PENN Entertainment (NASDAQ:PENN) Coverage Initiated at JPMorgan Chase & Co.

Investment analysts at JPMorgan Chase & Co. assumed coverage on shares of PENN Entertainment (NASDAQ:PENN) in a report released on Monday, MarketBeat Ratings reports. The firm set an “overweight” rating and a $24.00 price target on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 37.22% from the company’s previous close.

Several other research firms also recently commented on PENN. Stifel Nicolaus cut their target price on shares of PENN Entertainment from $22.00 to $19.00 and set a “hold” rating on the stock in a research report on Tuesday, March 18th. Truist Financial cut their target price on shares of PENN Entertainment from $23.00 to $20.00 and set a “hold” rating on the stock in a research report on Wednesday, April 23rd. Canaccord Genuity Group dropped their price target on shares of PENN Entertainment from $28.00 to $26.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. Needham & Company LLC dropped their price target on shares of PENN Entertainment from $26.00 to $25.00 and set a “buy” rating on the stock in a research report on Friday, February 28th. Finally, Wells Fargo & Company boosted their price target on shares of PENN Entertainment from $20.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Monday, March 3rd. Eleven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, PENN Entertainment presently has a consensus rating of “Hold” and an average target price of $23.03.

PENN Entertainment Stock Up 2.2%

NASDAQ:PENN opened at $17.49 on Monday. The firm’s 50 day simple moving average is $15.66 and its 200 day simple moving average is $17.74. The company has a debt-to-equity ratio of 2.35, a current ratio of 0.74 and a quick ratio of 0.74. PENN Entertainment has a one year low of $13.25 and a one year high of $23.08. The company has a market cap of $2.64 billion, a PE ratio of -28.21 and a beta of 1.56.

PENN Entertainment (NASDAQ:PENN) last posted its earnings results on Thursday, May 8th. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.04. PENN Entertainment had a negative net margin of 1.28% and a negative return on equity of 5.75%. The business had revenue of $1.67 billion for the quarter, compared to the consensus estimate of $1.71 billion. During the same period last year, the company earned ($0.76) EPS. The firm’s revenue was up 4.1% compared to the same quarter last year. On average, research analysts anticipate that PENN Entertainment will post -1.61 earnings per share for the current year.

Insider Activity at PENN Entertainment

In related news, Director David A. Handler bought 10,000 shares of the company’s stock in a transaction that occurred on Thursday, May 22nd. The shares were bought at an average price of $14.83 per share, for a total transaction of $148,300.00. Following the transaction, the director now directly owns 322,941 shares of the company’s stock, valued at approximately $4,789,215.03. The trade was a 3.20% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jay A. Snowden bought 34,000 shares of the company’s stock in a transaction that occurred on Thursday, May 22nd. The shares were bought at an average price of $14.70 per share, for a total transaction of $499,800.00. Following the transaction, the chief executive officer now directly owns 1,082,625 shares in the company, valued at $15,914,587.50. This trade represents a 3.24% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.67% of the stock is owned by corporate insiders.

Institutional Trading of PENN Entertainment

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Invesco Ltd. increased its stake in PENN Entertainment by 54.6% during the 1st quarter. Invesco Ltd. now owns 6,002,749 shares of the company’s stock valued at $97,905,000 after purchasing an additional 2,120,740 shares in the last quarter. DME Capital Management LP increased its stake in PENN Entertainment by 2.3% during the 4th quarter. DME Capital Management LP now owns 5,748,440 shares of the company’s stock valued at $113,934,000 after purchasing an additional 127,670 shares in the last quarter. Geode Capital Management LLC increased its stake in PENN Entertainment by 6.5% during the 4th quarter. Geode Capital Management LLC now owns 2,500,342 shares of the company’s stock valued at $49,572,000 after purchasing an additional 152,791 shares in the last quarter. Invenomic Capital Management LP increased its stake in PENN Entertainment by 87.8% during the 1st quarter. Invenomic Capital Management LP now owns 1,859,112 shares of the company’s stock valued at $30,322,000 after purchasing an additional 869,347 shares in the last quarter. Finally, Kettle Hill Capital Management LLC increased its stake in PENN Entertainment by 43.1% during the 4th quarter. Kettle Hill Capital Management LLC now owns 1,801,787 shares of the company’s stock valued at $35,711,000 after purchasing an additional 542,585 shares in the last quarter. Institutional investors own 91.69% of the company’s stock.

About PENN Entertainment

PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates online sports betting in various jurisdictions; and iCasino under Hollywood Casino, L'Auberge, ESPN BET, and theScore Bet Sportsbook and Casino brands.