PENN Entertainment Sees Unusually Large Options Volume (NASDAQ:PENN)

PENN Entertainment, Inc. (NASDAQ:PENN) was the recipient of some unusual options trading on Tuesday. Traders bought 10,086 call options on the stock. This is an increase of 82% compared to the typical volume of 5,550 call options.

Wall Street Analyst Weigh In

PENN has been the subject of a number of recent research reports. Stifel Nicolaus upgraded shares of PENN Entertainment from a “hold” rating to a “buy” rating and increased their price objective for the company from $19.00 to $21.00 in a report on Friday, November 7th. Weiss Ratings restated a “sell (d-)” rating on shares of PENN Entertainment in a research report on Monday. Deutsche Bank Aktiengesellschaft reduced their price objective on PENN Entertainment from $19.00 to $17.00 and set a “hold” rating on the stock in a research report on Friday, November 7th. Citizens Jmp lowered their price objective on PENN Entertainment from $25.00 to $24.00 and set a “market outperform” rating on the stock in a research note on Friday, November 7th. Finally, Needham & Company LLC restated a “hold” rating on shares of PENN Entertainment in a report on Friday, November 7th. Ten research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $21.56.

PENN Entertainment Trading Up 1.6%

PENN opened at $14.37 on Thursday. The stock has a market capitalization of $1.91 billion, a PE ratio of -2.26 and a beta of 1.40. PENN Entertainment has a one year low of $13.24 and a one year high of $23.08. The company has a debt-to-equity ratio of 3.65, a quick ratio of 0.75 and a current ratio of 0.75. The business’s 50 day moving average price is $15.40 and its 200 day moving average price is $17.27.

PENN Entertainment (NASDAQ:PENN) last posted its earnings results on Thursday, November 6th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.12). PENN Entertainment had a negative net margin of 13.24% and a negative return on equity of 4.59%. The business had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter in the prior year, the firm earned ($0.24) EPS. PENN Entertainment’s revenue for the quarter was up 4.8% compared to the same quarter last year. As a group, equities research analysts expect that PENN Entertainment will post -1.61 EPS for the current year.

Insider Transactions at PENN Entertainment

In other PENN Entertainment news, CFO Felicia Hendrix bought 7,315 shares of the stock in a transaction on Friday, November 21st. The shares were bought at an average price of $13.79 per share, with a total value of $100,873.85. Following the purchase, the chief financial officer directly owned 119,448 shares in the company, valued at $1,647,187.92. This trade represents a 6.52% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Gupta Vimla Black sold 7,987 shares of the company’s stock in a transaction on Friday, November 14th. The stock was sold at an average price of $14.51, for a total transaction of $115,891.37. Following the sale, the director directly owned 25,000 shares of the company’s stock, valued at $362,750. The trade was a 24.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have purchased 62,015 shares of company stock worth $882,778. Company insiders own 2.67% of the company’s stock.

Institutional Trading of PENN Entertainment

Several institutional investors and hedge funds have recently bought and sold shares of PENN. Parallel Advisors LLC boosted its stake in PENN Entertainment by 152.2% during the second quarter. Parallel Advisors LLC now owns 1,397 shares of the company’s stock worth $25,000 after buying an additional 843 shares during the period. Quarry LP purchased a new stake in shares of PENN Entertainment in the 1st quarter valued at approximately $30,000. State of Wyoming acquired a new position in shares of PENN Entertainment in the 1st quarter worth approximately $46,000. Cloud Capital Management LLC purchased a new position in shares of PENN Entertainment during the 3rd quarter worth approximately $54,000. Finally, Triumph Capital Management purchased a new position in shares of PENN Entertainment during the 3rd quarter worth approximately $54,000. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

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.