PENN Entertainment (NASDAQ:PENN) Earns Buy Rating from Needham & Company LLC

PENN Entertainment (NASDAQ:PENN)‘s stock had its “buy” rating reaffirmed by Needham & Company LLC in a report issued on Friday, Benzinga reports. They presently have a $33.00 target price on the stock. Needham & Company LLC’s price target would indicate a potential upside of 33.82% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Barclays upped their price objective on shares of PENN Entertainment from $33.00 to $36.00 and gave the stock an “overweight” rating in a research report on Thursday, August 10th. Morgan Stanley dropped their price objective on shares of PENN Entertainment from $24.00 to $22.00 and set an “equal weight” rating for the company in a report on Monday. Craig Hallum cut PENN Entertainment from a “buy” rating to a “hold” rating and reduced their target price for the company from $56.00 to $30.00 in a research note on Thursday, August 10th. Deutsche Bank Aktiengesellschaft lowered their price target on PENN Entertainment from $30.00 to $29.00 in a research report on Thursday, August 10th. Finally, Truist Financial cut their price objective on PENN Entertainment from $30.00 to $25.00 and set a “hold” rating for the company in a report on Wednesday, October 18th. Eleven investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $33.94.

PENN Entertainment Price Performance

PENN Entertainment stock opened at $24.66 on Friday. The business has a 50-day simple moving average of $21.82 and a 200 day simple moving average of $23.95. PENN Entertainment has a 52 week low of $18.35 and a 52 week high of $37.67. The stock has a market cap of $3.74 billion, a price-to-earnings ratio of -21.63, a PEG ratio of 1.56 and a beta of 2.13. The company has a quick ratio of 1.41, a current ratio of 1.42 and a debt-to-equity ratio of 1.47.

Insider Activity at PENN Entertainment

In related news, CFO Felicia Hendrix purchased 11,162 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The shares were acquired at an average price of $22.41 per share, for a total transaction of $250,140.42. Following the completion of the acquisition, the chief financial officer now directly owns 27,975 shares in the company, valued at approximately $626,919.75. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Jane Scaccetti bought 4,400 shares of the stock in a transaction dated Monday, November 6th. The stock was bought at an average price of $22.83 per share, for a total transaction of $100,452.00. Following the purchase, the director now directly owns 63,414 shares in the company, valued at approximately $1,447,741.62. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Felicia Hendrix purchased 11,162 shares of PENN Entertainment stock in a transaction that occurred on Wednesday, September 6th. The stock was purchased at an average cost of $22.41 per share, for a total transaction of $250,140.42. Following the completion of the purchase, the chief financial officer now owns 27,975 shares of the company’s stock, valued at $626,919.75. The disclosure for this purchase can be found here. Insiders acquired a total of 16,000 shares of company stock worth $360,583 over the last quarter. 1.80% of the stock is owned by corporate insiders.

Institutional Trading of PENN Entertainment

A number of hedge funds have recently modified their holdings of PENN. Westside Investment Management Inc. lifted its position in PENN Entertainment by 3.7% during the 3rd quarter. Westside Investment Management Inc. now owns 14,852 shares of the company’s stock valued at $341,000 after acquiring an additional 525 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of PENN Entertainment by 11.0% during the third quarter. The Manufacturers Life Insurance Company now owns 127,784 shares of the company’s stock valued at $2,933,000 after purchasing an additional 12,660 shares during the last quarter. GSA Capital Partners LLP bought a new stake in shares of PENN Entertainment in the 3rd quarter worth approximately $2,234,000. Sei Investments Co. increased its position in PENN Entertainment by 13.9% during the 3rd quarter. Sei Investments Co. now owns 1,372,982 shares of the company’s stock valued at $31,510,000 after buying an additional 167,445 shares in the last quarter. Finally, Seven Eight Capital LP raised its stake in PENN Entertainment by 62.9% during the third quarter. Seven Eight Capital LP now owns 109,082 shares of the company’s stock valued at $2,503,000 after buying an additional 42,136 shares during the last quarter. Institutional investors own 82.34% of the company’s stock.

About PENN Entertainment

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