Invenomic Capital Management LP Buys 787,968 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Invenomic Capital Management LP grew its stake in PENN Entertainment, Inc. (NASDAQ:PENN) by 71.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,884,284 shares of the company’s stock after buying an additional 787,968 shares during the quarter. PENN Entertainment makes up 1.8% of Invenomic Capital Management LP’s portfolio, making the stock its 13th biggest holding. Invenomic Capital Management LP owned 1.24% of PENN Entertainment worth $34,313,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in PENN. Vanguard Group Inc. grew its position in shares of PENN Entertainment by 0.4% during the first quarter. Vanguard Group Inc. now owns 14,789,817 shares of the company’s stock valued at $269,323,000 after purchasing an additional 59,897 shares in the last quarter. Earnest Partners LLC increased its stake in PENN Entertainment by 4.0% in the 1st quarter. Earnest Partners LLC now owns 3,938,133 shares of the company’s stock worth $71,713,000 after acquiring an additional 151,025 shares during the last quarter. Sei Investments Co. increased its stake in PENN Entertainment by 13.1% in the 1st quarter. Sei Investments Co. now owns 2,372,277 shares of the company’s stock worth $43,199,000 after acquiring an additional 274,074 shares during the last quarter. Norges Bank purchased a new stake in shares of PENN Entertainment during the 4th quarter worth approximately $42,758,000. Finally, ING Groep NV purchased a new position in shares of PENN Entertainment in the 4th quarter worth $32,556,000. Institutional investors own 91.69% of the company’s stock.

Insider Transactions at PENN Entertainment

In other PENN Entertainment news, Director David A. Handler acquired 20,000 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were bought at an average cost of $15.37 per share, with a total value of $307,400.00. Following the completion of the acquisition, the director now directly owns 243,450 shares in the company, valued at approximately $3,741,826.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CFO Felicia Hendrix bought 16,157 shares of PENN Entertainment stock in a transaction on Monday, May 6th. The stock was acquired at an average cost of $15.47 per share, for a total transaction of $249,948.79. Following the completion of the acquisition, the chief financial officer now owns 68,596 shares of the company’s stock, valued at approximately $1,061,180.12. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director David A. Handler purchased 20,000 shares of the stock in a transaction dated Monday, May 6th. The stock was purchased at an average price of $15.37 per share, for a total transaction of $307,400.00. Following the completion of the acquisition, the director now directly owns 243,450 shares in the company, valued at approximately $3,741,826.50. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 76,157 shares of company stock valued at $1,154,949. Company insiders own 2.19% of the company’s stock.

PENN Entertainment Trading Down 0.6 %

NASDAQ:PENN traded down $0.11 during midday trading on Tuesday, hitting $19.51. The stock had a trading volume of 2,414,909 shares, compared to its average volume of 6,048,182. The stock has a 50-day moving average of $18.23 and a 200 day moving average of $18.54. The company has a market capitalization of $2.97 billion, a price-to-earnings ratio of -2.62 and a beta of 2.11. PENN Entertainment, Inc. has a one year low of $13.50 and a one year high of $29.38. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 2.33.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. JMP Securities reaffirmed a “market perform” rating on shares of PENN Entertainment in a report on Tuesday, June 4th. Raymond James cut PENN Entertainment from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 25th. Canaccord Genuity Group cut their target price on PENN Entertainment from $32.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. Truist Financial raised their price target on PENN Entertainment from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Finally, Wells Fargo & Company reduced their target price on shares of PENN Entertainment from $21.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, PENN Entertainment presently has a consensus rating of “Hold” and a consensus 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.