PENN Entertainment (NASDAQ:PENN) Sets New 52-Week Low After Analyst Downgrade
by Kim Johansen · The Markets DailyPENN Entertainment, Inc. (NASDAQ:PENN – Get Free Report) shares hit a new 52-week low during mid-day trading on Thursday after Susquehanna lowered their price target on the stock from $20.00 to $17.00. Susquehanna currently has a positive rating on the stock. PENN Entertainment traded as low as $12.10 and last traded at $12.2960, with a volume of 2245222 shares. The stock had previously closed at $13.36.
PENN has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft lowered their target price on PENN Entertainment from $19.00 to $17.00 and set a “hold” rating on the stock in a report on Friday, November 7th. Stifel Nicolaus raised shares of PENN Entertainment from a “hold” rating to a “buy” rating and boosted their target price for the company from $19.00 to $21.00 in a research note on Friday, November 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of PENN Entertainment in a research note on Monday, December 29th. Mizuho set a $19.00 target price on shares of PENN Entertainment in a report on Monday, February 2nd. Finally, Citigroup reiterated a “market outperform” rating on shares of PENN Entertainment in a report on Monday, December 1st. Ten analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $20.00.
Read Our Latest Research Report on PENN
Insider Activity
In other news, Director Gupta Vimla Black sold 7,987 shares of the firm’s stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $14.51, for a total transaction of $115,891.37. Following the completion of the sale, the director owned 25,000 shares of the company’s stock, valued at approximately $362,750. This trade represents a 24.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Felicia Hendrix acquired 7,315 shares of the firm’s stock in a transaction on Friday, November 21st. The shares were bought at an average cost of $13.79 per share, with a total value of $100,873.85. Following the completion of the acquisition, the chief financial officer owned 119,448 shares in the company, valued at $1,647,187.92. This represents a 6.52% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Company insiders own 2.67% of the company’s stock.
Institutional Investors Weigh In On PENN Entertainment
A number of institutional investors have recently made changes to their positions in the company. Hill Path Capital LP acquired a new stake in PENN Entertainment during the second quarter worth about $62,595,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of PENN Entertainment in the 2nd quarter worth approximately $40,214,000. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of PENN Entertainment by 711.8% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 119,490 shares of the company’s stock valued at $2,135,000 after purchasing an additional 104,770 shares during the period. Peregrine Capital Management LLC raised its holdings in PENN Entertainment by 13.6% during the 2nd quarter. Peregrine Capital Management LLC now owns 315,633 shares of the company’s stock worth $5,640,000 after buying an additional 37,888 shares during the period. Finally, Hudson Bay Capital Management LP lifted its stake in PENN Entertainment by 18.0% during the second quarter. Hudson Bay Capital Management LP now owns 2,029,843 shares of the company’s stock valued at $36,273,000 after buying an additional 308,998 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors.
PENN Entertainment Stock Performance
The firm’s 50-day moving average price is $14.06 and its two-hundred day moving average price is $16.33. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 3.65. The firm has a market capitalization of $1.65 billion, a PE ratio of -1.94, a P/E/G ratio of 0.46 and a beta of 1.39.
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.