NewEdge Wealth LLC Has $15.30 Million Stake in PENN Entertainment, Inc. $PENN

NewEdge Wealth LLC lowered its position in PENN Entertainment, Inc. (NASDAQ:PENN) by 26.0% in the third quarter, HoldingsChannel.com reports. The fund owned 794,303 shares of the company’s stock after selling 278,392 shares during the quarter. NewEdge Wealth LLC’s holdings in PENN Entertainment were worth $15,298,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hill Path Capital LP acquired a new position in PENN Entertainment in the second quarter worth $62,595,000. Arrowstreet Capital Limited Partnership bought a new stake in PENN Entertainment during the 2nd quarter worth about $40,214,000. Norges Bank acquired a new stake in PENN Entertainment in the 2nd quarter valued at about $39,737,000. Hennessy Advisors Inc. bought a new position in shares of PENN Entertainment in the third quarter worth about $40,537,000. Finally, Hudson Bay Capital Management LP grew its stake in shares of 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 purchasing an additional 308,998 shares during the last quarter. 91.69% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PENN has been the topic of several research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of PENN Entertainment in a report on Friday, November 7th. Citizens Jmp dropped their target price on PENN Entertainment from $25.00 to $24.00 and set a “market outperform” rating for the company in a research report on Friday, November 7th. Jefferies Financial Group reaffirmed a “hold” rating and set a $17.00 price target on shares of PENN Entertainment in a research note on Wednesday, December 24th. Susquehanna lowered their price objective on PENN Entertainment from $20.00 to $17.00 and set a “positive” rating for the company in a research report on Wednesday, February 11th. Finally, Morgan Stanley cut their target price on shares of PENN Entertainment from $17.00 to $15.00 and set an “equal weight” rating on the stock in a research report on Friday, January 16th. Nine research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, PENN Entertainment presently has a consensus rating of “Hold” and a consensus price target of $19.67.

Insiders Place Their Bets

In other news, CFO Felicia Hendrix acquired 7,315 shares of PENN Entertainment stock in a transaction that occurred on Friday, November 21st. The shares were acquired at an average price of $13.79 per share, with a total value of $100,873.85. Following the purchase, the chief financial officer directly owned 119,448 shares of the company’s stock, valued at $1,647,187.92. The trade was a 6.52% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.67% of the stock is owned by insiders.

PENN Entertainment Price Performance

Shares of PENN opened at $13.14 on Thursday. The stock has a market cap of $1.75 billion, a P/E ratio of -2.07, a price-to-earnings-growth ratio of 0.40 and a beta of 1.39. PENN Entertainment, Inc. has a 1 year low of $11.65 and a 1 year high of $22.13. The stock’s 50-day moving average price is $13.90 and its two-hundred day moving average price is $16.11. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 3.65.

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.