Pinnacle Entertainment, Inc. (PNK) Upgraded to Buy at BidaskClub
BidaskClub upgraded shares of Pinnacle Entertainment, Inc. (NASDAQ:PNK) from a hold rating to a buy rating in a report released on Saturday.
PNK has been the subject of a number of other reports. Zacks Investment Research raised Pinnacle Entertainment from a sell rating to a hold rating in a research note on Saturday, August 12th. Stifel Nicolaus reissued a hold rating and set a $23.00 target price on shares of Pinnacle Entertainment in a research note on Friday, August 11th. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $21.60.
Shares of Pinnacle Entertainment (NASDAQ:PNK) traded up 3.16% on Friday, reaching $24.45. 1,390,220 shares of the company were exchanged. The stock has a 50 day moving average price of $20.83 and a 200-day moving average price of $20.83. Pinnacle Entertainment has a 12 month low of $11.36 and a 12 month high of $24.94. The stock has a market capitalization of $1.41 billion, a P/E ratio of 86.70 and a beta of 1.30.
Pinnacle Entertainment (NASDAQ:PNK) last posted its earnings results on Thursday, August 10th. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.07). Pinnacle Entertainment had a negative return on equity of 8.88% and a net margin of 0.68%. The business had revenue of $653.60 million for the quarter, compared to the consensus estimate of $647.36 million. During the same period in the previous year, the company posted ($8.04) earnings per share. Pinnacle Entertainment’s revenue for the quarter was up 15.4% compared to the same quarter last year. On average, equities analysts expect that Pinnacle Entertainment will post $0.79 EPS for the current fiscal year.
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In other news, Director Jaynie M. Studenmund sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $19.89, for a total transaction of $397,800.00. Following the completion of the transaction, the director now directly owns 78,230 shares of the company’s stock, valued at approximately $1,555,994.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Neil E. Walkoff sold 60,000 shares of the firm’s stock in a transaction that occurred on Friday, August 11th. The stock was sold at an average price of $19.14, for a total transaction of $1,148,400.00. Following the transaction, the executive vice president now directly owns 282,076 shares of the company’s stock, valued at $5,398,934.64. The disclosure for this sale can be found here. 8.33% of the stock is owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. Meeder Asset Management Inc. bought a new position in shares of Pinnacle Entertainment during the 2nd quarter worth approximately $121,000. Oppenheimer Asset Management Inc. bought a new position in shares of Pinnacle Entertainment during the 1st quarter worth approximately $140,000. Pacad Investment Ltd. grew its stake in shares of Pinnacle Entertainment by 212.3% during the 2nd quarter. Pacad Investment Ltd. now owns 9,680 shares of the company’s stock worth $191,000 after acquiring an additional 6,580 shares in the last quarter. Karp Capital Management Corp bought a new position in shares of Pinnacle Entertainment during the 1st quarter worth approximately $220,000. Finally, Jane Street Group LLC bought a new position in shares of Pinnacle Entertainment during the 1st quarter worth approximately $264,000. 89.59% of the stock is owned by institutional investors.
Pinnacle Entertainment Company Profile
Pinnacle Entertainment, Inc is an owner, operator and developer of casinos and related hospitality and entertainment businesses. The Company operates through three segments: Midwest, South and West. The Company’s Midwest segment includes Ameristar Council Bluffs, Ameristar East Chicago, Ameristar Kansas City, Ameristar St.
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