PENN Entertainment (NASDAQ:PENN) Announces Earnings Results, Misses Estimates By $0.12 EPS

PENN Entertainment (NASDAQ:PENN) released its quarterly earnings results on Thursday. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.12), Zacks reports. PENN Entertainment had a negative net margin of 1.12% and a negative return on equity of 4.36%. The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the previous year, the company earned ($0.24) EPS. The company’s revenue for the quarter was up 4.8% on a year-over-year basis.

PENN Entertainment Stock Down 0.8%

Shares of PENN traded down $0.11 during trading hours on Friday, hitting $14.54. The company had a trading volume of 7,188,087 shares, compared to its average volume of 4,094,336. The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of -25.96 and a beta of 1.53. The firm has a fifty day moving average price of $18.22 and a 200-day moving average price of $17.49. PENN Entertainment has a 52-week low of $13.25 and a 52-week high of $23.08. The company has a debt-to-equity ratio of 2.39, a quick ratio of 0.79 and a current ratio of 0.79.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft cut their price objective on PENN Entertainment from $19.00 to $17.00 and set a “hold” rating on the stock in a research report on Friday. Citizens Jmp lowered their target price on PENN Entertainment from $25.00 to $24.00 and set a “market outperform” rating for the company in a research note on Friday. Needham & Company LLC restated a “hold” rating on shares of PENN Entertainment in a research report on Friday. Stifel Nicolaus upgraded PENN Entertainment from a “hold” rating to a “buy” rating and increased their price objective for the stock from $19.00 to $21.00 in a report on Friday. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of PENN Entertainment in a report on Wednesday. Ten investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, PENN Entertainment presently has a consensus rating of “Hold” and a consensus target price of $22.56.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Caxton Associates LLP purchased a new stake in shares of PENN Entertainment during the first quarter valued at approximately $246,000. State of Wyoming lifted its position in PENN Entertainment by 498.0% in the 2nd quarter. State of Wyoming now owns 16,870 shares of the company’s stock valued at $301,000 after acquiring an additional 14,049 shares in the last quarter. Tidal Investments LLC boosted its stake in PENN Entertainment by 8.1% during the 2nd quarter. Tidal Investments LLC now owns 19,689 shares of the company’s stock valued at $352,000 after purchasing an additional 1,483 shares during the last quarter. Boothbay Fund Management LLC boosted its stake in PENN Entertainment by 30.9% during the 2nd quarter. Boothbay Fund Management LLC now owns 24,602 shares of the company’s stock valued at $440,000 after purchasing an additional 5,805 shares during the last quarter. Finally, Amundi increased its holdings in shares of PENN Entertainment by 53,713.0% in the 2nd quarter. Amundi now owns 24,754 shares of the company’s stock worth $461,000 after purchasing an additional 24,708 shares in the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.

About PENN Entertainment

PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates online sports betting in various jurisdictions; and iCasino under Hollywood Casino, L'Auberge, ESPN BET, and theScore Bet Sportsbook and Casino brands.