Wells Fargo & Company Issues Pessimistic Forecast for PENN Entertainment (NASDAQ:PENN) Stock Price

PENN Entertainment (NASDAQ:PENN) had its target price cut by Wells Fargo & Company from $24.00 to $23.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 12.30% from the company’s current price.

Several other brokerages also recently weighed in on PENN. Morgan Stanley lifted their price target on shares of PENN Entertainment from $16.00 to $17.00 and gave the company an “equal weight” rating in a report on Wednesday, May 6th. Barclays raised their price objective on shares of PENN Entertainment from $24.00 to $26.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft upped their target price on shares of PENN Entertainment from $17.00 to $18.00 and gave the stock a “hold” rating in a report on Friday, April 24th. Mizuho increased their price target on PENN Entertainment from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Friday, April 24th. Finally, Stifel Nicolaus boosted their price objective on PENN Entertainment from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, June 12th. Ten equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $22.19.

PENN Entertainment Stock Performance

Shares of PENN opened at $20.48 on Tuesday. The business has a 50-day simple moving average of $19.36 and a two-hundred day simple moving average of $16.18. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 3.94. PENN Entertainment has a 52 week low of $11.65 and a 52 week high of $22.36. The stock has a market cap of $2.74 billion, a price-to-earnings ratio of -3.05, a PEG ratio of 0.65 and a beta of 1.42.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.06. The company had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $1.74 billion. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.The firm’s revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.68 EPS. On average, analysts expect that PENN Entertainment will post 1.02 EPS for the current year.

Institutional Investors Weigh In On PENN Entertainment

Several large investors have recently added to or reduced their stakes in PENN. Treasurer of the State of North Carolina lifted its holdings in shares of PENN Entertainment by 1.1% during the second quarter. Treasurer of the State of North Carolina now owns 69,676 shares of the company’s stock worth $1,245,000 after purchasing an additional 745 shares during the period. GAMMA Investing LLC lifted its holdings in shares of PENN Entertainment by 19.4% in the 2nd quarter. GAMMA Investing LLC now owns 5,506 shares of the company’s stock valued at $118,000 after buying an additional 895 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of PENN Entertainment by 3.6% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 26,730 shares of the company’s stock worth $394,000 after buying an additional 922 shares during the last quarter. IFP Advisors Inc grew its holdings in PENN Entertainment by 76.2% during the fourth quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock worth $41,000 after acquiring an additional 1,196 shares during the period. Finally, Tidal Investments LLC raised its position in PENN Entertainment by 8.1% during the second quarter. Tidal Investments LLC now owns 19,689 shares of the company’s stock valued at $352,000 after acquiring an additional 1,483 shares in the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.

PENN Entertainment Company Profile

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.