Ionic Capital Management LLC Sells 72,162 Shares of PENN Entertainment, Inc. $PENN

Ionic Capital Management LLC lessened its position in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 64.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 40,000 shares of the company’s stock after selling 72,162 shares during the period. Ionic Capital Management LLC’s holdings in PENN Entertainment were worth $770,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Hill Path Capital LP increased its holdings in shares of PENN Entertainment by 64.4% in the third quarter. Hill Path Capital LP now owns 5,759,820 shares of the company’s stock worth $110,934,000 after purchasing an additional 2,257,000 shares during the period. Arrowstreet Capital Limited Partnership boosted its stake in PENN Entertainment by 74.7% during the third quarter. Arrowstreet Capital Limited Partnership now owns 3,930,293 shares of the company’s stock valued at $75,697,000 after buying an additional 1,679,953 shares during the period. Earnest Partners LLC boosted its stake in PENN Entertainment by 0.6% during the third quarter. Earnest Partners LLC now owns 2,961,273 shares of the company’s stock valued at $57,034,000 after buying an additional 18,099 shares during the period. Norges Bank purchased a new position in PENN Entertainment during the second quarter worth about $39,737,000. Finally, Hennessy Advisors Inc. purchased a new position in PENN Entertainment during the third quarter worth about $40,537,000. 91.69% of the stock is owned by institutional investors.

PENN Entertainment Stock Down 1.5%

Shares of NASDAQ PENN opened at $14.31 on Monday. The stock has a market capitalization of $1.91 billion, a P/E ratio of -2.38, a PEG ratio of 0.43 and a beta of 1.33. PENN Entertainment, Inc. has a one year low of $11.65 and a one year high of $20.60. The firm’s 50 day simple moving average is $13.78 and its two-hundred day simple moving average is $15.62. The company has a debt-to-equity ratio of 3.92, a current ratio of 0.79 and a quick ratio of 0.79.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, February 26th. The company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.30. The firm had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.76 billion. PENN Entertainment had a negative net margin of 12.11% and a negative return on equity of 1.94%. The business’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the business posted ($0.44) EPS. As a group, analysts expect that PENN Entertainment, Inc. will post -1.61 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PENN has been the topic of several recent analyst reports. Canaccord Genuity Group lowered their price target on PENN Entertainment from $26.00 to $21.00 and set a “buy” rating on the stock in a report on Tuesday, February 3rd. Susquehanna decreased their price objective on shares of PENN Entertainment from $20.00 to $17.00 and set a “positive” rating on the stock in a research report on Wednesday, February 11th. Morgan Stanley lowered 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 note on Friday, January 16th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of PENN Entertainment from $16.00 to $17.00 and gave the stock a “hold” rating in a research note on Friday, February 27th. Finally, Mizuho increased their price target on shares of PENN Entertainment from $19.00 to $22.00 and gave the stock an “outperform” rating in a report on Thursday. Eight research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, PENN Entertainment presently has an average rating of “Hold” and a consensus price target of $19.67.

About PENN Entertainment

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.