PENN Entertainment (NASDAQ:PENN) Reaches New 1-Year High – Here’s What Happened

PENN Entertainment, Inc. (NASDAQ:PENN)’s share price reached a new 52-week high on Wednesday . The company traded as high as $21.00 and last traded at $21.0390, with a volume of 253478 shares changing hands. The stock had previously closed at $20.32.

Analyst Ratings Changes

A number of research analysts have recently weighed in on PENN shares. Benchmark upgraded shares of PENN Entertainment from a “hold” rating to a “buy” rating and set a $21.00 price target on the stock in a report on Thursday, March 5th. Mizuho raised their price target on shares of PENN Entertainment from $22.00 to $23.00 and gave the company an “outperform” rating in a report on Friday, April 24th. Citigroup lifted their target price on shares of PENN Entertainment from $15.00 to $16.00 and gave the stock a “neutral” rating in a report on Monday, March 2nd. Stifel Nicolaus lifted their target price on shares of PENN Entertainment from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Finally, Wells Fargo & Company lifted their target price on shares of PENN Entertainment from $16.00 to $18.00 and gave the stock an “equal weight” rating in a report on Thursday, April 16th. Eight analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $20.29.

PENN Entertainment Stock Performance

The firm’s fifty day moving average price is $17.05 and its 200-day moving average price is $15.11. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 3.94. The company has a market cap of $2.84 billion, a P/E ratio of -3.16, a P/E/G ratio of 0.70 and a beta of 1.44.

PENN Entertainment (NASDAQ:PENN) last posted 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. PENN Entertainment had a negative net margin of 13.55% and a positive return on equity of 0.44%. The company had revenue of $1.78 billion for the quarter, compared to the consensus estimate of $1.74 billion. During the same quarter in the previous year, the firm posted $0.68 EPS. The business’s revenue was up 6.4% compared to the same quarter last year. As a group, research analysts forecast that PENN Entertainment, Inc. will post 1.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Glenmede Trust Co. NA bought a new position in shares of PENN Entertainment during the 1st quarter worth about $176,000. Bank of America Corp DE increased its holdings in shares of PENN Entertainment by 57.9% during the 1st quarter. Bank of America Corp DE now owns 4,351,310 shares of the company’s stock worth $65,400,000 after purchasing an additional 1,595,502 shares during the period. Seven Six Capital Management LLC increased its holdings in shares of PENN Entertainment by 61.1% during the 1st quarter. Seven Six Capital Management LLC now owns 258,700 shares of the company’s stock worth $3,888,000 after purchasing an additional 98,100 shares during the period. California State Teachers Retirement System increased its holdings in shares of PENN Entertainment by 28.3% during the 1st quarter. California State Teachers Retirement System now owns 166,074 shares of the company’s stock worth $2,496,000 after purchasing an additional 36,637 shares during the period. Finally, Royal Bank of Canada boosted its position in shares of PENN Entertainment by 16.4% during the 1st quarter. Royal Bank of Canada now owns 31,429 shares of the company’s stock valued at $473,000 after acquiring an additional 4,435 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.