Citizens Jmp Issues Positive Forecast for PENN Entertainment (NASDAQ:PENN) Stock Price

PENN Entertainment (NASDAQ:PENN) had its price target increased by analysts at Citizens Jmp from $24.00 to $26.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “market outperform” rating on the stock. Citizens Jmp’s target price suggests a potential upside of 23.11% from the stock’s current price.

A number of other brokerages have also issued reports on PENN. Barclays boosted 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. The Goldman Sachs Group initiated coverage on PENN Entertainment in a research report on Friday, June 26th. They set a “buy” rating and a $26.00 price objective on the stock. Zacks Research upgraded PENN Entertainment from a “hold” rating to a “strong-buy” rating in a report on Monday. Stifel Nicolaus upped their price target on PENN Entertainment from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, June 12th. Finally, JPMorgan Chase & Co. lifted their price objective on PENN Entertainment from $23.00 to $26.00 and gave the company an “overweight” rating in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.62.

PENN Entertainment Stock Performance

Shares of PENN stock opened at $21.12 on Thursday. The company has a debt-to-equity ratio of 3.94, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market cap of $2.83 billion, a P/E ratio of -3.14, a P/E/G ratio of 0.64 and a beta of 1.42. The firm’s 50 day moving average price is $19.51 and its 200-day moving average price is $16.26. PENN Entertainment has a one year low of $11.65 and a one year high of $22.36.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Caxton Associates LLP purchased a new position in PENN Entertainment in the first quarter valued at approximately $246,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of PENN Entertainment by 30.2% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 344,565 shares of the company’s stock valued at $5,620,000 after buying an additional 79,978 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of PENN Entertainment by 6.7% in the 2nd quarter. Russell Investments Group Ltd. now owns 64,280 shares of the company’s stock valued at $1,150,000 after buying an additional 4,011 shares during the last quarter. First Trust Advisors LP raised its stake in PENN Entertainment by 169.6% during the 2nd quarter. First Trust Advisors LP now owns 94,575 shares of the company’s stock worth $1,690,000 after acquiring an additional 59,489 shares in the last quarter. Finally, Marshall Wace LLP raised its stake in PENN Entertainment by 80.2% during the 2nd quarter. Marshall Wace LLP now owns 386,871 shares of the company’s stock worth $6,913,000 after acquiring an additional 172,158 shares in the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.

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.