Penn National Gaming (NASDAQ:PENN) Downgraded by Loop Capital to Sell


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Penn National Gaming (NASDAQ:PENN) was downgraded by investment analysts at Loop Capital from a “hold” rating to a “sell” rating in a research note issued to investors on Thursday, Briefing.com reports.

Other equities analysts have also recently issued research reports about the company. Piper Sandler raised their price objective on Penn National Gaming from $84.00 to $100.00 in a report on Thursday, January 7th. Deutsche Bank Aktiengesellschaft raised their price objective on Penn National Gaming from $22.00 to $31.00 and gave the company a “sell” rating in a report on Thursday, October 1st. They noted that the move was a valuation call. JPMorgan Chase & Co. cut Penn National Gaming from an “overweight” rating to a “sell” rating and raised their price objective for the company from $62.00 to $83.00 in a report on Wednesday, September 30th. Stifel Nicolaus raised their target price on shares of Penn National Gaming from $47.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, September 17th. Finally, BidaskClub downgraded shares of Penn National Gaming from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, December 30th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $66.18.

PENN stock opened at $104.21 on Thursday. The stock has a 50-day moving average price of $83.81 and a two-hundred day moving average price of $61.42. The stock has a market cap of $16.19 billion, a PE ratio of -14.14 and a beta of 2.59. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 4.81. Penn National Gaming has a 1 year low of $3.75 and a 1 year high of $106.80.

Penn National Gaming (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, October 29th. The company reported $0.93 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.48 by $0.45. The company had revenue of $1.13 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Penn National Gaming had a negative return on equity of 15.63% and a negative net margin of 21.16%. Penn National Gaming’s revenue for the quarter was down 16.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.38 EPS. On average, analysts forecast that Penn National Gaming will post -0.36 earnings per share for the current fiscal year.

In related news, CAO Christine Labombard sold 6,732 shares of Penn National Gaming stock in a transaction that occurred on Monday, December 21st. The shares were sold at an average price of $91.00, for a total value of $612,612.00. Following the transaction, the chief accounting officer now directly owns 12,320 shares of the company’s stock, valued at $1,121,120. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Saul Reibstein sold 6,579 shares of Penn National Gaming stock in a transaction that occurred on Tuesday, January 5th. The shares were sold at an average price of $82.06, for a total transaction of $539,872.74. Following the completion of the transaction, the director now directly owns 34,923 shares in the company, valued at $2,865,781.38. The disclosure for this sale can be found here. Insiders sold 408,825 shares of company stock worth $28,604,865 over the last three months. 1.81% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of PENN. Vanguard Group Inc. grew its stake in shares of Penn National Gaming by 15.6% during the second quarter. Vanguard Group Inc. now owns 12,072,067 shares of the company’s stock worth $368,681,000 after buying an additional 1,628,758 shares during the last quarter. Massachusetts Financial Services Co. MA bought a new stake in shares of Penn National Gaming during the third quarter worth $56,572,000. Charles Schwab Investment Management Inc. grew its stake in shares of Penn National Gaming by 27.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,488,128 shares of the company’s stock worth $108,187,000 after buying an additional 316,589 shares during the last quarter. Voloridge Investment Management LLC grew its stake in shares of Penn National Gaming by 46.1% during the third quarter. Voloridge Investment Management LLC now owns 864,898 shares of the company’s stock worth $62,878,000 after buying an additional 273,059 shares during the last quarter. Finally, Great Lakes Advisors LLC bought a new stake in shares of Penn National Gaming during the third quarter worth $17,530,000. 87.81% of the stock is currently owned by hedge funds and other institutional investors.

About Penn National Gaming

Penn National Gaming, Inc, together with its subsidiaries, owns and manages gaming and racing properties, and operates video gaming terminals with a focus on slot machine entertainment. The company operates through four segments: Northeast, South, West, and Midwest. It also offers live sports betting at its properties in Indiana, Iowa, Mississippi, Nevada, Pennsylvania, and West Virginia; and operates online casino under the name of iCasino in Pennsylvania.

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Analyst Recommendations for Penn National Gaming (NASDAQ:PENN)

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