NewEdge Wealth LLC Sells 515,419 Shares of PENN Entertainment, Inc. $PENN

NewEdge Wealth LLC lowered its position in PENN Entertainment, Inc. (NASDAQ:PENN) by 64.9% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 278,884 shares of the company’s stock after selling 515,419 shares during the quarter. NewEdge Wealth LLC’s holdings in PENN Entertainment were worth $4,114,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Triumph Capital Management bought a new position in PENN Entertainment in the 3rd quarter worth $54,000. Cloud Capital Management LLC bought a new position in PENN Entertainment in the 3rd quarter worth $54,000. Jones Financial Companies Lllp boosted its holdings in PENN Entertainment by 33.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 3,273 shares of the company’s stock worth $65,000 after buying an additional 825 shares during the period. Advisory Services Network LLC bought a new position in PENN Entertainment in the 3rd quarter worth $122,000. Finally, CWM LLC boosted its holdings in PENN Entertainment by 89.6% in the 3rd quarter. CWM LLC now owns 7,964 shares of the company’s stock worth $153,000 after buying an additional 3,764 shares during the period. Institutional investors own 91.69% of the company’s stock.

Analyst Upgrades and Downgrades

PENN has been the subject of several recent analyst reports. Wall Street Zen upgraded PENN Entertainment from a “strong sell” rating to a “hold” rating in a research note on Monday, March 2nd. Citigroup lifted their price objective on shares of PENN Entertainment from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Monday, March 2nd. Benchmark upgraded shares of PENN Entertainment from a “hold” rating to a “buy” rating and set a $21.00 price objective on the stock in a research report on Thursday, March 5th. Mizuho lifted their price objective on shares of PENN Entertainment from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Finally, JPMorgan Chase & Co. boosted their price target on shares of PENN Entertainment from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, April 24th. Eight equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, PENN Entertainment presently has a consensus rating of “Hold” and a consensus target price of $20.29.

PENN Entertainment Stock Down 4.8%

PENN opened at $15.94 on Tuesday. The firm has a 50-day simple moving average of $15.37 and a two-hundred day simple moving average of $14.71. PENN Entertainment, Inc. has a 52 week low of $11.65 and a 52 week high of $20.60. The company has a market capitalization of $2.13 billion, a PE ratio of -2.37, a price-to-earnings-growth ratio of 0.54 and a beta of 1.43. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 3.94.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings data on Thursday, April 23rd. The company reported $0.11 EPS for the quarter, beating the consensus estimate of $0.05 by $0.06. PENN Entertainment had a negative net margin of 13.55% and a positive return on equity of 0.44%. The business had revenue of $1.78 billion during the quarter, compared to the consensus estimate of $1.74 billion. During the same quarter in the prior year, the firm earned $0.68 EPS. The business’s revenue was up 6.4% on a year-over-year basis. Analysts forecast that PENN Entertainment, Inc. will post 1 earnings per share for the current fiscal year.

PENN Entertainment 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.