Traders Purchase Large Volume of PENN Entertainment Call Options (NASDAQ:PENN)

PENN Entertainment, Inc. (NASDAQ:PENN) was the recipient of unusually large options trading activity on Friday. Stock traders acquired 31,360 call options on the stock. This represents an increase of approximately 66% compared to the typical daily volume of 18,906 call options.

PENN Entertainment Price Performance

Shares of PENN Entertainment stock traded down $0.20 during trading on Friday, hitting $16.92. 2,564,945 shares of the stock traded hands, compared to its average volume of 4,513,705. The firm’s fifty day moving average is $19.74 and its 200-day moving average is $19.60. The stock has a market cap of $2.59 billion, a price-to-earnings ratio of -4.77, a PEG ratio of 1.55 and a beta of 2.19. PENN Entertainment has a 52 week low of $13.50 and a 52 week high of $23.08. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 2.34.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on PENN shares. Wells Fargo & Company lifted their price objective on shares of PENN Entertainment from $20.00 to $24.00 and gave the company an “equal weight” rating in a report on Monday, March 3rd. Stifel Nicolaus decreased their price target on PENN Entertainment from $22.00 to $19.00 and set a “hold” rating for the company in a report on Tuesday, March 18th. JMP Securities restated a “market perform” rating on shares of PENN Entertainment in a research note on Thursday, January 16th. Mizuho upped their target price on shares of PENN Entertainment from $24.00 to $25.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 4th. Finally, Benchmark reissued a “hold” rating on shares of PENN Entertainment in a research report on Monday, March 3rd. Ten research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $23.56.

Institutional Trading of PENN Entertainment

Several hedge funds have recently added to or reduced their stakes in PENN. IFP Advisors Inc increased its holdings in shares of PENN Entertainment by 201.5% in the fourth quarter. IFP Advisors Inc now owns 1,574 shares of the company’s stock worth $31,000 after buying an additional 1,052 shares during the period. Quest Partners LLC bought a new position in PENN Entertainment during the 3rd quarter worth approximately $56,000. Modus Advisors LLC purchased a new position in PENN Entertainment in the 4th quarter worth approximately $63,000. Lee Danner & Bass Inc. bought a new stake in PENN Entertainment in the fourth quarter valued at approximately $92,000. Finally, KBC Group NV boosted its stake in shares of PENN Entertainment by 36.5% during the fourth quarter. KBC Group NV now owns 5,501 shares of the company’s stock valued at $109,000 after purchasing an additional 1,470 shares during the period. 91.69% of the stock is owned by 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.