Acorn Financial Advisory Services Inc. ADV Trims Position in PENN Entertainment, Inc. $PENN

Acorn Financial Advisory Services Inc. ADV cut its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 3.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 77,863 shares of the company’s stock after selling 2,633 shares during the quarter. Acorn Financial Advisory Services Inc. ADV owned 0.05% of PENN Entertainment worth $1,391,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PENN. Parallel Advisors LLC increased its holdings in shares of PENN Entertainment by 152.2% during the 2nd quarter. Parallel Advisors LLC now owns 1,397 shares of the company’s stock valued at $25,000 after purchasing an additional 843 shares in the last quarter. Quarry LP purchased a new position in shares of PENN Entertainment during the 1st quarter valued at approximately $30,000. GAMMA Investing LLC increased its holdings in shares of PENN Entertainment by 38.7% during the 1st quarter. GAMMA Investing LLC now owns 2,636 shares of the company’s stock valued at $43,000 after purchasing an additional 736 shares in the last quarter. State of Wyoming purchased a new position in shares of PENN Entertainment during the 1st quarter valued at approximately $46,000. Finally, Ancora Advisors LLC increased its holdings in shares of PENN Entertainment by 208.8% during the 1st quarter. Ancora Advisors LLC now owns 6,855 shares of the company’s stock valued at $112,000 after purchasing an additional 4,635 shares in the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at PENN Entertainment

In related news, Director David A. Handler purchased 20,000 shares of PENN Entertainment stock in a transaction dated Friday, August 8th. The shares were acquired at an average price of $16.96 per share, for a total transaction of $339,200.00. Following the acquisition, the director directly owned 342,941 shares in the company, valued at approximately $5,816,279.36. The trade was a 6.19% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.67% of the stock is currently owned by company insiders.

PENN Entertainment Trading Up 3.1%

Shares of PENN opened at $16.74 on Tuesday. PENN Entertainment, Inc. has a 52-week low of $13.25 and a 52-week high of $23.08. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 2.39. The firm’s fifty day moving average is $18.85 and its two-hundred day moving average is $17.24. The stock has a market cap of $2.44 billion, a PE ratio of -29.89 and a beta of 1.60.

PENN Entertainment (NASDAQ:PENN) last announced its earnings results on Thursday, August 7th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.14. PENN Entertainment had a negative net margin of 1.12% and a negative return on equity of 4.36%. The company had revenue of $1.77 billion for the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter in the previous year, the company posted ($0.18) EPS. The firm’s quarterly revenue was up 6.1% on a year-over-year basis. Research analysts forecast that PENN Entertainment, Inc. will post -1.61 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PENN shares. Stifel Nicolaus lifted their target price on shares of PENN Entertainment from $17.00 to $19.00 and gave the company a “hold” rating in a report on Friday, July 11th. Barclays dropped their price target on shares of PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Friday, July 18th. Needham & Company LLC dropped their price target on shares of PENN Entertainment from $25.00 to $22.00 and set a “buy” rating on the stock in a research note on Friday, August 8th. JPMorgan Chase & Co. initiated coverage on shares of PENN Entertainment in a research note on Monday, June 23rd. They issued an “overweight” rating and a $24.00 price target on the stock. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of PENN Entertainment in a research note on Saturday, September 27th. Ten analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $22.80.

PENN Entertainment 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.