Cinctive Capital Management LP Makes New $812,000 Investment in PENN Entertainment, Inc. $PENN

Cinctive Capital Management LP bought a new position in shares of PENN Entertainment, Inc. (NASDAQ:PENN) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 42,153 shares of the company’s stock, valued at approximately $812,000.

A number of other large investors have also recently made changes to their positions in the stock. GAMMA Investing LLC increased its stake in PENN Entertainment by 22.4% in the 3rd quarter. GAMMA Investing LLC now owns 3,042 shares of the company’s stock worth $59,000 after buying an additional 556 shares during the period. Treasurer of the State of North Carolina boosted its position in PENN Entertainment by 1.1% in the 2nd quarter. Treasurer of the State of North Carolina now owns 69,676 shares of the company’s stock valued at $1,245,000 after buying an additional 745 shares during the period. Jones Financial Companies Lllp boosted its position in PENN Entertainment by 33.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 3,273 shares of the company’s stock valued at $65,000 after buying an additional 825 shares during the period. Blue Trust Inc. grew its stake in PENN Entertainment by 10.1% in the 3rd quarter. Blue Trust Inc. now owns 10,168 shares of the company’s stock worth $196,000 after acquiring an additional 929 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System increased its position in shares of PENN Entertainment by 0.7% during the second quarter. State Board of Administration of Florida Retirement System now owns 173,825 shares of the company’s stock worth $3,106,000 after acquiring an additional 1,230 shares during the period. 91.69% of the stock is owned by hedge funds and other institutional investors.

PENN Entertainment Trading Down 2.3%

PENN opened at $13.98 on Tuesday. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 3.92. The firm has a market cap of $1.87 billion, a price-to-earnings ratio of -2.32, a PEG ratio of 0.43 and a beta of 1.33. PENN Entertainment, Inc. has a 12 month low of $11.65 and a 12 month high of $20.60. The stock has a fifty day moving average price of $13.76 and a 200-day moving average price of $15.58.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings data on Thursday, February 26th. The company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.30. PENN Entertainment had a negative return on equity of 1.94% and a negative net margin of 12.11%.The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter last year, the company earned ($0.44) earnings per share. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. As a group, equities research analysts anticipate that PENN Entertainment, Inc. will post -1.61 earnings per share for the current fiscal year.

Analysts Set New Price Targets

PENN has been the subject of several research analyst reports. Benchmark raised shares of PENN Entertainment from a “hold” rating to a “buy” rating and set a $21.00 price target for the company in a research note on Thursday, March 5th. Morgan Stanley reduced their price objective on PENN Entertainment from $17.00 to $15.00 and set an “equal weight” rating on the stock in a report on Friday, January 16th. Wall Street Zen raised PENN Entertainment from a “strong sell” rating to a “hold” rating in a research report on Monday, March 2nd. Mizuho upped their target price on PENN Entertainment from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Thursday, March 12th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on PENN Entertainment from $16.00 to $17.00 and gave the stock a “hold” rating in a research report on Friday, February 27th. Eight equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $19.67.

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.