Seven Eight Capital LP Cuts Stock Position in PENN Entertainment, Inc. (NASDAQ:PENN)

Seven Eight Capital LP cut its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 65.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 73,650 shares of the company’s stock after selling 139,369 shares during the period. Seven Eight Capital LP’s holdings in PENN Entertainment were worth $1,341,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Raymond James & Associates lifted its stake in PENN Entertainment by 32.4% in the 4th quarter. Raymond James & Associates now owns 96,669 shares of the company’s stock valued at $2,515,000 after buying an additional 23,662 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of PENN Entertainment by 80.1% during the fourth quarter. Pacer Advisors Inc. now owns 22,811 shares of the company’s stock worth $594,000 after purchasing an additional 10,147 shares in the last quarter. Acorn Financial Advisory Services Inc. ADV raised its stake in PENN Entertainment by 31.2% in the 4th quarter. Acorn Financial Advisory Services Inc. ADV now owns 57,371 shares of the company’s stock valued at $1,493,000 after purchasing an additional 13,630 shares during the last quarter. Blue Trust Inc. lifted its holdings in PENN Entertainment by 20.0% in the 4th quarter. Blue Trust Inc. now owns 5,374 shares of the company’s stock valued at $140,000 after purchasing an additional 896 shares in the last quarter. Finally, Fifth Third Bancorp grew its holdings in shares of PENN Entertainment by 35.3% during the fourth quarter. Fifth Third Bancorp now owns 71,037 shares of the company’s stock worth $1,848,000 after buying an additional 18,520 shares in the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.

PENN Entertainment Trading Down 4.8 %

NASDAQ PENN traded down $0.91 on Wednesday, reaching $18.16. The stock had a trading volume of 2,161,105 shares, compared to its average volume of 6,115,511. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 2.33. The stock has a fifty day moving average price of $17.99 and a two-hundred day moving average price of $18.69. PENN Entertainment, Inc. has a 12-month low of $13.50 and a 12-month high of $29.38. The firm has a market capitalization of $2.77 billion, a price-to-earnings ratio of -2.46 and a beta of 2.11.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings data 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 net margin of 17.77% and a negative return on equity of 3.53%. The firm had revenue of $1.61 billion during the quarter, compared to analysts’ expectations of $1.63 billion. As a group, sell-side analysts forecast that PENN Entertainment, Inc. will post -1.35 EPS for the current fiscal year.

Insiders Place Their Bets

In other PENN Entertainment news, Director David A. Handler acquired 20,000 shares of the stock in a transaction dated Monday, May 6th. The stock was acquired at an average price of $15.37 per share, with a total value of $307,400.00. Following the completion of the purchase, the director now owns 243,450 shares in the company, valued at approximately $3,741,826.50. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director David A. Handler acquired 20,000 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were acquired at an average price of $15.37 per share, with a total value of $307,400.00. Following the completion of the transaction, the director now 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 is available at this hyperlink. Also, Director David A. Handler acquired 40,000 shares of PENN Entertainment stock in a transaction dated Wednesday, May 29th. The stock was bought at an average price of $14.94 per share, for a total transaction of $597,600.00. Following the completion of the purchase, the director now owns 283,450 shares of the company’s stock, 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 over the last three months. Company insiders own 2.19% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on PENN. Mizuho boosted their price target on shares of PENN Entertainment from $29.00 to $32.00 and gave the stock a “buy” rating in a research report on Friday, May 3rd. Wells Fargo & Company cut their price target on PENN Entertainment from $21.00 to $18.00 and set an “equal weight” rating for the company in a report on Friday, May 3rd. Barclays lowered their price objective on PENN Entertainment from $26.00 to $22.00 and set an “overweight” rating on the stock in a research note on Friday, May 3rd. Canaccord Genuity Group cut their target price on PENN Entertainment from $32.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, April 29th. Finally, Morgan Stanley boosted their price target on shares of PENN Entertainment from $20.00 to $21.00 and gave the company an “equal weight” rating in a research report on Friday, July 12th. One 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’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $25.03.

PENN Entertainment Company Profile

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.