PENN Entertainment (NASDAQ:PENN) Given New $20.00 Price Target at Morgan Stanley

PENN Entertainment (NASDAQ:PENN) had its target price lowered by Morgan Stanley from $21.00 to $20.00 in a report published on Wednesday morning, Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other equities analysts have also issued reports about the company. Stifel Nicolaus upped their target price on PENN Entertainment from $19.00 to $20.00 and gave the stock a hold rating in a research note on Friday, August 9th. Bank of America cut shares of PENN Entertainment from a buy rating to a neutral rating and decreased their price objective for the stock from $28.00 to $17.50 in a research report on Monday, May 13th. Truist Financial lifted their target price on shares of PENN Entertainment from $23.00 to $25.00 and gave the company a buy rating in a research report on Friday, June 14th. Barclays increased their price target on shares of PENN Entertainment from $22.00 to $23.00 and gave the stock an overweight rating in a report on Friday, August 9th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock a hold rating in a report on Friday, August 9th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $23.77.

PENN Entertainment Price Performance

Shares of NASDAQ:PENN opened at $18.07 on Wednesday. PENN Entertainment has a 12 month low of $13.50 and a 12 month high of $27.20. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.35. The stock has a market cap of $2.75 billion, a P/E ratio of -2.43 and a beta of 2.10. The company has a 50 day moving average of $19.03 and a 200 day moving average of $17.87.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.09. The firm had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.65 billion. PENN Entertainment had a negative net margin of 19.48% and a negative return on equity of 7.13%. The business’s revenue for the quarter was down .7% on a year-over-year basis. During the same period in the previous year, the business earned $0.48 EPS. As a group, sell-side analysts forecast that PENN Entertainment will post -1.32 EPS for the current fiscal year.

Insider Activity at PENN Entertainment

In related news, CEO Jay A. Snowden purchased 54,200 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were acquired at an average cost of $18.44 per share, with a total value of $999,448.00. Following the purchase, the chief executive officer now directly owns 853,045 shares of the company’s stock, valued at $15,730,149.80. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PENN. B. Riley Wealth Advisors Inc. raised its holdings in PENN Entertainment by 7.0% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 9,674 shares of the company’s stock valued at $252,000 after buying an additional 632 shares during the last quarter. United Services Automobile Association raised its stake in shares of PENN Entertainment by 6.3% during the second quarter. United Services Automobile Association now owns 12,009 shares of the company’s stock valued at $232,000 after acquiring an additional 712 shares during the last quarter. Aaron Wealth Advisors LLC boosted its holdings in shares of PENN Entertainment by 6.0% during the second quarter. Aaron Wealth Advisors LLC now owns 12,778 shares of the company’s stock worth $247,000 after purchasing an additional 720 shares during the period. Arizona State Retirement System grew its stake in shares of PENN Entertainment by 2.5% in the second quarter. Arizona State Retirement System now owns 38,403 shares of the company’s stock worth $743,000 after purchasing an additional 944 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in PENN Entertainment by 233.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,441 shares of the company’s stock valued at $28,000 after purchasing an additional 1,009 shares during the period. Institutional investors own 91.69% of the company’s stock.

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.