PENN Entertainment (NASDAQ:PENN) Price Target Lowered to $24.00 at Citizens Jmp

PENN Entertainment (NASDAQ:PENN) had its price objective reduced by investment analysts at Citizens Jmp from $25.00 to $24.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “market outperform” rating on the stock. Citizens Jmp’s price objective indicates a potential upside of 59.24% from the company’s previous close.

Other analysts have also issued reports about the company. Morgan Stanley reiterated a “sell” rating on shares of PENN Entertainment in a research note on Friday, July 11th. Wall Street Zen cut PENN Entertainment from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Weiss Ratings reissued a “sell (e+)” rating on shares of PENN Entertainment in a report on Wednesday. Needham & Company LLC reaffirmed a “hold” rating on shares of PENN Entertainment in a research note on Friday. Finally, Citigroup reaffirmed an “outperform” rating on shares of PENN Entertainment in a report on Friday, August 8th. Ten equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $22.56.

PENN Entertainment Stock Performance

Shares of PENN stock traded up $0.42 during trading on Friday, reaching $15.07. 612,947 shares of the company’s stock traded hands, compared to its average volume of 4,063,588. The firm’s 50-day moving average is $18.33 and its 200 day moving average is $17.47. The company has a market capitalization of $2.20 billion, a P/E ratio of -27.05 and a beta of 1.53. PENN Entertainment has a 1 year low of $13.25 and a 1 year high of $23.08. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 2.39.

PENN Entertainment (NASDAQ:PENN) last issued its earnings results on Thursday, November 6th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.12). The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.73 billion. PENN Entertainment had a negative net margin of 1.12% and a negative return on equity of 4.36%. The company’s revenue was up 4.8% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.24) EPS. Equities research analysts expect that PENN Entertainment will post -1.61 EPS for the current year.

Institutional Investors Weigh In On PENN Entertainment

Several hedge funds have recently made changes to their positions in the company. GAMMA Investing LLC increased its position in PENN Entertainment by 22.4% during the 3rd quarter. GAMMA Investing LLC now owns 3,042 shares of the company’s stock valued at $59,000 after buying an additional 556 shares in the last quarter. Treasurer of the State of North Carolina grew its position in PENN Entertainment by 1.1% during the second quarter. Treasurer of the State of North Carolina now owns 69,676 shares of the company’s stock valued at $1,245,000 after buying an additional 745 shares during the period. Jones Financial Companies Lllp raised its stake in shares of PENN Entertainment by 33.7% in the third quarter. Jones Financial Companies Lllp now owns 3,273 shares of the company’s stock worth $65,000 after buying an additional 825 shares during the period. Parallel Advisors LLC increased its holdings in PENN Entertainment by 152.2% in the 2nd quarter. Parallel Advisors LLC now owns 1,397 shares of the company’s stock worth $25,000 after acquiring an additional 843 shares in the last quarter. Finally, Keybank National Association OH raised its position in shares of PENN Entertainment by 6.3% during the 2nd quarter. Keybank National Association OH now owns 14,655 shares of the company’s stock valued at $262,000 after purchasing an additional 870 shares during the period. 91.69% of the stock is currently owned by institutional investors.

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.