Hudson Bay Capital Management LP Sells 385,155 Shares of PENN Entertainment, Inc. $PENN

Hudson Bay Capital Management LP cut its holdings in PENN Entertainment, Inc. (NASDAQ:PENN) by 19.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,644,688 shares of the company’s stock after selling 385,155 shares during the quarter. Hudson Bay Capital Management LP owned approximately 1.23% of PENN Entertainment worth $31,677,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Penn Capital Management Company LLC raised its holdings in shares of PENN Entertainment by 26.9% in the 3rd quarter. Penn Capital Management Company LLC now owns 853,731 shares of the company’s stock valued at $16,479,000 after purchasing an additional 180,940 shares in the last quarter. Advisory Services Network LLC purchased a new position in PENN Entertainment during the third quarter valued at approximately $122,000. Armistice Capital LLC increased its holdings in PENN Entertainment by 48.8% during the third quarter. Armistice Capital LLC now owns 2,103,666 shares of the company’s stock valued at $40,517,000 after buying an additional 690,078 shares during the period. Caxton Associates LLP lifted its holdings in PENN Entertainment by 184.6% during the third quarter. Caxton Associates LLP now owns 94,079 shares of the company’s stock worth $1,812,000 after buying an additional 61,020 shares during the period. Finally, Triumph Capital Management purchased a new position in shares of PENN Entertainment in the 3rd quarter valued at $54,000. 91.69% of the stock is currently owned by institutional investors.

PENN Entertainment Price Performance

Shares of PENN opened at $13.84 on Thursday. The company has a debt-to-equity ratio of 3.92, a current ratio of 0.79 and a quick ratio of 0.79. The company’s fifty day moving average price is $13.74 and its 200-day moving average price is $15.52. PENN Entertainment, Inc. has a 1-year low of $11.65 and a 1-year high of $20.60. The firm has a market capitalization of $1.85 billion, a PE ratio of -2.30, a price-to-earnings-growth ratio of 0.45 and a beta of 1.33.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, February 26th. The company reported $0.07 earnings per share for the quarter, beating the consensus estimate of ($0.23) by $0.30. PENN Entertainment had a negative return on equity of 1.94% and a negative net margin of 12.11%.The business had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the previous year, the business earned ($0.44) EPS. The company’s quarterly revenue was up 8.2% compared to the same quarter last year. On average, equities research analysts predict that PENN Entertainment, Inc. will post -1.61 EPS for the current year.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of PENN Entertainment in a research report on Monday, December 29th. Canaccord Genuity Group cut their target price on PENN Entertainment from $26.00 to $21.00 and set a “buy” rating on the stock in a research note on Tuesday, February 3rd. Citigroup boosted their target price on shares of PENN Entertainment from $15.00 to $16.00 and gave the stock a “neutral” rating in a report on Monday, March 2nd. Susquehanna lowered their price target on shares of PENN Entertainment from $20.00 to $17.00 and set a “positive” rating on the stock in a report on Wednesday, February 11th. Finally, Wells Fargo & Company upgraded shares of PENN Entertainment from a “strong sell” rating to an “equal weight” rating and boosted their price objective for the stock from $15.00 to $16.00 in a research note on Friday, February 27th. Eight equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $19.67.

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.