Stock Traders Purchase Large Volume of Call Options on Penn National Gaming (NASDAQ:PENN)

Penn National Gaming, Inc. (NASDAQ:PENNGet Rating) was the target of some unusual options trading on Friday. Traders bought 15,755 call options on the company. This is an increase of approximately 50% compared to the average volume of 10,487 call options.

Wall Street Analysts Forecast Growth

PENN has been the topic of several recent analyst reports. Morgan Stanley upgraded shares of Penn National Gaming from an “equal weight” rating to an “overweight” rating and cut their price objective for the stock from $55.00 to $51.00 in a report on Monday, April 25th. Truist Financial decreased their price target on shares of Penn National Gaming from $60.00 to $48.00 and set a “buy” rating on the stock in a report on Wednesday, July 20th. Jefferies Financial Group upgraded Penn National Gaming from a “hold” rating to a “buy” rating and set a $49.00 price objective for the company in a report on Wednesday, May 18th. JMP Securities initiated coverage on Penn National Gaming in a report on Tuesday, June 28th. They issued an “outperform” rating and a $52.00 target price on the stock. Finally, Wells Fargo & Company dropped their price target on Penn National Gaming from $48.00 to $38.00 and set an “equal weight” rating for the company in a research note on Thursday, July 14th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to, the stock has an average rating of “Moderate Buy” and an average target price of $64.15.

Penn National Gaming Stock Down 2.8 %

PENN stock opened at $34.15 on Friday. The firm’s 50-day moving average is $31.90 and its two-hundred day moving average is $37.86. The company has a current ratio of 1.88, a quick ratio of 1.88 and a debt-to-equity ratio of 3.22. The company has a market capitalization of $5.70 billion, a price-to-earnings ratio of 15.25, a price-to-earnings-growth ratio of 3.83 and a beta of 2.23. Penn National Gaming has a 52 week low of $26.46 and a 52 week high of $86.40.

Penn National Gaming (NASDAQ:PENNGet Rating) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.35). The firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.60 billion. Penn National Gaming had a return on equity of 10.91% and a net margin of 6.16%. The firm’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.17 EPS. On average, analysts forecast that Penn National Gaming will post 1.69 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Penn National Gaming

A number of institutional investors have recently bought and sold shares of PENN. Bank of Nova Scotia acquired a new position in Penn National Gaming during the second quarter valued at $65,983,000. Renaissance Technologies LLC lifted its position in shares of Penn National Gaming by 79.3% in the first quarter. Renaissance Technologies LLC now owns 1,789,038 shares of the company’s stock worth $75,891,000 after purchasing an additional 791,500 shares in the last quarter. Fir Tree Capital Management LP purchased a new stake in shares of Penn National Gaming in the first quarter worth approximately $31,616,000. State Street Corp grew its position in Penn National Gaming by 14.7% during the fourth quarter. State Street Corp now owns 5,488,185 shares of the company’s stock valued at $284,562,000 after purchasing an additional 703,925 shares in the last quarter. Finally, 1832 Asset Management L.P. acquired a new position in Penn National Gaming in the 4th quarter valued at approximately $32,517,000. Hedge funds and other institutional investors own 81.28% of the company’s stock.

About Penn National Gaming

(Get Rating)

Penn National Gaming, Inc, together with its subsidiaries, owns and manages gaming and racing properties, and operates video gaming terminals. It operates through five segments: Northeast, South, West, Midwest, Interactive. The company offers casino gaming, online gaming, live racing, sports betting, and digital sports content.

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