Shares of PENN Entertainment, Inc. (NASDAQ:PENN) have been receiving mixed recommendations from research firms, with a consensus rating of „Hold“ from seventeen analysts covering the company. Among these analysts, nine have suggested holding the stock, while eight have recommended buying it. The average 12-month target price for PENN Entertainment, as per analysts‘ ratings over the past year, stands at $23.83.
Several research firms have recently provided their insights on PENN Entertainment. Morgan Stanley raised their target price from $20.00 to $21.00 and maintained an „equal weight“ rating on the stock. Mizuho also increased their target price, from $29.00 to $32.00, and gave the stock a „buy“ rating. Stifel Nicolaus and Benchmark reiterated their „hold“ ratings, with Stifel Nicolaus raising their target price from $19.00 to $20.00. Macquarie, on the other hand, reaffirmed an „outperform“ rating with a $26.00 price target.
In terms of insider activity, Director David A. Handler purchased 40,000 shares of PENN Entertainment stock on May 29th at an average price of $14.94 per share, totaling $597,600. Following this acquisition, Handler now holds 283,450 shares of the company’s stock, valued at $4,234,743. This insider buying activity represents 2.19% of the company’s total shares outstanding.
On the institutional front, several notable investors have made significant moves with PENN Entertainment. Norges Bank acquired a new stake in the company during the fourth quarter, while Northwestern Mutual Wealth Management Co. and Armistice Capital LLC increased their holdings substantially in the second quarter. ING Groep NV also initiated a position in the fourth quarter, and Invenomic Capital Management LP boosted its holdings in the first quarter. Overall, hedge funds and institutional investors own 91.69% of PENN Entertainment’s stock.
As for the stock performance, PENN Entertainment opened at $19.57 on Friday with a market cap of $2.99 billion. The company has a price-to-earnings ratio of -2.63 and a beta of 2.11. Its quick ratio and current ratio both stand at 1.03, with a debt-to-equity ratio of 2.35. The stock has traded in a range of $13.50 to $27.20 over the past year, with a fifty-day moving average of $19.06 and a two-hundred-day moving average of $18.06.
In its most recent quarterly earnings report released on August 8th, PENN Entertainment reported earnings per share of ($0.18), surpassing analysts‘ expectations of ($0.27) by $0.09. The company also posted a negative return on equity of 7.13% and a negative net margin of 19.48%. Revenue for the quarter was $1.66 billion, slightly higher than analyst estimates of $1.65 billion. Analysts predict that PENN Entertainment will post a EPS of -1.32 for the current year.
PENN Entertainment, Inc. offers integrated entertainment, sports content, and casino gaming experiences through its various segments. The company operates online sports betting in multiple jurisdictions and iCasino under brands like Hollywood Casino, L’Auberge, ESPN BET, and theScore Bet Sportsbook and Casino.
In conclusion, PENN Entertainment has been the subject of varying recommendations from analysts, with a mix of hold and buy ratings. Insider buying activity and institutional trading have also been notable, indicating confidence in the company’s future prospects. The stock’s performance and recent earnings report further highlight its position in the market. Investors and analysts will continue to monitor PENN Entertainment as it navigates the evolving landscape of entertainment and gaming.