Ionic Capital Management LLC Sells 30,000 Shares of PENN Entertainment, Inc. $PENN

Ionic Capital Management LLC trimmed its stake in PENN Entertainment, Inc. (NASDAQ:PENN) by 75.0% in the 4th quarter, HoldingsChannel reports. The fund owned 10,000 shares of the company’s stock after selling 30,000 shares during the quarter. Ionic Capital Management LLC’s holdings in PENN Entertainment were worth $148,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Quarry LP bought a new position in shares of PENN Entertainment in the 4th quarter worth $36,000. IFP Advisors Inc raised its position in shares of PENN Entertainment by 76.2% in 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 in the last quarter. Triumph Capital Management bought a new position in shares of PENN Entertainment in the 3rd quarter worth $54,000. Modus Advisors LLC bought a new position in shares of PENN Entertainment in the 4th quarter worth $47,000. Finally, Jones Financial Companies Lllp increased 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 valued at $65,000 after buying an additional 825 shares in the last quarter. 91.69% of the stock is owned by institutional investors.

PENN Entertainment Price Performance

Shares of PENN stock opened at $21.23 on Thursday. PENN Entertainment, Inc. has a fifty-two week low of $11.65 and a fifty-two week high of $22.36. The firm has a market capitalization of $2.84 billion, a price-to-earnings ratio of -3.16, a PEG ratio of 0.70 and a beta of 1.44. The company has a debt-to-equity ratio of 3.94, a quick ratio of 0.82 and a current ratio of 0.82. The stock’s 50-day simple moving average is $17.60 and its 200-day simple moving average is $15.32.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.05 by $0.06. The business had revenue of $1.78 billion for 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 company’s revenue was up 6.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.68 earnings per share. As a group, equities analysts forecast that PENN Entertainment, Inc. will post 1.02 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PENN has been the subject of a number of research analyst reports. Wells Fargo & Company increased their price target on PENN Entertainment from $16.00 to $18.00 and gave the company an “equal weight” rating in a research note on Thursday, April 16th. Wall Street Zen upgraded PENN Entertainment from a “strong sell” rating to a “hold” rating in a research note on Monday, March 2nd. Barclays boosted their price target on PENN Entertainment from $23.00 to $24.00 and gave the stock an “overweight” rating in a research note on Friday, April 24th. Morgan Stanley boosted their price target on PENN Entertainment from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 6th. Finally, Mizuho boosted their price target on PENN Entertainment from $22.00 to $23.00 and gave the stock an “outperform” rating in a research note on Friday, April 24th. Eight investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $20.43.

PENN Entertainment 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.