Jay A. Snowden Purchases 34,000 Shares of PENN Entertainment, Inc. (NASDAQ:PENN) Stock

PENN Entertainment, Inc. (NASDAQ:PENN) CEO Jay A. Snowden purchased 34,000 shares of the business’s stock in a transaction dated Thursday, May 22nd. The shares were acquired at an average price of $14.70 per share, for a total transaction of $499,800.00. Following the acquisition, the chief executive officer now owns 1,082,625 shares of the company’s stock, valued at $15,914,587.50. This trade represents a 3.24% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website.

PENN Entertainment Price Performance

Shares of NASDAQ PENN opened at $15.08 on Friday. The firm’s 50-day moving average price is $15.57 and its 200-day moving average price is $18.49. PENN Entertainment, Inc. has a 1-year low of $13.25 and a 1-year high of $23.08. The firm has a market capitalization of $2.28 billion, a P/E ratio of -4.25, a P/E/G ratio of 1.55 and a beta of 1.81. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 2.34.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.04. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The firm had revenue of $1.67 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same quarter in the prior year, the business earned ($0.76) earnings per share. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. Equities research analysts anticipate that PENN Entertainment, Inc. will post -1.61 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Truist Financial cut their price target on shares of PENN Entertainment from $23.00 to $20.00 and set a “hold” rating on the stock in a report on Wednesday, April 23rd. Morgan Stanley cut their price target on shares of PENN Entertainment from $17.50 to $16.50 and set an “equal weight” rating on the stock in a report on Wednesday, April 16th. Wall Street Zen upgraded shares of PENN Entertainment from a “sell” rating to a “hold” rating in a report on Monday, March 3rd. Stifel Nicolaus lowered their target price on shares of PENN Entertainment from $22.00 to $19.00 and set a “hold” rating for the company in a research note on Tuesday, March 18th. Finally, Mizuho lowered their target price on shares of PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating for the company in a research note on Monday, May 12th. Eleven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $23.10.

Hedge Funds Weigh In On PENN Entertainment

Several institutional investors have recently made changes to their positions in PENN. Invesco Ltd. raised its holdings in shares of PENN Entertainment by 54.6% during the first quarter. Invesco Ltd. now owns 6,002,749 shares of the company’s stock valued at $97,905,000 after purchasing an additional 2,120,740 shares during the period. Contrarius Group Holdings Ltd bought a new stake in shares of PENN Entertainment during the fourth quarter worth about $34,994,000. Norges Bank bought a new stake in shares of PENN Entertainment during the fourth quarter worth about $27,901,000. SG Americas Securities LLC bought a new stake in shares of PENN Entertainment during the fourth quarter worth about $27,805,000. Finally, Raymond James Financial Inc. bought a new stake in shares of PENN Entertainment during the fourth quarter worth about $17,804,000. Institutional investors and hedge funds own 91.69% of the company’s stock.

About PENN Entertainment

PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates online sports betting in various jurisdictions; and iCasino under Hollywood Casino, L'Auberge, ESPN BET, and theScore Bet Sportsbook and Casino brands.