PENN Entertainment (NASDAQ:PENN) Hits New 12-Month Low After Analyst Downgrade

PENN Entertainment, Inc. (NASDAQ:PENN) shares reached a new 52-week low during trading on Thursday after Susquehanna lowered their price target on the stock from $20.00 to $17.00. Susquehanna currently has a positive rating on the stock. PENN Entertainment traded as low as $12.10 and last traded at $12.2960, with a volume of 2245222 shares trading hands. The stock had previously closed at $13.36.

Several other equities research analysts also recently commented on the company. Needham & Company LLC reiterated a “hold” rating on shares of PENN Entertainment in a report on Friday, November 7th. Stifel Nicolaus upgraded shares of PENN Entertainment from a “hold” rating to a “buy” rating and raised their price target for the stock from $19.00 to $21.00 in a research report on Friday, November 7th. Mizuho set a $19.00 price objective on shares of PENN Entertainment in a research report on Monday, February 2nd. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of PENN Entertainment from $19.00 to $17.00 and set a “hold” rating on the stock in a research note on Friday, November 7th. Finally, Wells Fargo & Company initiated coverage on PENN Entertainment in a research note on Tuesday, November 18th. They issued an “underweight” rating and a $15.00 target price for the company. Ten research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $20.00.

Insider Activity

In other news, CFO Felicia Hendrix bought 7,315 shares of PENN Entertainment stock in a transaction on Friday, November 21st. The stock was purchased at an average cost 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 of the company’s stock, valued at approximately $1,647,187.92. This trade represents a 6.52% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director David A. Handler purchased 20,000 shares of the company’s stock in a transaction on Monday, November 17th. The stock was purchased at an average price of $14.25 per share, for a total transaction of $285,000.00. Following the purchase, the director directly owned 362,941 shares of the company’s stock, valued at $5,171,909.25. This trade represents a 5.83% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 2.67% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in PENN. Hill Path Capital LP bought a new position in PENN Entertainment in the 2nd quarter valued at about $62,595,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of PENN Entertainment in the 2nd quarter worth approximately $40,214,000. Norges Bank bought a new position in shares of PENN Entertainment in the second quarter valued at approximately $39,737,000. Hennessy Advisors Inc. acquired a new position in shares of PENN Entertainment during the third quarter valued at approximately $40,537,000. Finally, Bridgeway Capital Management LLC bought a new stake in PENN Entertainment during the second quarter worth approximately $18,702,000. Institutional investors and hedge funds own 91.69% of the company’s stock.

PENN Entertainment Stock Performance

The stock has a market cap of $1.57 billion, a P/E ratio of -1.85, a PEG ratio of 0.41 and a beta of 1.39. The company has a debt-to-equity ratio of 3.65, a current ratio of 0.75 and a quick ratio of 0.75. The company has a fifty day moving average of $13.98 and a 200 day moving average of $16.25.

PENN Entertainment Company 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.