Citizens Jmp Cuts PENN Entertainment (NASDAQ:PENN) Price Target to $24.00

PENN Entertainment (NASDAQ:PENN) had its target price cut by Citizens Jmp from $25.00 to $24.00 in a research note released on Friday morning,Benzinga reports. They currently have a market outperform rating on the stock.

Several other analysts have also weighed in on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of PENN Entertainment in a research report on Wednesday. JMP Securities lifted their price objective on PENN Entertainment from $24.00 to $25.00 and gave the company a “market outperform” rating in a report on Friday, August 8th. Barclays dropped their target price on PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Friday, July 18th. Stifel Nicolaus upgraded PENN Entertainment from a “hold” rating to a “buy” rating and raised their target price for the stock from $19.00 to $21.00 in a research report on Friday. Finally, Wall Street Zen lowered PENN Entertainment from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Ten 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. According to data from MarketBeat, PENN Entertainment has a consensus rating of “Hold” and a consensus price target of $22.56.

PENN Entertainment Stock Performance

Shares of NASDAQ:PENN traded up $1.06 during trading on Friday, hitting $15.60. 4,817,936 shares of the stock were exchanged, compared to its average volume of 4,092,709. The company has a market capitalization of $2.28 billion, a price-to-earnings ratio of -27.86 and a beta of 1.53. The company has a debt-to-equity ratio of 2.39, a quick ratio of 0.79 and a current ratio of 0.79. PENN Entertainment has a 1-year low of $13.25 and a 1-year high of $23.08. The company’s fifty day simple moving average is $18.22 and its 200-day simple moving average is $17.51.

PENN Entertainment (NASDAQ:PENN) last issued its earnings results on Thursday, November 6th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.12). PENN Entertainment had a negative return on equity of 4.36% and a negative net margin of 1.12%.The firm had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period last year, the business earned ($0.24) earnings per share. The firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. Sell-side analysts expect that PENN Entertainment will post -1.61 EPS for the current fiscal year.

Insider Transactions at PENN Entertainment

In related news, CEO Jay A. Snowden acquired 34,700 shares of the firm’s stock in a transaction on Friday, November 7th. The shares were purchased at an average price of $14.32 per share, with a total value of $496,904.00. Following the acquisition, the chief executive officer directly owned 1,117,325 shares in the company, valued at $16,000,094. The trade was a 3.21% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 2.67% of the stock is currently owned by company insiders.

Institutional Trading of PENN Entertainment

Several hedge funds have recently modified their holdings of the stock. Banco Bilbao Vizcaya Argentaria S.A. bought a new position in PENN Entertainment in the 1st quarter valued at $289,000. Principal Financial Group Inc. raised its holdings in PENN Entertainment by 2.4% during the 1st quarter. Principal Financial Group Inc. now owns 742,899 shares of the company’s stock worth $12,117,000 after purchasing an additional 17,752 shares during the last quarter. Teacher Retirement System of Texas bought a new position in shares of PENN Entertainment in the 1st quarter valued at about $344,000. Peregrine Capital Management LLC grew its position in shares of 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, Baron Wealth Management LLC bought a new stake in shares of PENN Entertainment during the second quarter worth approximately $650,000. 91.69% of the stock is owned by 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.