PENN Entertainment (NASDAQ:PENN) Rating Lowered to “Hold” at Zacks Research

PENN Entertainment (NASDAQ:PENN) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday, Zacks reports.

Several other brokerages also recently issued reports on PENN. Needham & Company LLC reiterated a “hold” rating on shares of PENN Entertainment in a research note on Friday, November 6th. The Goldman Sachs Group restated a “buy” rating and set a $21.00 target price on shares of PENN Entertainment in a report on Friday, November 6th. Susquehanna cut their price target on PENN Entertainment from $30.00 to $26.00 and set a “positive” rating on the stock in a report on Monday, October 19th. Morgan Stanley cut their price target on shares of PENN Entertainment from $20.00 to $18.00 and set an “equal weight” rating on the stock in a report on Monday, October 19th. Finally, Wells Fargo & Company upped their price objective on PENN Entertainment from $22.00 to $23.00 and gave the stock an “equal weight” rating in a research report on Friday, November 6th. Thirteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $23.67.

PENN Entertainment Trading Down 1.6%

Shares of PENN stock opened at $18.15 on Tuesday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 3.69. The business has a 50-day moving average price of $16.10 and a two-hundred day moving average price of $16.92. PENN Entertainment has a 12-month low of $11.65 and a 12-month high of $22.36. The firm has a market cap of $2.44 billion, a P/E ratio of -201.64, a price-to-earnings-growth ratio of 0.59 and a beta of 1.40.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, November 5th. The company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.17 by $0.15. The firm had revenue of $1.84 billion for the quarter, compared to analyst estimates of $1.84 billion. PENN Entertainment had a positive return on equity of 6.99% and a negative net margin of 0.13%. The company’s revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the company earned ($0.22) EPS. Equities analysts anticipate that PENN Entertainment will post 0.95 EPS for the current fiscal year.

Institutional Investors Weigh In On PENN Entertainment

Several hedge funds and other institutional investors have recently bought and sold shares of PENN. Public Sector Pension Investment Board lifted its position in PENN Entertainment by 134.3% in the third quarter. Public Sector Pension Investment Board now owns 1,022,452 shares of the company’s stock worth $15,695,000 after purchasing an additional 586,008 shares during the period. Edgestream Partners L.P. acquired a new stake in shares of PENN Entertainment in the third quarter valued at $436,000. Intech Investment Management LLC boosted its stake in PENN Entertainment by 190.4% during the third quarter. Intech Investment Management LLC now owns 60,266 shares of the company’s stock valued at $883,000 after buying an additional 39,513 shares in the last quarter. Allworth Financial LP grew its holdings in PENN Entertainment by 122.5% during the third quarter. Allworth Financial LP now owns 13,637 shares of the company’s stock worth $200,000 after acquiring an additional 7,508 shares during the period. Finally, Eurizon Capital SGR S.p.A. acquired a new position in PENN Entertainment during the third quarter worth about $25,000. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

About PENN Entertainment

PENN Entertainment is a diversified gaming and entertainment company that operates casinos, racetracks and sports betting facilities. Its properties offer casino games, hotel accommodations, dining, live entertainment and other hospitality services, with brands including Hollywood Casino, Ameristar and L’Auberge. The company also offers online sports betting and iCasino products in markets where they are permitted. Its digital operations complement its retail properties and include the PENN Play customer loyalty program.