PENN Entertainment (NASDAQ:PENN) Trading Up 8.3% – Should You Buy?

Shares of PENN Entertainment, Inc. (NASDAQ:PENN) were up 8.3% on Wednesday . The stock traded as high as $18.29 and last traded at $18.4750. Approximately 1,860,141 shares traded hands during trading, a decline of 56% from the average daily volume of 4,194,284 shares. The stock had previously closed at $17.06.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PENN shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PENN Entertainment in a research note on Friday, March 27th. Wells Fargo & Company upped their target price on PENN Entertainment from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 16th. Morgan Stanley raised their price objective on PENN Entertainment from $16.00 to $17.00 and gave the company an “equal weight” rating in a report on Wednesday, May 6th. JPMorgan Chase & Co. raised their price objective on PENN Entertainment from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, April 24th. Finally, Susquehanna decreased their price objective on PENN Entertainment from $20.00 to $17.00 and set a “positive” rating on the stock in a report on Wednesday, February 11th. Eight investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $20.29.

PENN Entertainment Trading Down 1.2%

The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 3.94. The company has a fifty day simple moving average of $15.91 and a 200-day simple moving average of $14.72. The company has a market capitalization of $2.57 billion, a PE ratio of -2.86, a PEG ratio of 0.62 and a beta of 1.43.

PENN Entertainment (NASDAQ:PENN) last issued its earnings results on Thursday, April 23rd. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.06. The company had revenue of $1.78 billion during the quarter, compared to analysts’ expectations of $1.74 billion. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.The firm’s quarterly revenue was up 6.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.68 EPS. Analysts predict that PENN Entertainment, Inc. will post 1 EPS for the current year.

Hedge Funds Weigh In On PENN Entertainment

Hedge funds have recently modified their holdings of the business. Treasurer of the State of North Carolina lifted its stake in PENN Entertainment by 1.1% in the 2nd quarter. Treasurer of the State of North Carolina now owns 69,676 shares of the company’s stock worth $1,245,000 after acquiring an additional 745 shares in the last quarter. Jones Financial Companies Lllp grew its position in PENN Entertainment by 33.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 3,273 shares of the company’s stock worth $65,000 after acquiring an additional 825 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in PENN Entertainment by 3.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 26,730 shares of the company’s stock worth $394,000 after acquiring an additional 922 shares during the last quarter. IFP Advisors Inc grew its position in PENN Entertainment by 76.2% during the 4th quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock worth $41,000 after acquiring an additional 1,196 shares during the last quarter. Finally, Tidal Investments LLC grew its position in PENN Entertainment by 8.1% during the 2nd quarter. Tidal Investments LLC now owns 19,689 shares of the company’s stock worth $352,000 after acquiring an additional 1,483 shares during the last quarter. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

About PENN Entertainment

PENN Entertainment, Inc (NASDAQ: PENN) is a leading operator of gaming and racing facilities in the United States. The company’s business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company’s portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.