Short Interest in Pinnacle Entertainment Inc. (PNK) Drops By 23.6%
Pinnacle Entertainment Inc. (NASDAQ:PNK) was the recipient of a significant drop in short interest during the month of September. As of September 30th, there was short interest totalling 1,791,572 shares, a drop of 23.6% from the September 15th total of 2,345,744 shares. Approximately 3.3% of the shares of the stock are sold short. Based on an average daily volume of 602,137 shares, the days-to-cover ratio is currently 3.0 days.
Pinnacle Entertainment (NASDAQ:PNK) opened at 12.75 on Friday. Pinnacle Entertainment has a 52-week low of $9.72 and a 52-week high of $12.93. The stock’s market capitalization is $728.41 million. The stock’s 50 day moving average price is $12.13 and its 200 day moving average price is $11.35.
Pinnacle Entertainment (NASDAQ:PNK) last announced its quarterly earnings results on Tuesday, August 9th. The company reported ($8.04) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by $8.17. The firm had revenue of $566.20 million for the quarter, compared to analysts’ expectations of $573 million. Pinnacle Entertainment had a negative return on equity of 30.68% and a negative net margin of 19.62%. Pinnacle Entertainment’s revenue for the quarter was down 2.7% on a year-over-year basis. On average, analysts forecast that Pinnacle Entertainment will post ($1.86) EPS for the current year.
PNK has been the subject of several analyst reports. Bank of America Corp. initiated coverage on Pinnacle Entertainment in a research report on Monday, August 22nd. They issued a “buy” rating and a $15.00 price objective for the company. Zacks Investment Research upgraded Pinnacle Entertainment from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 13th. Deutsche Bank AG reiterated a “hold” rating and issued a $12.00 price objective on shares of Pinnacle Entertainment in a research report on Monday, June 27th. Finally, TheStreet lowered Pinnacle Entertainment from a “buy” rating to a “hold” rating in a research report on Monday, October 10th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $24.14.
In related news, CEO Anthony Michael Sanfilippo purchased 20,750 shares of the business’s stock in a transaction that occurred on Wednesday, September 14th. The stock was purchased at an average price of $11.20 per share, with a total value of $232,400.00. Following the completion of the acquisition, the chief executive officer now owns 723,543 shares in the company, valued at $8,103,681.60. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.65% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of PNK. Renaissance Technologies LLC increased its position in shares of Pinnacle Entertainment by 18.0% in the first quarter. Renaissance Technologies LLC now owns 967,400 shares of the company’s stock valued at $33,956,000 after buying an additional 147,900 shares in the last quarter. State Street Corp increased its position in shares of Pinnacle Entertainment by 3.8% in the first quarter. State Street Corp now owns 1,218,950 shares of the company’s stock valued at $42,793,000 after buying an additional 44,376 shares in the last quarter. Aperio Group LLC increased its position in shares of Pinnacle Entertainment by 21.9% in the first quarter. Aperio Group LLC now owns 15,091 shares of the company’s stock valued at $530,000 after buying an additional 2,707 shares in the last quarter. Teachers Advisors Inc. increased its position in shares of Pinnacle Entertainment by 0.8% in the first quarter. Teachers Advisors Inc. now owns 91,806 shares of the company’s stock valued at $3,222,000 after buying an additional 726 shares in the last quarter. Finally, Anandar Capital Management LP bought a new position in shares of Pinnacle Entertainment during the first quarter valued at about $1,053,000. Hedge funds and other institutional investors own 95.17% of the company’s stock.
About Pinnacle Entertainment
Pinnacle Entertainment, Inc is an owner, operator and developer of casinos and related hospitality and entertainment facilities. The Company operates through three segments: Midwest, South and West. The properties in the Company’s Midwest segment include Ameristar Council Bluffs, Ameristar East Chicago, Ameristar Kansas City, Ameristar St.
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