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

PENN Entertainment, Inc. (NASDAQ:PENN)’s share price hit a new 52-week high during trading on Tuesday . The company traded as high as $22.17 and last traded at $21.84, with a volume of 3027356 shares changing hands. The stock had previously closed at $21.68.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PENN shares. Citigroup lifted their target price on shares of PENN Entertainment from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Monday, March 2nd. Wells Fargo & Company lifted their target price on shares of PENN Entertainment from $16.00 to $18.00 and gave the company an “equal weight” rating in a report on Thursday, April 16th. Wall Street Zen raised shares of PENN Entertainment from a “strong sell” rating to a “hold” rating in a report on Monday, March 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PENN Entertainment in a report on Friday, March 27th. Finally, Benchmark raised shares of PENN Entertainment from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a research note on Thursday, March 5th. Eight equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, PENN Entertainment presently has a consensus rating of “Hold” and an average target price of $20.43.

PENN Entertainment Stock Up 0.7%

The company has a market capitalization of $2.92 billion, a PE ratio of -3.25, a price-to-earnings-growth ratio of 0.70 and a beta of 1.45. The firm’s 50-day simple moving average is $17.33 and its 200 day simple moving average is $15.22. The company has a debt-to-equity ratio of 3.94, a quick ratio of 0.82 and a current ratio of 0.82.

PENN Entertainment (NASDAQ:PENN) last issued its earnings results on Thursday, April 23rd. The company reported $0.11 EPS for the quarter, topping the consensus estimate 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 negative net margin of 13.55% and a positive return on equity of 0.44%. The business’s revenue was up 6.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.68 EPS. As a group, equities research analysts forecast that PENN Entertainment, Inc. will post 1.01 earnings per share for the current year.

Hedge Funds Weigh In On PENN Entertainment

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PENN. Quarry LP purchased a new stake in shares of PENN Entertainment in the fourth quarter valued at about $36,000. IFP Advisors Inc lifted its holdings in shares of PENN Entertainment by 76.2% in the fourth quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock valued at $41,000 after purchasing an additional 1,196 shares in the last quarter. Modus Advisors LLC purchased a new stake in shares of PENN Entertainment in the fourth quarter valued at about $47,000. Triumph Capital Management purchased a new stake in shares of PENN Entertainment in the third quarter valued at about $54,000. Finally, Hantz Financial Services Inc. lifted its holdings in shares of PENN Entertainment by 385.1% in the fourth quarter. Hantz Financial Services Inc. now owns 3,721 shares of the company’s stock valued at $55,000 after purchasing an additional 2,954 shares in the last quarter. Institutional investors and hedge funds 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.