Needham & Company LLC Reaffirms Buy Rating for PENN Entertainment (NASDAQ:PENN)

PENN Entertainment (NASDAQ:PENN)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a report released on Friday,Benzinga reports. They currently have a $26.00 price objective on the stock. Needham & Company LLC’s target price indicates a potential upside of 28.59% from the stock’s current price.

PENN has been the topic of a number of other research reports. Macquarie reiterated an “outperform” rating and issued a $26.00 price target on shares of PENN Entertainment in a research note on Friday, August 9th. Truist Financial cut their price objective on shares of PENN Entertainment from $25.00 to $23.00 and set a “buy” rating for the company in a report on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of PENN Entertainment from $18.00 to $20.00 and gave the company a “hold” rating in a report on Friday, August 9th. Craig Hallum reissued a “buy” rating and issued a $30.00 price objective on shares of PENN Entertainment in a report on Tuesday, October 8th. Finally, Barclays cut their price objective on shares of PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $22.89.

PENN Entertainment Stock Up 5.1 %

PENN Entertainment stock opened at $20.22 on Friday. PENN Entertainment has a fifty-two week low of $13.50 and a fifty-two week high of $27.20. The firm has a market capitalization of $3.09 billion, a PE ratio of -2.49 and a beta of 2.09. The company’s 50-day moving average is $18.98 and its 200-day moving average is $18.31. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.03 and a quick ratio of 1.03.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.09. PENN Entertainment had a negative net margin of 19.48% and a negative return on equity of 7.13%. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same quarter in the prior year, the business earned $0.48 EPS. PENN Entertainment’s quarterly revenue was down .7% on a year-over-year basis. Sell-side analysts anticipate that PENN Entertainment will post -1.36 earnings per share for the current year.

Insider Activity at PENN Entertainment

In related news, CEO Jay A. Snowden acquired 54,200 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was acquired at an average price of $18.44 per share, with a total value of $999,448.00. Following the purchase, the chief executive officer now directly owns 853,045 shares in the company, valued at approximately $15,730,149.80. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other PENN Entertainment news, Director David A. Handler purchased 10,000 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was purchased at an average cost of $17.51 per share, for a total transaction of $175,100.00. Following the transaction, the director now owns 293,450 shares in the company, valued at $5,138,309.50. The trade was a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Jay A. Snowden purchased 54,200 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average price of $18.44 per share, with a total value of $999,448.00. Following the completion of the transaction, the chief executive officer now owns 853,045 shares in the company, valued at approximately $15,730,149.80. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 79,200 shares of company stock valued at $1,450,548 in the last quarter. Insiders own 2.19% of the company’s stock.

Hedge Funds Weigh In On PENN Entertainment

Several institutional investors and hedge funds have recently added to or reduced their stakes in PENN. GAMMA Investing LLC increased its position in PENN Entertainment by 233.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,441 shares of the company’s stock valued at $28,000 after acquiring an additional 1,009 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in shares of PENN Entertainment during the third quarter worth $45,000. Quest Partners LLC acquired a new stake in shares of PENN Entertainment during the third quarter worth $56,000. International Assets Investment Management LLC increased its position in shares of PENN Entertainment by 1,634.8% during the third quarter. International Assets Investment Management LLC now owns 3,244 shares of the company’s stock worth $61,000 after buying an additional 3,057 shares during the period. Finally, J.Safra Asset Management Corp acquired a new stake in shares of PENN Entertainment during the second quarter worth $83,000. 91.69% of the stock is currently 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.