PENN Entertainment (NASDAQ:PENN) Price Target Cut to $17.00 by Analysts at Citigroup

PENN Entertainment (NASDAQ:PENN) had its price target dropped by research analysts at Citigroup from $22.00 to $17.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s price target would indicate a potential upside of 10.39% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on PENN. Jefferies Financial Group reiterated a “hold” rating and issued a $22.00 price objective on shares of PENN Entertainment in a research note on Friday, August 7th. JPMorgan Chase & Co. raised their target price on shares of PENN Entertainment from $23.00 to $26.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 15th. Barclays raised their target price on shares of PENN Entertainment from $26.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday. Wells Fargo & Company cut their target price on shares of PENN Entertainment from $24.00 to $23.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 14th. Finally, Susquehanna raised their price objective on shares of PENN Entertainment from $24.00 to $28.00 and gave the stock a “positive” rating in a research report on Wednesday, July 1st. Twelve research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $24.06.

PENN Entertainment Stock Performance

Shares of PENN Entertainment stock traded down $0.08 on Monday, hitting $15.40. The stock had a trading volume of 2,007,966 shares, compared to its average volume of 3,742,664. PENN Entertainment has a 52-week low of $11.65 and a 52-week high of $22.36. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.79. The stock has a market cap of $2.06 billion, a price-to-earnings ratio of -2.42, a P/E/G ratio of 0.40 and a beta of 1.39. The company’s 50 day moving average price is $17.28 and its 200 day moving average price is $18.04.

PENN Entertainment (NASDAQ:PENN) last announced its earnings results on Thursday, August 6th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.07. The firm had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.86 billion. PENN Entertainment had a positive return on equity of 2.93% and a negative net margin of 12.66%. The business’s revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.12) EPS. On average, research analysts anticipate that PENN Entertainment will post 1.20 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Nykredit A S acquired a new stake in shares of PENN Entertainment during the second quarter worth $25,000. Northwestern Mutual Wealth Management Co. purchased a new position in PENN Entertainment in the 2nd quarter valued at $66,000. Versant Capital Management Inc increased its stake in PENN Entertainment by 29.6% in the 3rd quarter. Versant Capital Management Inc now owns 3,513 shares of the company’s stock valued at $51,000 after buying an additional 803 shares during the period. GAMMA Investing LLC increased its stake in 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. Finally, Allworth Financial LP acquired a new position in PENN Entertainment in the 2nd quarter valued at $131,000. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

About PENN Entertainment

PENN Entertainment, Inc is a North American provider of integrated entertainment, gaming and sports betting. The company operates casinos, racetracks and hotels, offering casino gaming, sports wagering, dining, live entertainment and other hospitality services. Its property portfolio includes regional gaming destinations serving customers across the United States.

PENN also develops and operates digital gaming products, including online sports betting and iCasino services. Its digital operations have included the ESPN BET sportsbook, developed through a strategic relationship with ESPN, as well as theScore Bet, supported by the company’s acquisition of Canadian digital media and sports betting business theScore.