Susquehanna Cuts PENN Entertainment (NASDAQ:PENN) Price Target to $17.00

PENN Entertainment (NASDAQ:PENN) had its price objective cut by Susquehanna from $20.00 to $17.00 in a report released on Wednesday morning,Benzinga reports. They currently have a positive rating on the stock.

Several other equities analysts also recently weighed in on PENN. 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 price objective for the company. Citizens Jmp dropped their price objective on PENN Entertainment from $25.00 to $24.00 and set a “market outperform” rating on the stock in a report on Friday, November 7th. Stifel Nicolaus upgraded PENN Entertainment from a “hold” rating to a “buy” rating and lifted their price target for the stock from $19.00 to $21.00 in a research note on Friday, November 7th. Canaccord Genuity Group reduced their price target on shares of PENN Entertainment from $26.00 to $21.00 and set a “buy” rating on the stock in a research report on Tuesday, February 3rd. Finally, Mizuho set a $19.00 target price on shares of PENN Entertainment in a research report on Monday, February 2nd. Ten research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $20.00.

PENN Entertainment Stock Down 5.2%

Shares of PENN Entertainment stock opened at $11.76 on Wednesday. The company 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 firm has a fifty day moving average of $13.98 and a two-hundred day moving average of $16.25. PENN Entertainment has a one year low of $11.66 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.

Insider Activity

In related news, Director David A. Handler purchased 20,000 shares of PENN Entertainment stock in a transaction dated Monday, November 17th. The stock was bought at an average price of $14.25 per share, for a total transaction of $285,000.00. Following the completion of the acquisition, the director directly owned 362,941 shares of the company’s stock, valued at $5,171,909.25. This represents a 5.83% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Felicia Hendrix purchased 7,315 shares of the company’s stock in a transaction on Friday, November 21st. The stock was purchased at an average cost of $13.79 per share, for a total transaction of $100,873.85. Following the purchase, the chief financial officer directly owned 119,448 shares in the company, valued at approximately $1,647,187.92. This trade represents a 6.52% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 2.67% of the company’s stock.

Institutional Trading of PENN Entertainment

Institutional investors and hedge funds have recently bought and sold shares of the stock. Kestra Advisory Services LLC acquired a new stake in PENN Entertainment in the 4th quarter valued at about $94,000. Marshall Wace LLP grew its position in PENN Entertainment by 187.0% during the fourth quarter. Marshall Wace LLP now owns 413,498 shares of the company’s stock worth $6,099,000 after buying an additional 269,416 shares in the last quarter. Quarry LP acquired a new stake in PENN Entertainment during the fourth quarter worth approximately $36,000. Ieq Capital LLC increased its stake in PENN Entertainment by 130.8% during the 4th quarter. Ieq Capital LLC now owns 31,145 shares of the company’s stock worth $459,000 after acquiring an additional 17,653 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in PENN Entertainment by 1.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 297,632 shares of the company’s stock valued at $4,390,000 after acquiring an additional 3,039 shares in the last quarter. Institutional investors own 91.69% of the company’s stock.

About PENN Entertainment

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.