PENN Entertainment (NASDAQ:PENN) Stock Price Down 3.6%

PENN Entertainment, Inc. (NASDAQ:PENN)’s share price fell 3.6% during mid-day trading on Wednesday . The company traded as low as $15.85 and last traded at $15.87. 1,221,010 shares were traded during mid-day trading, a decline of 80% from the average session volume of 5,966,914 shares. The stock had previously closed at $16.46.

Analyst Ratings Changes

A number of research firms have recently weighed in on PENN. StockNews.com downgraded shares of PENN Entertainment from a “hold” rating to a “sell” rating in a research note on Wednesday, March 6th. Macquarie dropped their price target on PENN Entertainment from $35.00 to $33.00 and set an “outperform” rating for the company in a research note on Friday, February 16th. Susquehanna reduced their price objective on PENN Entertainment from $27.00 to $26.00 and set a “positive” rating on the stock in a research report on Friday, May 31st. Bank of America lowered PENN Entertainment from a “buy” rating to a “neutral” rating and cut their price target for the company from $28.00 to $17.50 in a research note on Monday, May 13th. Finally, Needham & Company LLC restated a “buy” rating and set a $26.00 price target on shares of PENN Entertainment in a report on Wednesday, May 15th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, PENN Entertainment currently has a consensus rating of “Hold” and an average price target of $24.30.

PENN Entertainment Stock Performance

The company has a 50-day moving average of $16.59 and a 200-day moving average of $20.27. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 2.33.

PENN Entertainment (NASDAQ:PENN) last posted its earnings results on Thursday, May 2nd. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.59) by ($0.20). PENN Entertainment had a negative return on equity of 3.53% and a negative net margin of 17.77%. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. As a group, research analysts predict that PENN Entertainment, Inc. will post -1.35 earnings per share for the current fiscal year.

Insider Transactions at PENN Entertainment

In other PENN Entertainment news, Director David A. Handler purchased 40,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 29th. The stock was bought at an average cost of $14.94 per share, with a total value of $597,600.00. Following the completion of the transaction, the director now owns 283,450 shares of the company’s stock, valued at approximately $4,234,743. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director David A. Handler bought 20,000 shares of PENN Entertainment stock in a transaction dated Monday, May 6th. The stock was purchased at an average cost of $15.37 per share, with a total value of $307,400.00. Following the transaction, the director now directly owns 243,450 shares of the company’s stock, valued at $3,741,826.50. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director David A. Handler purchased 40,000 shares of the stock in a transaction that occurred on Wednesday, May 29th. The stock was bought at an average cost of $14.94 per share, for a total transaction of $597,600.00. Following the acquisition, the director now directly owns 283,450 shares in the company, valued at approximately $4,234,743. The disclosure for this purchase can be found here. Insiders have acquired 76,157 shares of company stock worth $1,154,949 in the last 90 days. Insiders own 2.19% of the company’s stock.

Hedge Funds Weigh In On PENN Entertainment

Several institutional investors and hedge funds have recently bought and sold shares of PENN. Tyler Stone Wealth Management increased its stake in shares of PENN Entertainment by 34.0% in the third quarter. Tyler Stone Wealth Management now owns 1,971 shares of the company’s stock worth $45,000 after purchasing an additional 500 shares in the last quarter. Jump Financial LLC raised its holdings in PENN Entertainment by 1.4% during the 3rd quarter. Jump Financial LLC now owns 36,289 shares of the company’s stock valued at $833,000 after acquiring an additional 510 shares during the period. Westside Investment Management Inc. lifted its position in shares of PENN Entertainment by 3.7% during the third quarter. Westside Investment Management Inc. now owns 14,852 shares of the company’s stock worth $341,000 after acquiring an additional 525 shares in the last quarter. Lindbrook Capital LLC lifted its position in shares of PENN Entertainment by 57.1% during the fourth quarter. Lindbrook Capital LLC now owns 1,521 shares of the company’s stock worth $40,000 after acquiring an additional 553 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. boosted its holdings in shares of PENN Entertainment by 7.0% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 9,674 shares of the company’s stock worth $252,000 after acquiring an additional 632 shares during the period. 91.69% of the stock is owned by institutional investors.

About PENN Entertainment

PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates online sports betting in various jurisdictions; and iCasino under Hollywood Casino, L'Auberge, ESPN BET, and theScore Bet Sportsbook and Casino brands.