Ionic Capital Management LLC Reduces Stock Position in PENN Entertainment, Inc. $PENN

Ionic Capital Management LLC lowered its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 75.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,000 shares of the company’s stock after selling 30,000 shares during the quarter. Ionic Capital Management LLC’s holdings in PENN Entertainment were worth $148,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of PENN. Caxton Associates LLP purchased a new position in PENN Entertainment during the 1st quarter valued at $246,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in PENN Entertainment by 30.2% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 344,565 shares of the company’s stock valued at $5,620,000 after acquiring an additional 79,978 shares during the period. Russell Investments Group Ltd. boosted its holdings in PENN Entertainment by 6.7% during the 2nd quarter. Russell Investments Group Ltd. now owns 64,280 shares of the company’s stock valued at $1,150,000 after acquiring an additional 4,011 shares during the period. First Trust Advisors LP boosted its holdings in PENN Entertainment by 169.6% during the 2nd quarter. First Trust Advisors LP now owns 94,575 shares of the company’s stock valued at $1,690,000 after acquiring an additional 59,489 shares during the period. Finally, Marshall Wace LLP boosted its holdings in PENN Entertainment by 80.2% during the 2nd quarter. Marshall Wace LLP now owns 386,871 shares of the company’s stock valued at $6,913,000 after acquiring an additional 172,158 shares during the period. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Wall Street Analyst Weigh In

PENN has been the subject of a number of research analyst reports. Barclays lifted their target price on PENN Entertainment from $23.00 to $24.00 and gave the company an “overweight” rating in a research report on Friday, April 24th. Stifel Nicolaus upped their target price on PENN Entertainment from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, June 12th. Weiss Ratings reiterated a “sell (d-)” rating on shares of PENN Entertainment in a report on Friday, March 27th. Benchmark upgraded PENN Entertainment from a “hold” rating to a “buy” rating and set a $21.00 target price for the company in a report on Thursday, March 5th. Finally, Wells Fargo & Company upped their target price on PENN Entertainment from $16.00 to $18.00 and gave the stock an “equal weight” rating in a report on Thursday, April 16th. Eight analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $20.43.

PENN Entertainment Price Performance

Shares of PENN stock opened at $21.23 on Thursday. PENN Entertainment, Inc. has a twelve month low of $11.65 and a twelve month high of $22.36. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of -3.16, a P/E/G ratio of 0.70 and a beta of 1.44. The stock has a fifty day simple moving average of $17.60 and a two-hundred day simple moving average of $15.32. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 3.94.

PENN Entertainment (NASDAQ:PENN) last issued its earnings results on Thursday, April 23rd. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.06. The business had revenue of $1.78 billion during the quarter, compared to analysts’ expectations of $1.74 billion. PENN Entertainment had a positive return on equity of 0.44% and a negative net margin of 13.55%.The business’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the prior year, the business earned $0.68 EPS. On average, analysts predict that PENN Entertainment, Inc. will post 1.02 EPS for the current fiscal year.

PENN Entertainment 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.