PENN Entertainment (NASDAQ:PENN) Upgraded by Zacks Research to Strong-Buy Rating

PENN Entertainment (NASDAQ:PENN) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Monday,Zacks.com reports.

A number of other research analysts have also recently weighed in on the stock. Susquehanna lifted their price objective on shares of PENN Entertainment from $24.00 to $28.00 and gave the company a “positive” rating in a report on Wednesday, July 1st. Weiss Ratings reissued a “sell (d-)” rating on shares of PENN Entertainment in a report on Wednesday, June 24th. Barclays increased their target price on shares of PENN Entertainment from $24.00 to $26.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. JPMorgan Chase & Co. boosted their price objective on shares of PENN Entertainment from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, April 24th. Finally, Wells Fargo & Company cut their target price on PENN Entertainment from $24.00 to $23.00 and set an “equal weight” rating for the company in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, PENN Entertainment currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.19.

PENN Entertainment Stock Down 1.5%

Shares of PENN opened at $20.18 on Monday. PENN Entertainment has a one year low of $11.65 and a one year high of $22.36. The stock has a market capitalization of $2.70 billion, a price-to-earnings ratio of -3.00, a PEG ratio of 0.65 and a beta of 1.42. The stock has a 50 day moving average price of $19.42 and a 200 day moving average price of $16.21. The company has a debt-to-equity ratio of 3.94, a quick ratio of 0.82 and a current ratio of 0.82.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.06. The business had revenue of $1.78 billion during the quarter, compared to analyst estimates of $1.74 billion. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.The business’s revenue was up 6.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.68 earnings per share. Equities research analysts forecast that PENN Entertainment will post 1.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. raised its position in shares of PENN Entertainment by 47.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 180,310 shares of the company’s stock valued at $3,851,000 after purchasing an additional 58,174 shares in the last quarter. GAMMA Investing LLC increased its position in PENN Entertainment by 19.4% in the second quarter. GAMMA Investing LLC now owns 5,506 shares of the company’s stock worth $118,000 after buying an additional 895 shares during the period. Glenmede Trust Co. NA bought a new position in PENN Entertainment in the 1st quarter worth about $176,000. Bank of America Corp DE raised its stake in shares of PENN Entertainment by 57.9% during the first quarter. Bank of America Corp DE now owns 4,351,310 shares of the company’s stock valued at $65,400,000 after purchasing an additional 1,595,502 shares in the last quarter. Finally, Seven Six Capital Management LLC increased its position in shares of PENN Entertainment by 61.1% during the 1st quarter. Seven Six Capital Management LLC now owns 258,700 shares of the company’s stock valued at $3,888,000 after purchasing an additional 98,100 shares during the period. 91.69% of the stock is owned by institutional investors and hedge funds.

PENN Entertainment Company Profile

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.