PENN Entertainment Sees Unusually Large Options Volume (NASDAQ:PENN)

PENN Entertainment, Inc. (NASDAQ:PENN) was the recipient of unusually large options trading on Tuesday. Stock traders acquired 10,086 call options on the company. This is an increase of approximately 82% compared to the typical volume of 5,550 call options.

PENN Entertainment Stock Performance

PENN stock traded up $0.29 during mid-day trading on Tuesday, hitting $14.10. 1,454,718 shares of the company were exchanged, compared to its average volume of 4,014,951. PENN Entertainment has a 1-year low of $13.24 and a 1-year high of $23.08. The stock has a market capitalization of $1.88 billion, a PE ratio of -2.21 and a beta of 1.40. The business has a 50 day simple moving average of $15.52 and a 200-day simple moving average of $17.29. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 3.65.

PENN Entertainment (NASDAQ:PENN) last posted its earnings results on Thursday, November 6th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.12). The firm had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.73 billion. PENN Entertainment had a negative net margin of 13.24% and a negative return on equity of 4.59%. PENN Entertainment’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.24) EPS. On average, equities analysts forecast that PENN Entertainment will post -1.61 earnings per share for the current year.

Analyst Ratings Changes

Several research analysts recently commented on the company. Citigroup reissued a “market outperform” rating on shares of PENN Entertainment in a research report on Monday, December 1st. Citizens Jmp cut their price objective on PENN Entertainment from $25.00 to $24.00 and set a “market outperform” rating for the company in a report on Friday, November 7th. Needham & Company LLC reissued a “hold” rating on shares of PENN Entertainment in a research note on Friday, November 7th. Weiss Ratings reissued a “sell (d-)” rating on shares of PENN Entertainment in a research note on Monday, December 8th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on shares of PENN Entertainment from $19.00 to $17.00 and set a “hold” rating on the stock in a research report on Friday, November 7th. Ten investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $21.56.

Insider Transactions at PENN Entertainment

In other PENN Entertainment news, Director David A. Handler bought 20,000 shares of PENN Entertainment stock in a transaction that occurred on Monday, November 17th. The stock was acquired at an average price of $14.25 per share, for a total transaction of $285,000.00. Following the completion of the acquisition, the director owned 362,941 shares of the company’s stock, valued at $5,171,909.25. This trade represents a 5.83% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Jay A. Snowden purchased 34,700 shares of the stock in a transaction on Friday, November 7th. The stock was acquired at an average price of $14.32 per share, for a total transaction of $496,904.00. Following the completion of the purchase, the chief executive officer directly owned 1,117,325 shares in the company, valued at approximately $16,000,094. The trade was a 3.21% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders bought 62,015 shares of company stock worth $882,778. Insiders own 2.67% of the company’s stock.

Institutional Investors Weigh In On PENN Entertainment

A number of institutional investors have recently modified their holdings of PENN. Hill Path Capital LP acquired a new stake in PENN Entertainment during the second quarter worth approximately $62,595,000. Arrowstreet Capital Limited Partnership acquired a new position in PENN Entertainment in the second quarter valued at about $40,214,000. Banco Bilbao Vizcaya Argentaria S.A. bought a new stake in PENN Entertainment during the first quarter worth about $289,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in PENN Entertainment by 711.8% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 119,490 shares of the company’s stock worth $2,135,000 after buying an additional 104,770 shares in the last quarter. Finally, Peregrine Capital Management LLC grew its stake in PENN Entertainment by 13.6% during the second quarter. Peregrine Capital Management LLC now owns 315,633 shares of the company’s stock worth $5,640,000 after buying an additional 37,888 shares in the last quarter. Institutional investors own 91.69% of the company’s stock.

PENN Entertainment Company Profile

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.