PENN Entertainment (NASDAQ:PENN) Price Target Raised to $22.00

PENN Entertainment (NASDAQ:PENN) had its price target raised by equities research analysts at JPMorgan Chase & Co. from $21.00 to $22.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would suggest a potential upside of 36.27% from the stock’s current price.

A number of other research analysts have also weighed in on PENN. Mizuho increased their price objective on PENN Entertainment from $19.00 to $22.00 and gave the company an “outperform” rating in a report on Thursday, March 12th. Susquehanna cut their price objective on PENN Entertainment from $20.00 to $17.00 and set a “positive” rating on the stock in a report on Wednesday, February 11th. Wall Street Zen raised PENN Entertainment from a “strong sell” rating to a “hold” rating in a report on Monday, March 2nd. Weiss Ratings restated a “sell (d-)” rating on shares of PENN Entertainment in a research note on Friday, March 27th. Finally, Barclays upped their target price on PENN Entertainment from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Thursday. Eight analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $19.80.

PENN Entertainment Stock Performance

Shares of PENN stock traded up $0.14 during mid-day trading on Thursday, reaching $16.15. The stock had a trading volume of 2,492,110 shares, compared to its average volume of 4,286,117. The business’s fifty day moving average is $14.15 and its 200-day moving average is $14.85. 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 firm has a market cap of $2.16 billion, a price-to-earnings ratio of -2.68, a PEG ratio of 0.51 and a beta of 1.32. PENN Entertainment has a 1-year low of $11.65 and a 1-year high of $20.60.

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, beating analysts’ consensus estimates of ($0.23) by $0.30. The business had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.76 billion. PENN Entertainment had a negative return on equity of 1.94% and a negative net margin of 12.11%.The company’s revenue was up 8.2% on a year-over-year basis. During the same period in the prior year, the company earned ($0.44) earnings per share. On average, research analysts forecast that PENN Entertainment will post -1.61 earnings per share for the current year.

Institutional Trading of PENN Entertainment

A number of hedge funds have recently modified their holdings of PENN. AQR Capital Management LLC boosted its stake in shares of PENN Entertainment by 824.3% in the fourth quarter. AQR Capital Management LLC now owns 3,499,700 shares of the company’s stock worth $51,341,000 after buying an additional 3,121,051 shares during the last quarter. Hill Path Capital LP boosted its position in PENN Entertainment by 64.4% during 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 in the last quarter. Hennessy Advisors Inc. purchased a new position in PENN Entertainment during the third quarter worth approximately $40,537,000. Arrowstreet Capital Limited Partnership boosted its position 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 worth $75,697,000 after purchasing an additional 1,679,953 shares in the last quarter. Finally, Kettle Hill Capital Management LLC boosted its position in PENN Entertainment by 129.5% during the fourth quarter. Kettle Hill Capital Management LLC now owns 1,773,390 shares of the company’s stock worth $26,158,000 after purchasing an additional 1,000,830 shares in the last quarter. Hedge funds and other 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.