PENN Entertainment (NASDAQ:PENN) Rating Increased to Buy at Benchmark

Benchmark upgraded shares of PENN Entertainment (NASDAQ:PENN) from a hold rating to a buy rating in a research note released on Thursday, MarketBeat Ratings reports. They currently have $21.00 price target on the stock.

A number of other research analysts have also commented on the stock. Needham & Company LLC restated a “hold” rating on shares of PENN Entertainment in a research report on Friday, November 7th. Morgan Stanley reduced their target price on PENN Entertainment from $17.00 to $15.00 and set an “equal weight” rating for the company in a research report on Friday, January 16th. Wall Street Zen raised PENN Entertainment from a “strong sell” rating to a “hold” rating in a report on Monday. Weiss Ratings reiterated a “sell (d-)” rating on shares of PENN Entertainment in a research report on Monday, December 29th. Finally, Citizens Jmp decreased their price objective on shares of PENN Entertainment from $25.00 to $24.00 and set a “market outperform” rating on the stock in a research report on Friday, November 7th. Eight research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, PENN Entertainment has an average rating of “Hold” and an average price target of $19.47.

PENN Entertainment Stock Up 1.3%

Shares of NASDAQ PENN opened at $15.47 on Thursday. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 3.92. The company has a market cap of $2.07 billion, a P/E ratio of -2.57, a P/E/G ratio of 0.46 and a beta of 1.33. PENN Entertainment has a 52 week low of $11.65 and a 52 week high of $20.60. The business has a 50-day simple moving average of $13.82 and a two-hundred day simple moving average of $15.87.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings results on Thursday, February 26th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.30. The firm had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.76 billion. PENN Entertainment had a negative net margin of 12.11% and a negative return on equity of 1.94%. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.44) earnings per share. Research analysts anticipate that PENN Entertainment will post -1.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On PENN Entertainment

A number of large investors have recently modified their holdings of the company. GAMMA Investing LLC boosted its stake in PENN Entertainment by 22.4% in the third quarter. GAMMA Investing LLC now owns 3,042 shares of the company’s stock worth $59,000 after buying an additional 556 shares in the last quarter. Treasurer of the State of North Carolina lifted its holdings in shares of PENN Entertainment by 1.1% in the 2nd quarter. Treasurer of the State of North Carolina now owns 69,676 shares of the company’s stock worth $1,245,000 after acquiring an additional 745 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in shares of PENN Entertainment by 33.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 3,273 shares of the company’s stock valued at $65,000 after purchasing an additional 825 shares in the last quarter. Keybank National Association OH grew its holdings in shares of PENN Entertainment by 6.3% during the 2nd quarter. Keybank National Association OH now owns 14,655 shares of the company’s stock valued at $262,000 after purchasing an additional 870 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in PENN Entertainment by 3.6% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 26,730 shares of the company’s stock worth $394,000 after purchasing an additional 922 shares during the period. 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.