PENN Entertainment (NASDAQ:PENN) Rating Lowered to Hold at Zacks Research

PENN Entertainment (NASDAQ:PENN) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Tuesday,Zacks.com reports.

PENN has been the topic of several other reports. Mizuho set a $28.00 price target on PENN Entertainment in a research report on Friday, August 7th. Truist Financial boosted their target price on shares of PENN Entertainment from $20.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. Weiss Ratings restated a “sell (d-)” rating on shares of PENN Entertainment in a research note on Wednesday, June 24th. Wells Fargo & Company lowered their price target on shares of PENN Entertainment from $24.00 to $23.00 and set an “equal weight” rating for the company in a report on Tuesday, July 14th. Finally, Citigroup upgraded shares of PENN Entertainment from a “hold” rating to an “overweight” rating in a report on Thursday, July 23rd. Twelve research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $23.53.

PENN Entertainment Stock Up 0.2%

Shares of NASDAQ PENN opened at $19.17 on Tuesday. The stock has a fifty day moving average price of $20.72 and a 200 day moving average price of $17.10. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.79. PENN Entertainment has a 12-month low of $11.65 and a 12-month high of $22.36. The company has a market cap of $2.57 billion, a P/E ratio of -3.01, a P/E/G ratio of 0.53 and a beta of 1.43.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.86 billion. During the same quarter in the previous year, the firm posted ($0.12) earnings per share. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. Research analysts anticipate that PENN Entertainment will post 1.11 EPS for the current fiscal year.

Hedge Funds Weigh In On PENN Entertainment

Institutional investors and hedge funds have recently made changes to their positions in the business. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of PENN Entertainment during the second quarter worth approximately $21,460,000. Northwestern Mutual Wealth Management Co. acquired a new stake in PENN Entertainment in the second quarter valued at $66,000. Quantbot Technologies LP bought a new position in PENN Entertainment during the 2nd quarter valued at $277,000. Evolve Private Wealth LLC bought a new position in PENN Entertainment during the 2nd quarter valued at $241,000. Finally, Ieq Capital LLC acquired a new position in PENN Entertainment during the 2nd quarter worth $3,190,000. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

PENN Entertainment Company 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.