.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $29.80.

PENN Entertainment Trading Up 1.7 %

The company has a debt-to-equity ratio of 1.60, a current ratio of 1.11 and a quick ratio of 1.11. The firm has a fifty day simple moving average of $17.85 and a 200-day simple moving average of $21.44. The firm has a market cap of $2.62 billion, a P/E ratio of -4.77 and a beta of 2.06.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, February 15th. The company reported ($1.75) earnings per share (EPS) for the quarter, missing the consensus estimate 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. On average, equities research analysts expect that PENN Entertainment, Inc. will post -0.86 earnings per share for the current year.

Institutional Trading of PENN Entertainment

Institutional investors and hedge funds have recently modified their holdings of the stock. Huntington National Bank lifted its stake in PENN Entertainment by 324.8% during the 3rd quarter. Huntington National Bank now owns 1,402 shares of the company’s stock valued at $32,000 after acquiring an additional 1,072 shares in the last quarter. Harbor Investment Advisory LLC purchased a new stake in PENN Entertainment in the 4th quarter valued at about $32,000. Lindbrook Capital LLC lifted its position in shares of PENN Entertainment by 57.1% during the 4th quarter. Lindbrook Capital LLC now owns 1,521 shares of the company’s stock worth $40,000 after buying an additional 553 shares in the last quarter. Neo Ivy Capital Management purchased a new position in shares of PENN Entertainment in the 4th quarter worth approximately $40,000. Finally, Signaturefd LLC boosted its position in shares of PENN Entertainment by 60.8% in the third quarter. Signaturefd LLC now owns 1,922 shares of the company’s stock valued at $44,000 after acquiring an additional 727 shares during the period. 91.69% of the stock is owned by hedge funds and other institutional investors.

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.