Ieq Capital LLC Purchases New Holdings in PENN Entertainment, Inc. $PENN

Ieq Capital LLC purchased a new stake in PENN Entertainment, Inc. (NASDAQ:PENN) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 149,355 shares of the company’s stock, valued at approximately $3,190,000.

Several other large investors also recently made changes to their positions in PENN. Quarry LP bought a new stake in PENN Entertainment during the fourth quarter worth $36,000. IFP Advisors Inc grew its position in shares of PENN Entertainment by 76.2% in the 4th quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock valued at $41,000 after acquiring an additional 1,196 shares during the period. Modus Advisors LLC acquired a new position in shares of PENN Entertainment during the 4th quarter worth about $47,000. Triumph Capital Management acquired a new position in shares of PENN Entertainment during the 3rd quarter worth about $54,000. Finally, Hantz Financial Services Inc. raised its holdings in shares of PENN Entertainment by 385.1% in the 4th quarter. Hantz Financial Services Inc. now owns 3,721 shares of the company’s stock valued at $55,000 after purchasing an additional 2,954 shares during the period. Institutional investors and hedge funds own 91.69% of the company’s stock.

PENN Entertainment Stock Performance

NASDAQ PENN opened at $18.26 on Tuesday. The stock has a market cap of $2.45 billion, a PE ratio of -2.87, a P/E/G ratio of 0.48 and a beta of 1.43. The company has a debt-to-equity ratio of 3.79, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a 50-day moving average of $20.40 and a 200-day moving average of $17.39. PENN Entertainment, Inc. has a 52-week low of $11.65 and a 52-week high of $22.36.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.07. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.86 billion. PENN Entertainment had a negative net margin of 12.66% and a positive return on equity of 2.93%. PENN Entertainment’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.12) EPS. On average, sell-side analysts anticipate that PENN Entertainment, Inc. will post 1.19 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on PENN shares. The Goldman Sachs Group assumed coverage on shares of PENN Entertainment in a research note on Friday, June 26th. They issued a “buy” rating and a $26.00 target price for the company. Benchmark upped their price objective on PENN Entertainment from $21.00 to $22.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Zacks Research cut PENN Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 11th. Citigroup reiterated a “market outperform” rating on shares of PENN Entertainment in a research note on Tuesday, August 18th. Finally, Capital One Financial raised PENN Entertainment from an “equal weight” rating to an “overweight” rating and set a $26.00 target price on the stock in a report on Thursday, July 23rd. Twelve equities 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. According to MarketBeat, PENN Entertainment has an average rating of “Moderate Buy” and an average price target of $23.53.

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.