Penn Capital Management Company LLC Buys 180,940 Shares of PENN Entertainment, Inc. $PENN

Penn Capital Management Company LLC increased its holdings in PENN Entertainment, Inc. (NASDAQ:PENN) by 26.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 853,731 shares of the company’s stock after purchasing an additional 180,940 shares during the period. PENN Entertainment accounts for 1.3% of Penn Capital Management Company LLC’s holdings, making the stock its 27th biggest holding. Penn Capital Management Company LLC owned 0.64% of PENN Entertainment worth $16,479,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Hill Path Capital LP bought a new position in PENN Entertainment during the second quarter valued at $62,595,000. Arrowstreet Capital Limited Partnership purchased a new position in shares of PENN Entertainment during the second quarter worth approximately $40,214,000. Norges Bank purchased a new stake in shares of PENN Entertainment in the second quarter valued at approximately $39,737,000. Hennessy Advisors Inc. bought a new position in PENN Entertainment in the third quarter worth approximately $40,537,000. Finally, Bridgeway Capital Management LLC bought a new stake in PENN Entertainment during the 2nd quarter valued at $18,702,000. 91.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Benchmark upgraded PENN Entertainment from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a report on Thursday, March 5th. Wells Fargo & Company raised shares of PENN Entertainment from a “strong sell” rating to an “equal weight” rating and lifted their price objective for the stock from $15.00 to $16.00 in a research report on Friday, February 27th. Jefferies Financial Group restated a “hold” rating and issued a $17.00 target price on shares of PENN Entertainment in a research note on Wednesday, December 24th. Mizuho upped their price target on PENN Entertainment from $19.00 to $22.00 and gave the stock an “outperform” rating in a research report on Thursday, March 12th. Finally, Canaccord Genuity Group lowered their price objective on PENN Entertainment from $26.00 to $21.00 and set a “buy” rating for the company in a research report on Tuesday, February 3rd. Eight equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, PENN Entertainment has a consensus rating of “Hold” and an average price target of $19.67.

PENN Entertainment Price Performance

Shares of NASDAQ:PENN opened at $13.97 on Wednesday. PENN Entertainment, Inc. has a twelve month low of $11.65 and a twelve month high of $20.60. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 3.92. The company has a market cap of $1.87 billion, a PE ratio of -2.32, a price-to-earnings-growth ratio of 0.42 and a beta of 1.33. The company’s 50 day moving average is $13.74 and its 200 day moving average is $15.54.

PENN Entertainment (NASDAQ:PENN) last released 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. PENN Entertainment had a negative net margin of 12.11% and a negative return on equity of 1.94%. The firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.76 billion. During the same quarter in the prior year, the business earned ($0.44) earnings per share. The business’s quarterly revenue was up 8.2% compared to the same quarter last year. On average, sell-side analysts forecast that PENN Entertainment, Inc. will post -1.61 EPS for the current year.

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.