Cinctive Capital Management LP Buys Shares of 42,153 PENN Entertainment, Inc. $PENN

Cinctive Capital Management LP purchased a new position in PENN Entertainment, Inc. (NASDAQ:PENN) during the 3rd quarter, Holdings Channel reports. The institutional investor purchased 42,153 shares of the company’s stock, valued at approximately $812,000.

Other large investors have also made changes to their positions in the company. Hill Path Capital LP acquired a new stake in shares of PENN Entertainment in the 2nd quarter worth $62,595,000. Arrowstreet Capital Limited Partnership acquired a new position in PENN Entertainment during the 2nd quarter valued at about $40,214,000. Norges Bank purchased a new stake in PENN Entertainment in the second quarter valued at about $39,737,000. Hennessy Advisors Inc. acquired a new stake in PENN Entertainment in the third quarter worth about $40,537,000. Finally, Bridgeway Capital Management LLC acquired a new stake in PENN Entertainment in the second quarter worth about $18,702,000. 91.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently issued reports on PENN. Weiss Ratings restated a “sell (d-)” rating on shares of PENN Entertainment in a report on Monday, December 29th. Wells Fargo & Company upgraded shares of PENN Entertainment from a “strong sell” rating to an “equal weight” rating and lifted their target price for the stock from $15.00 to $16.00 in a research note on Friday, February 27th. Susquehanna dropped their target price on shares of PENN Entertainment from $20.00 to $17.00 and set a “positive” rating on the stock in a research report on Wednesday, February 11th. Canaccord Genuity Group lowered their price objective on shares of PENN Entertainment from $26.00 to $21.00 and set a “buy” rating for the company in a research note on Tuesday, February 3rd. Finally, Morgan Stanley dropped their price objective on shares of PENN Entertainment from $17.00 to $15.00 and set an “equal weight” rating on the stock in a report on Friday, January 16th. Eight analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $19.67.

PENN Entertainment Trading Down 2.3%

Shares of PENN Entertainment stock opened at $13.98 on Tuesday. The stock has a market cap of $1.87 billion, a PE ratio of -2.32, a price-to-earnings-growth ratio of 0.43 and a beta of 1.33. The firm has a fifty day moving average price of $13.76 and a 200 day moving average price of $15.58. PENN Entertainment, Inc. has a 1 year low of $11.65 and a 1 year high of $20.60. The company has a debt-to-equity ratio of 3.92, a current ratio of 0.79 and a quick ratio of 0.79.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, February 26th. The company reported $0.07 EPS for the quarter, beating the consensus estimate of ($0.23) by $0.30. The company had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.76 billion. PENN Entertainment had a negative net margin of 12.11% and a negative return on equity of 1.94%. The firm’s revenue was up 8.2% on a year-over-year basis. During the same period in the prior year, the company earned ($0.44) earnings per share. Equities research analysts predict that PENN Entertainment, Inc. will post -1.61 earnings per share for the current year.

About PENN Entertainment

PENN Entertainment, Inc (NASDAQ: PENN) is a leading operator of gaming and racing facilities in the United States. The company’s business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company’s portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.