Mizuho Issues Positive Forecast for PENN Entertainment (NASDAQ:PENN) Stock Price

PENN Entertainment (NASDAQ:PENN) had its price objective hoisted by Mizuho from $23.00 to $25.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an outperform rating on the stock.

Several other equities analysts also recently weighed in on the company. JPMorgan Chase & Co. raised their price target on PENN Entertainment from $23.00 to $26.00 and gave the stock an “overweight” rating in a research report on Wednesday. Wells Fargo & Company decreased their price objective on PENN Entertainment from $24.00 to $23.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Stifel Nicolaus lifted their price objective on PENN Entertainment from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, June 12th. Susquehanna boosted their target price on shares of PENN Entertainment from $24.00 to $28.00 and gave the company a “positive” rating in a research note on Wednesday, July 1st. Finally, Barclays upped their target price on shares of PENN Entertainment from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, PENN Entertainment currently has a consensus rating of “Moderate Buy” and a consensus target price of $22.50.

PENN Entertainment Stock Up 4.7%

Shares of NASDAQ:PENN opened at $21.12 on Wednesday. PENN Entertainment has a fifty-two week low of $11.65 and a fifty-two week high of $22.36. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 3.94. The firm’s 50-day simple moving average is $19.51 and its 200-day simple moving average is $16.26. The company has a market cap of $2.83 billion, a price-to-earnings ratio of -3.14, a PEG ratio of 0.64 and a beta of 1.42.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.06. The firm had revenue of $1.78 billion during the quarter, compared to analysts’ expectations of $1.74 billion. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.PENN Entertainment’s revenue was up 6.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.68 earnings per share. As a group, equities research analysts predict that PENN Entertainment will post 1.02 earnings per share for the current year.

Hedge Funds Weigh In On PENN Entertainment

A number of hedge funds have recently made changes to their positions in the business. Shapiro Capital Management LLC boosted its holdings in PENN Entertainment by 6.6% in the 3rd quarter. Shapiro Capital Management LLC now owns 6,856,778 shares of the company’s stock worth $132,062,000 after acquiring an additional 425,190 shares during the period. Bank of America Corp DE raised its stake in shares of PENN Entertainment by 57.9% during the first quarter. Bank of America Corp DE now owns 4,351,310 shares of the company’s stock valued at $65,400,000 after purchasing an additional 1,595,502 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of PENN Entertainment by 74.7% during the third quarter. Arrowstreet Capital Limited Partnership now owns 3,930,293 shares of the company’s stock valued at $75,697,000 after purchasing an additional 1,679,953 shares during the period. AQR Capital Management LLC lifted its position in shares of PENN Entertainment by 824.3% during the fourth quarter. AQR Capital Management LLC now owns 3,499,700 shares of the company’s stock worth $51,341,000 after purchasing an additional 3,121,051 shares in the last quarter. Finally, Armistice Capital LLC boosted its stake in shares of PENN Entertainment by 47.2% in the fourth quarter. Armistice Capital LLC now owns 3,096,000 shares of the company’s stock valued at $45,666,000 after purchasing an additional 992,334 shares during the period. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Key Stories Impacting PENN Entertainment

Here are the key news stories impacting PENN Entertainment this week:

• Positive Sentiment: JPMorgan Chase & Co. raised its price target on PENN Entertainment from $23 to $26 and kept an overweight rating, implying meaningful upside versus the current share price. Benzinga article
• Positive Sentiment: Mizuho increased its price target from $23 to $25 and reiterated an outperform rating, adding to the bullish analyst trend. Benzinga article
• Positive Sentiment: Zacks Research upgraded PENN Entertainment from hold to strong-buy, signaling improving sentiment on the name. Zacks.com article
• Neutral Sentiment: Recent Zacks commentary highlighted PENN as a growth and value stock, but these pieces were more screening-focused than news-driven and are unlikely to move the stock on their own. Zacks growth article
• Negative Sentiment: Wells Fargo trimmed its price target from $24 to $23 and maintained an equal weight rating, reflecting a more cautious view that may temper some of the bullish momentum. Benzinga article

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.