PENN Entertainment (NASDAQ:PENN) Lowered to Hold Rating by Zacks Research

Zacks Research cut shares of PENN Entertainment (NASDAQ:PENN) from a strong-buy rating to a hold rating in a research note published on Tuesday morning,Zacks.com reports.

PENN has been the topic of a number of other reports. Citizens Jmp upped their target price on shares of PENN Entertainment from $24.00 to $26.00 and gave the company a “market outperform” rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. lifted their price target 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. Stifel Nicolaus boosted their price target on shares of PENN Entertainment from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, June 12th. Jefferies Financial Group restated a “hold” rating and issued a $22.00 price objective on shares of PENN Entertainment in a report on Friday, August 7th. Finally, Citigroup raised shares of PENN Entertainment from a “hold” rating to an “overweight” rating in a research note on Thursday, July 23rd. 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 stock. According to data from MarketBeat.com, PENN Entertainment presently has an average rating of “Moderate Buy” and an average target price of $23.53.

PENN Entertainment Trading Up 0.2%

PENN stock opened at $19.17 on Tuesday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 3.79. PENN Entertainment has a twelve month low of $11.65 and a twelve month high of $22.36. The company has a market cap of $2.57 billion, a P/E ratio of -3.01, a PEG ratio of 0.53 and a beta of 1.43. The business has a fifty day moving average of $20.72 and a 200-day moving average of $17.10.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.07. The business had revenue of $1.86 billion for 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 firm’s quarterly revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the business earned ($0.12) earnings per share. As a group, equities research analysts expect that PENN Entertainment will post 1.11 EPS for the current year.

Institutional Investors Weigh In On PENN Entertainment

Several hedge funds have recently bought and sold shares of PENN. BlackRock Inc. acquired a new stake in PENN Entertainment during the 2nd quarter worth $410,579,000. Shapiro Capital Management LLC grew its stake in PENN Entertainment by 6.6% in the third quarter. Shapiro Capital Management LLC now owns 6,856,778 shares of the company’s stock valued at $132,062,000 after acquiring an additional 425,190 shares during the period. Bank of America Corp DE increased its holdings 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 acquiring an additional 1,595,502 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings 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 acquiring an additional 1,679,953 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in shares of PENN Entertainment by 824.3% during the fourth quarter. AQR Capital Management LLC now owns 3,499,700 shares of the company’s stock worth $51,341,000 after purchasing an additional 3,121,051 shares during the period. 91.69% of the stock is currently owned by institutional investors and hedge funds.

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.