PENN Entertainment (NASDAQ:PENN) Stock Rating Lowered by Raymond James

Raymond James lowered shares of PENN Entertainment (NASDAQ:PENN) from an outperform rating to a market perform rating in a research report report published on Tuesday, MarketBeat.com reports.

PENN has been the topic of several other research reports. Bank of America lowered shares of PENN Entertainment from a buy rating to a neutral rating and dropped their price objective for the company from $28.00 to $17.50 in a report on Monday, May 13th. Morgan Stanley upped their target price on shares of PENN Entertainment from $21.00 to $22.00 and gave the stock an equal weight rating in a report on Tuesday, April 9th. Barclays lowered their target price on shares of PENN Entertainment from $26.00 to $22.00 and set an overweight rating on the stock in a report on Friday, May 3rd. Benchmark restated a hold rating on shares of PENN Entertainment in a report on Friday, May 3rd. Finally, Craig Hallum upgraded shares of PENN Entertainment from a hold rating to a buy rating and upped their target price for the stock from $20.00 to $30.00 in a report on Friday, June 21st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, PENN Entertainment currently has an average rating of Hold and an average target price of $25.10.

PENN Entertainment Price Performance

Shares of NASDAQ PENN opened at $18.89 on Tuesday. The firm’s 50-day moving average price is $16.90 and its 200-day moving average price is $19.53. PENN Entertainment has a 1-year low of $13.50 and a 1-year high of $29.38. The firm has a market capitalization of $2.88 billion, a P/E ratio of -2.54 and a beta of 2.06. 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 announced its quarterly earnings data on Thursday, May 2nd. The company reported ($0.79) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.20). PENN Entertainment had a negative net margin of 17.77% and a negative return on equity of 3.53%. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. Equities research analysts anticipate that PENN Entertainment will post -1.35 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Felicia Hendrix bought 16,157 shares of PENN Entertainment stock in a transaction dated Monday, May 6th. The stock was purchased at an average cost of $15.47 per share, with a total value of $249,948.79. Following the transaction, the chief financial officer now directly owns 68,596 shares of the company’s stock, valued at $1,061,180.12. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CFO Felicia Hendrix bought 16,157 shares of PENN Entertainment stock in a transaction dated Monday, May 6th. The stock was purchased at an average cost of $15.47 per share, with a total value of $249,948.79. Following the transaction, the chief financial officer now directly owns 68,596 shares of the company’s stock, valued at $1,061,180.12. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director David A. Handler bought 40,000 shares of PENN Entertainment stock in a transaction dated Wednesday, May 29th. The shares were 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 directly owns 283,450 shares in the company, valued at $4,234,743. The disclosure for this purchase can be found here. Insiders purchased 76,157 shares of company stock valued at $1,154,949 in the last three months. Company insiders own 2.19% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Harbor Investment Advisory LLC bought a new position in PENN Entertainment in the 4th quarter worth approximately $32,000. Lindbrook Capital LLC boosted its holdings in PENN Entertainment by 57.1% in the 4th quarter. Lindbrook Capital LLC now owns 1,521 shares of the company’s stock worth $40,000 after buying an additional 553 shares during the period. Neo Ivy Capital Management bought a new position in PENN Entertainment in the 4th quarter worth approximately $40,000. Tyler Stone Wealth Management boosted its holdings in PENN Entertainment by 34.0% in the 3rd quarter. Tyler Stone Wealth Management now owns 1,971 shares of the company’s stock worth $45,000 after buying an additional 500 shares during the period. Finally, DekaBank Deutsche Girozentrale bought a new position in PENN Entertainment in the 3rd quarter worth approximately $55,000. 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.