PENN Entertainment (NASDAQ:PENN) Stock Price Expected to Rise, Mizuho Analyst Says

PENN Entertainment (NASDAQ:PENN) had its price objective lifted by equities research analysts at Mizuho from $23.00 to $25.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Mizuho’s price target points to a potential upside of 20.19% from the stock’s previous close.

PENN has been the subject of a number of other research reports. Truist Financial lifted their price objective on PENN Entertainment from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, June 26th. Barclays upped their price target on shares of PENN Entertainment from $24.00 to $26.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Susquehanna raised their price objective on shares of PENN Entertainment from $24.00 to $28.00 and gave the company a “positive” rating in a research note on Wednesday, July 1st. The Goldman Sachs Group began coverage on shares of PENN Entertainment in a report on Friday, June 26th. They issued a “buy” rating and a $26.00 target price for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of PENN Entertainment in a research report on Wednesday, June 24th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, PENN Entertainment has a consensus rating of “Moderate Buy” and a consensus target price of $22.50.

PENN Entertainment Stock Up 3.1%

PENN traded up $0.62 during trading on Wednesday, reaching $20.80. The stock had a trading volume of 1,762,098 shares, compared to its average volume of 4,148,529. PENN Entertainment has a one year low of $11.65 and a one year high of $22.36. The company has a market capitalization of $2.78 billion, a price-to-earnings ratio of -3.11, a P/E/G ratio of 0.65 and a beta of 1.42. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 3.94. The stock’s 50 day moving average is $19.42 and its two-hundred day moving average is $16.21.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.06. PENN Entertainment had a negative net margin of 13.55% and a positive return on equity of 0.44%. The company had revenue of $1.78 billion during the quarter, compared to analyst estimates of $1.74 billion. During the same period last year, the business earned $0.68 EPS. PENN Entertainment’s quarterly revenue was up 6.4% compared to the same quarter last year. As a group, analysts expect that PENN Entertainment will post 1.02 earnings per share for the current year.

Institutional Investors Weigh In On PENN Entertainment

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC grew its holdings in PENN Entertainment by 824.3% during the fourth quarter. AQR Capital Management LLC now owns 3,499,700 shares of the company’s stock valued at $51,341,000 after purchasing an additional 3,121,051 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of PENN Entertainment by 74.7% in the third quarter. Arrowstreet Capital Limited Partnership now owns 3,930,293 shares of the company’s stock worth $75,697,000 after buying an additional 1,679,953 shares during the period. Bank of America Corp DE raised its stake in shares of PENN Entertainment by 57.9% in the first quarter. Bank of America Corp DE now owns 4,351,310 shares of the company’s stock worth $65,400,000 after buying an additional 1,595,502 shares during the period. Kettle Hill Capital Management LLC lifted its position in shares of PENN Entertainment by 129.5% during the 4th quarter. Kettle Hill Capital Management LLC now owns 1,773,390 shares of the company’s stock valued at $26,158,000 after buying an additional 1,000,830 shares in the last quarter. Finally, Armistice Capital LLC grew its stake in shares of PENN Entertainment by 47.2% during the 4th quarter. Armistice Capital LLC now owns 3,096,000 shares of the company’s stock valued at $45,666,000 after acquiring an additional 992,334 shares during the period. Hedge funds and other institutional investors own 91.69% of the company’s stock.

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.