PENN Entertainment (NASDAQ:PENN) Shares Pass Above 200 Day Moving Average – What’s Next?

PENN Entertainment, Inc. (NASDAQ:PENN)’s share price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $14.66 and traded as high as $17.09. PENN Entertainment shares last traded at $16.88, with a volume of 3,204,069 shares.

Analysts Set New Price Targets

A number of equities analysts have weighed in on PENN shares. Deutsche Bank Aktiengesellschaft upped their price target on shares of PENN Entertainment from $17.00 to $18.00 and gave the stock a “hold” rating in a research report on Friday, April 24th. Benchmark upgraded shares of PENN Entertainment from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a research note on Thursday, March 5th. Citigroup upped their target price on shares of PENN Entertainment from $15.00 to $16.00 and gave the stock a “neutral” rating in a report on Monday, March 2nd. JPMorgan Chase & Co. increased their price target on PENN Entertainment from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, April 24th. Finally, Wall Street Zen raised PENN Entertainment from a “strong sell” rating to a “hold” rating in a report on Monday, March 2nd. Eight analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $20.29.

PENN Entertainment Stock Up 1.1%

The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 3.94. The company has a market capitalization of $2.26 billion, a PE ratio of -2.51, a PEG ratio of 0.55 and a beta of 1.43. The company’s 50 day moving average is $15.59 and its two-hundred day moving average is $14.66.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $0.11 EPS for the quarter, topping the consensus estimate of $0.05 by $0.06. The business had revenue of $1.78 billion for the quarter, compared to analysts’ expectations of $1.74 billion. PENN Entertainment had a negative net margin of 13.55% and a positive return on equity of 0.44%. The business’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.68 EPS. On average, analysts anticipate that PENN Entertainment, Inc. will post 1 earnings per share for the current year.

Hedge Funds Weigh In On PENN Entertainment

Several institutional investors have recently added to or reduced their stakes in PENN. Quarry LP purchased a new stake in shares of PENN Entertainment during the 4th quarter worth approximately $36,000. IFP Advisors Inc grew its holdings in shares of PENN Entertainment by 76.2% in the fourth quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock valued at $41,000 after purchasing an additional 1,196 shares in the last quarter. Triumph Capital Management purchased a new position in shares of PENN Entertainment in the third quarter valued at $54,000. Cloud Capital Management LLC bought a new stake in PENN Entertainment in the third quarter worth $54,000. Finally, Modus Advisors LLC purchased a new stake in PENN Entertainment during the fourth quarter valued at $47,000. 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.