PENN Entertainment, Inc. (NASDAQ:PENN) Receives $23.53 Consensus PT from Analysts

PENN Entertainment, Inc. (NASDAQ:PENN) has been given an average rating of “Moderate Buy” by the twenty research firms that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, seven have assigned a hold recommendation and twelve have issued a buy recommendation on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $23.5294.

Several equities research analysts have issued reports on PENN shares. Benchmark raised their price target on PENN Entertainment from $21.00 to $22.00 and gave the company a “buy” rating in a report on Friday, August 7th. Capital One Financial raised shares of PENN Entertainment from an “equal weight” rating to an “overweight” rating and set a $26.00 price objective on the stock in a research report on Thursday, July 23rd. The Goldman Sachs Group started coverage on shares of PENN Entertainment in a research note on Friday, June 26th. They set a “buy” rating and a $26.00 target price for the company. Barclays lifted their target price on shares of PENN Entertainment from $24.00 to $26.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Finally, Mizuho set a $28.00 price target on shares of PENN Entertainment in a report on Friday, August 7th.

PENN Entertainment Trading Down 2.8%

PENN Entertainment stock opened at $17.75 on Wednesday. The stock has a 50-day simple moving average of $20.32 and a 200 day simple moving average of $17.42. The stock has a market capitalization of $2.38 billion, a P/E ratio of -2.79, a PEG ratio of 0.47 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. PENN Entertainment has a 52 week low of $11.65 and a 52 week high of $22.36.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings data on Thursday, August 6th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.07. PENN Entertainment had a positive return on equity of 2.93% and a negative net margin of 12.66%.The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same quarter in the prior year, the company earned ($0.12) earnings per share. The business’s revenue for the quarter was up 5.2% compared to the same quarter last year. Analysts expect that PENN Entertainment will post 1.19 earnings per share for the current year.

Hedge Funds Weigh In On PENN Entertainment

A number of large investors have recently made changes to their positions in PENN. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in PENN Entertainment in the 2nd quarter valued at $543,000. California State Teachers Retirement System lifted its holdings in shares of PENN Entertainment by 1,655.4% during the second quarter. California State Teachers Retirement System now owns 2,915,256 shares of the company’s stock worth $62,270,000 after buying an additional 2,749,182 shares in the last quarter. HB Wealth Management LLC bought a new stake in shares of PENN Entertainment in the second quarter valued at about $244,000. Nykredit A S acquired a new position in shares of PENN Entertainment in the second quarter valued at about $25,000. Finally, Susquehanna Fundamental Investments LLC bought a new position in PENN Entertainment during the second quarter worth about $831,000. Institutional investors own 91.69% of the company’s stock.

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.