PENN Entertainment (NASDAQ:PENN) Earns Overweight Rating from Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of PENN Entertainment (NASDAQ:PENN) in a research note published on Monday, Marketbeat.com reports. The brokerage issued an overweight rating and a $24.00 price target on the stock.

Other equities research analysts have also recently issued research reports about the stock. Canaccord Genuity Group reduced their price objective on shares of PENN Entertainment from $28.00 to $26.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. Susquehanna reiterated a “positive” rating and set a $25.00 price objective (up previously from $24.00) on shares of PENN Entertainment in a research report on Tuesday, June 10th. Stifel Nicolaus cut their target price on shares of PENN Entertainment from $22.00 to $19.00 and set a “hold” rating for the company in a report on Tuesday, March 18th. Wells Fargo & Company boosted their price target on shares of PENN Entertainment from $20.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Monday, March 3rd. Finally, Truist Financial reduced their price target on shares of PENN Entertainment from $23.00 to $20.00 and set a “hold” rating on the stock in a research report on Wednesday, April 23rd. Ten research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, PENN Entertainment has an average rating of “Hold” and a consensus price target of $23.03.

PENN Entertainment Stock Performance

Shares of NASDAQ PENN opened at $17.40 on Monday. The firm’s 50-day moving average price is $15.72 and its 200-day moving average price is $17.74. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 2.35. The company has a market cap of $2.63 billion, a PE ratio of -28.06 and a beta of 1.56. PENN Entertainment has a 52-week low of $13.25 and a 52-week high of $23.08.

PENN Entertainment (NASDAQ:PENN) last announced its earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.29) by $0.04. The company had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.71 billion. PENN Entertainment had a negative net margin of 1.28% and a negative return on equity of 5.75%. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.76) earnings per share. As a group, analysts anticipate that PENN Entertainment will post -1.61 EPS for the current year.

Insider Buying and Selling

In other news, Director David A. Handler bought 10,000 shares of PENN Entertainment stock in a transaction on Thursday, May 22nd. The stock was acquired at an average cost of $14.83 per share, for a total transaction of $148,300.00. Following the completion of the acquisition, the director now owns 322,941 shares of the company’s stock, valued at $4,789,215.03. This trade represents a 3.20% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jay A. Snowden bought 34,000 shares of PENN Entertainment stock in a transaction on Thursday, May 22nd. The stock was purchased at an average price of $14.70 per share, with a total value of $499,800.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,082,625 shares of the company’s stock, valued at $15,914,587.50. This represents a 3.24% increase in their position. The disclosure for this purchase can be found here. 2.67% of the stock is owned by insiders.

Hedge Funds Weigh In On PENN Entertainment

Several hedge funds have recently modified their holdings of the stock. Strs Ohio acquired a new position in shares of PENN Entertainment during the first quarter valued at about $1,346,000. SCS Capital Management LLC acquired a new position in shares of PENN Entertainment during the first quarter valued at about $200,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in PENN Entertainment by 30.2% in the 1st 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 during the period. Caxton Associates LLP acquired a new position in PENN Entertainment in the 1st quarter worth approximately $246,000. Finally, Sender Co & Partners Inc. increased its holdings in PENN Entertainment by 155.4% in the 1st quarter. Sender Co & Partners Inc. now owns 86,880 shares of the company’s stock worth $1,417,000 after buying an additional 52,869 shares during the period. Institutional investors and hedge funds own 91.69% of the company’s stock.

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.