Citizens Jmp Forecasts Strong Price Appreciation for PENN Entertainment (NASDAQ:PENN) Stock

PENN Entertainment (NASDAQ:PENN) had its price objective lifted by equities researchers at Citizens Jmp from $24.00 to $26.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “market outperform” rating on the stock. Citizens Jmp’s price objective would indicate a potential upside of 26.40% from the company’s previous close.

Several other brokerages have also recently weighed in on PENN. The Goldman Sachs Group started coverage on PENN Entertainment in a research report on Friday, June 26th. They set a “buy” rating and a $26.00 price target on the stock. Jefferies Financial Group restated a “hold” rating on shares of PENN Entertainment in a research report on Thursday, July 2nd. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of PENN Entertainment from $17.00 to $18.00 and gave the company a “hold” rating in a research note on Friday, April 24th. Barclays upped their target price on shares of PENN Entertainment from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of PENN Entertainment in a research note on Wednesday, June 24th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $22.62.

PENN Entertainment Price Performance

PENN Entertainment stock opened at $20.57 on Thursday. The firm has a market capitalization of $2.75 billion, a P/E ratio of -3.06, a PEG ratio of 0.65 and a beta of 1.42. PENN Entertainment has a one year low of $11.65 and a one year high of $22.36. The company has a debt-to-equity ratio of 3.94, a current ratio of 0.82 and a quick ratio of 0.82. The business has a fifty day moving average price of $19.67 and a 200-day moving average price of $16.33.

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, beating analysts’ consensus estimates of $0.05 by $0.06. The company had revenue of $1.78 billion for the quarter, compared to analyst estimates of $1.74 billion. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.68 EPS. As a group, equities research analysts forecast that PENN Entertainment will post 1.07 EPS for the current year.

Institutional Investors Weigh In On PENN Entertainment

A number of large investors have recently added to or reduced their stakes in PENN. Treasurer of the State of North Carolina grew its stake in shares of 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 worth $1,245,000 after buying an additional 745 shares in the last quarter. GAMMA Investing LLC raised its position in shares of PENN Entertainment by 19.4% during the 2nd quarter. GAMMA Investing LLC now owns 5,506 shares of the company’s stock valued at $118,000 after buying an additional 895 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of PENN Entertainment by 3.6% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 26,730 shares of the company’s stock valued at $394,000 after buying an additional 922 shares in the last quarter. IFP Advisors Inc lifted its holdings in shares of PENN Entertainment by 76.2% in the 4th quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock valued at $41,000 after acquiring an additional 1,196 shares during the last quarter. Finally, Tidal Investments LLC lifted its holdings in shares of PENN Entertainment by 8.1% in the 2nd quarter. Tidal Investments LLC now owns 19,689 shares of the company’s stock valued at $352,000 after acquiring an additional 1,483 shares during the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.

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.