Brokerages Set PENN Entertainment, Inc. (NASDAQ:PENN) Target Price at $23.29

Shares of PENN Entertainment, Inc. (NASDAQ:PENN) have received a consensus recommendation of “Moderate Buy” from the sixteen research firms that are presently covering the company, MarketBeat.com reports. Eight analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $23.29.

Several equities analysts recently issued reports on the stock. Needham & Company LLC reissued a “buy” rating and set a $26.00 price target on shares of PENN Entertainment in a report on Friday, November 8th. Truist Financial reduced their target price on PENN Entertainment from $25.00 to $23.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Barclays dropped their price target on PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. JMP Securities reissued a “market perform” rating on shares of PENN Entertainment in a research note on Friday, October 4th. Finally, Bank of America started coverage on PENN Entertainment in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $22.00 target price for the company.

PENN Entertainment Trading Down 2.2 %

PENN stock opened at $20.74 on Monday. PENN Entertainment has a 1-year low of $13.50 and a 1-year high of $27.20. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 2.34. The business’s 50 day moving average is $19.85 and its 200-day moving average is $19.03. The firm has a market cap of $3.17 billion, a P/E ratio of -5.84 and a beta of 2.08.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.04. The firm had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.65 billion. PENN Entertainment had a negative return on equity of 14.44% and a negative net margin of 8.51%. The business’s revenue was up 1.2% compared to the same quarter last year. During the same period in the prior year, the business posted $1.21 earnings per share. Equities analysts anticipate that PENN Entertainment will post -1.53 earnings per share for the current fiscal year.

Insider Activity

In other news, Director David A. Handler acquired 10,000 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was acquired at an average price of $17.51 per share, for a total transaction of $175,100.00. Following the transaction, the director now directly owns 293,450 shares in the company, valued at approximately $5,138,309.50. This represents a 3.53 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 2.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PENN. Tidal Investments LLC raised its holdings in PENN Entertainment by 35.2% during the 3rd quarter. Tidal Investments LLC now owns 14,888 shares of the company’s stock worth $281,000 after buying an additional 3,879 shares during the period. Neo Ivy Capital Management bought a new stake in shares of PENN Entertainment during the third quarter worth $716,000. Sender Co & Partners Inc. acquired a new stake in shares of PENN Entertainment during the third quarter worth $321,000. M&T Bank Corp lifted its position in PENN Entertainment by 4.2% in the 3rd quarter. M&T Bank Corp now owns 12,460 shares of the company’s stock valued at $235,000 after acquiring an additional 497 shares in the last quarter. Finally, MML Investors Services LLC boosted its stake in PENN Entertainment by 27.6% in the 3rd quarter. MML Investors Services LLC now owns 49,613 shares of the company’s stock worth $936,000 after purchasing an additional 10,740 shares during the period. 91.69% of the stock is owned by institutional investors and hedge funds.

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.