PENN Entertainment (NASDAQ:PENN) Stock Falls 7% – Here’s What Happened

PENN Entertainment, Inc. (NASDAQ:PENN) shares dropped 7% during trading on Friday. The company traded as low as $14.45 and last traded at $14.3750. 2,590,390 shares changed hands during trading, a decline of 30% from the average session volume of 3,698,020 shares. The stock had previously closed at $15.46.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the stock. Zacks Research raised shares of PENN Entertainment from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 12th. Citizens Jmp increased their price target 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. Truist Financial lifted their price objective on PENN Entertainment from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. The Goldman Sachs Group set a $23.00 target price on PENN Entertainment in a research note on Tuesday, October 13th. Finally, Barclays increased their target price on PENN Entertainment from $26.00 to $27.00 and gave the company an “overweight” rating in a report on Friday, October 9th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $23.61.

PENN Entertainment Stock Performance

The firm has a market capitalization of $1.93 billion, a PE ratio of -2.26, a price-to-earnings-growth ratio of 0.38 and a beta of 1.39. The company has a debt-to-equity ratio of 3.79, a quick ratio of 0.89 and a current ratio of 0.89. The company’s fifty day moving average price is $16.47 and its two-hundred day moving average price is $18.07.

PENN Entertainment (NASDAQ:PENN) last released its earnings results on Thursday, August 6th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.07. PENN Entertainment had a negative net margin of 12.66% and a positive return on equity of 2.93%. The business had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.86 billion. During the same period last year, the company earned ($0.12) earnings per share. The company’s quarterly revenue was up 5.2% on a year-over-year basis. As a group, equities analysts expect that PENN Entertainment, Inc. will post 1.20 earnings per share for the current year.

Institutional Trading of PENN Entertainment

Several institutional investors have recently made changes to their positions in PENN. Ieq Capital LLC acquired a new stake in PENN Entertainment during the second quarter worth about $3,190,000. Bamco Inc. NY purchased a new position in shares of PENN Entertainment in the 2nd quarter worth about $58,624,000. Wellington Management Group LLP purchased a new stake in shares of PENN Entertainment during the 2nd quarter worth about $8,680,000. The Manufacturers Life Insurance Company acquired a new stake in PENN Entertainment during the 2nd quarter worth approximately $1,437,000. Finally, Bank of New York Mellon Corp acquired a new stake in PENN Entertainment during the 2nd quarter worth approximately $16,714,000. 91.69% of the stock is owned by hedge funds and other institutional investors.

PENN Entertainment Company Profile

PENN Entertainment, Inc is a North American provider of integrated entertainment, gaming and sports betting. The company operates casinos, racetracks and video gaming terminals, offering slot machines, table games, poker, sports wagering, hotel accommodations, restaurants, entertainment venues and other amenities.

PENN’s portfolio includes regional gaming properties operating under brands such as Hollywood Casino, Ameristar, L’Auberge and M Resort. Its land-based operations serve customers across numerous U.S.