Jefferies Financial Group Forecasts Strong Price Appreciation for PENN Entertainment (NASDAQ:PENN) Stock

PENN Entertainment (NASDAQ:PENN) had its price objective increased by equities research analysts at Jefferies Financial Group from $21.00 to $22.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Jefferies Financial Group’s target price points to a potential upside of 17.27% from the company’s current price.

A number of other research analysts have also commented on PENN. Macquarie upped their price target on PENN Entertainment from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. JMP Securities reaffirmed a “market perform” rating on shares of PENN Entertainment in a report on Friday, October 4th. Benchmark reiterated a “hold” rating on shares of PENN Entertainment in a research note on Friday, November 8th. StockNews.com upgraded PENN Entertainment from a “sell” rating to a “hold” rating in a research report on Tuesday, December 17th. Finally, JPMorgan Chase & Co. raised PENN Entertainment from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $19.00 to $27.00 in a research note on Friday, December 13th. Ten analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, PENN Entertainment presently has a consensus rating of “Hold” and an average price target of $23.44.

PENN Entertainment Stock Performance

NASDAQ:PENN opened at $18.76 on Friday. The firm has a market cap of $2.86 billion, a price-to-earnings ratio of -5.28 and a beta of 2.08. PENN Entertainment has a twelve month low of $13.50 and a twelve month high of $25.53. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 2.34. The company has a 50-day moving average of $19.99 and a 200-day moving average of $19.32.

PENN Entertainment (NASDAQ:PENN) last released its earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.04. PENN Entertainment had a negative return on equity of 14.44% and a negative net margin of 8.51%. The company had revenue of $1.64 billion for the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the previous year, the business posted $1.21 EPS. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. Analysts forecast that PENN Entertainment will post -1.55 earnings per share for the current fiscal year.

Institutional Trading of PENN Entertainment

A number of institutional investors and hedge funds have recently made changes to their positions in PENN. DME Capital Management LP grew its stake in shares of PENN Entertainment by 11.9% during the second quarter. DME Capital Management LP now owns 5,095,340 shares of the company’s stock worth $98,620,000 after buying an additional 540,630 shares during the last quarter. Earnest Partners LLC increased its holdings in PENN Entertainment by 4.6% in the second quarter. Earnest Partners LLC now owns 4,117,946 shares of the company’s stock valued at $79,703,000 after purchasing an additional 179,813 shares during the period. Armistice Capital LLC raised its position in PENN Entertainment by 91.9% during the 2nd quarter. Armistice Capital LLC now owns 2,643,060 shares of the company’s stock worth $51,156,000 after purchasing an additional 1,266,023 shares during the last quarter. Sei Investments Co. lifted its holdings in PENN Entertainment by 3.7% during the 2nd quarter. Sei Investments Co. now owns 2,461,074 shares of the company’s stock worth $47,634,000 after buying an additional 88,797 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of PENN Entertainment by 4,624.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,456,094 shares of the company’s stock valued at $28,183,000 after buying an additional 1,425,274 shares during the last quarter. Institutional investors own 91.69% of the company’s stock.

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.