Insider Buying: PENN Entertainment (NASDAQ:PENN) CEO Buys 34,700 Shares of Stock

PENN Entertainment, Inc. (NASDAQ:PENN) CEO Jay Snowden bought 34,700 shares of the stock in a transaction that occurred on Friday, November 7th. The shares were bought at an average cost of $14.32 per share, with a total value of $496,904.00. Following the completion of the transaction, the chief executive officer 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 transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

PENN Entertainment Trading Up 7.4%

Shares of PENN traded up $1.08 during mid-day trading on Monday, reaching $15.62. 1,924,714 shares of the company were exchanged, compared to its average volume of 4,083,435. 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, Inc. has a 52 week low of $13.25 and a 52 week high of $23.08. The business has a 50 day simple moving average of $18.22 and a two-hundred day simple moving average of $17.51. The stock has a market capitalization of $2.28 billion, a PE ratio of -28.07 and a beta of 1.53.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings data on Thursday, November 6th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.12). The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.73 billion. PENN Entertainment had a negative return on equity of 4.36% and a negative net margin of 1.12%.The company’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter last year, the company earned ($0.24) earnings per share. On average, analysts predict that PENN Entertainment, Inc. will post -1.61 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PENN has been the topic of several research analyst reports. Citigroup reissued an “outperform” rating on shares of PENN Entertainment in a research note on Friday, August 8th. Stifel Nicolaus upgraded PENN Entertainment from a “hold” rating to a “buy” rating and raised their target price for the company from $19.00 to $21.00 in a report on Friday. Citizens Jmp reduced their price objective on shares of PENN Entertainment from $25.00 to $24.00 and set a “market outperform” rating for the company in a research report on Friday. Barclays cut their price target on shares of PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Friday, July 18th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of PENN Entertainment in a report on Friday. Ten equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $22.56.

Hedge Funds Weigh In On PENN Entertainment

Large investors have recently bought and sold shares of the stock. Parallel Advisors LLC grew its holdings in shares of PENN Entertainment by 152.2% in the second quarter. Parallel Advisors LLC now owns 1,397 shares of the company’s stock worth $25,000 after purchasing an additional 843 shares during the last quarter. Quarry LP bought a new stake in PENN Entertainment in the 1st quarter worth $30,000. State of Wyoming bought a new stake in PENN Entertainment in the 1st quarter worth $46,000. Cloud Capital Management LLC purchased a new position in shares of PENN Entertainment in the third quarter valued at about $54,000. Finally, GAMMA Investing LLC boosted its holdings in shares of PENN Entertainment by 22.4% during the third quarter. GAMMA Investing LLC now owns 3,042 shares of the company’s stock worth $59,000 after purchasing an additional 556 shares during the period. 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.