PENN Entertainment (NASDAQ:PENN) Stock Price Passes Above 200-Day Moving Average – Should You Sell?

PENN Entertainment, Inc. (NASDAQ:PENN) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $15.58 and traded as high as $21.80. PENN Entertainment shares last traded at $21.08, with a volume of 3,859,682 shares traded.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PENN. Benchmark raised PENN Entertainment from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a research report on Thursday, March 5th. Citigroup increased 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. Barclays raised their target price on shares of PENN Entertainment from $23.00 to $24.00 and gave the stock an “overweight” rating in a research note on Friday, April 24th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of PENN Entertainment from $17.00 to $18.00 and gave the company a “hold” rating in a report on Friday, April 24th. Finally, Morgan Stanley upped their price target on shares of PENN Entertainment from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. Eight analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $20.43.

PENN Entertainment Trading Up 3.4%

The stock has a fifty day simple moving average of $18.26 and a 200 day simple moving average of $15.58. The firm has a market capitalization of $2.82 billion, a P/E ratio of -3.14, a PEG ratio of 0.65 and a beta of 1.44. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 3.94.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PENN. Caxton Associates LLP purchased a new stake in PENN Entertainment during the 1st quarter valued at approximately $246,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of PENN Entertainment by 30.2% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 344,565 shares of the company’s stock worth $5,620,000 after buying an additional 79,978 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of PENN Entertainment by 6.7% during the second quarter. Russell Investments Group Ltd. now owns 64,280 shares of the company’s stock worth $1,150,000 after acquiring an additional 4,011 shares during the last quarter. First Trust Advisors LP boosted its position in shares of PENN Entertainment by 169.6% during the second quarter. First Trust Advisors LP now owns 94,575 shares of the company’s stock worth $1,690,000 after acquiring an additional 59,489 shares during the last quarter. Finally, Marshall Wace LLP grew its stake in PENN Entertainment by 80.2% during the second quarter. Marshall Wace LLP now owns 386,871 shares of the company’s stock valued at $6,913,000 after acquiring an additional 172,158 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors.

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.