PENN Entertainment (NASDAQ:PENN) Sees Strong Trading Volume – Here’s Why

Shares of PENN Entertainment, Inc. (NASDAQ:PENN) saw strong trading volume on Monday . 7,918,603 shares were traded during trading, an increase of 42% from the previous session’s volume of 5,570,471 shares.The stock last traded at $19.71 and had previously closed at $19.19.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Benchmark reaffirmed a “hold” rating on shares of PENN Entertainment in a research report on Friday, November 8th. Morgan Stanley dropped their target price on shares of PENN Entertainment from $20.00 to $19.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 22nd. Barclays dropped their target price on shares of PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Truist Financial decreased their price target on shares of PENN Entertainment from $25.00 to $23.00 and set a “buy” rating on the stock in a research note on Wednesday, October 23rd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $26.00 price target on shares of PENN Entertainment in a research note on Friday, November 8th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, PENN Entertainment currently has a consensus rating of “Hold” and an average target price of $23.44.

PENN Entertainment Price Performance

The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.94 and a current ratio of 0.94. The company’s 50 day moving average price is $19.87 and its 200 day moving average price is $19.32. The company has a market cap of $3.05 billion, a price-to-earnings ratio of -5.63 and a beta of 2.08.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Driehaus Capital Management LLC acquired a new position in PENN Entertainment during the 2nd quarter worth about $4,535,000. Janus Henderson Group PLC lifted its position in PENN Entertainment by 244.7% during the 3rd quarter. Janus Henderson Group PLC now owns 249,106 shares of the company’s stock worth $4,697,000 after buying an additional 176,844 shares in the last quarter. Quantbot Technologies LP lifted its position in PENN Entertainment by 84.7% during the 3rd quarter. Quantbot Technologies LP now owns 208,094 shares of the company’s stock worth $3,925,000 after buying an additional 95,423 shares in the last quarter. Verition Fund Management LLC lifted its position in PENN Entertainment by 367.2% during the 3rd quarter. Verition Fund Management LLC now owns 452,988 shares of the company’s stock worth $8,543,000 after buying an additional 356,029 shares in the last quarter. Finally, Public Sector Pension Investment Board acquired a new position in PENN Entertainment during the 2nd quarter worth about $6,363,000. Institutional investors and hedge funds 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.