PENN Entertainment (NASDAQ:PENN) Stock Jumps 7.2% – Here’s What Happened

PENN Entertainment, Inc. (NASDAQ:PENN) shot up 7.2% during mid-day trading on Monday. The company traded as high as $16.93 and last traded at $17.0270. 307,270 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 3,665,011 shares. The stock had previously closed at $15.89.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Jefferies Financial Group reissued a “hold” rating and set a $22.00 target price on shares of PENN Entertainment in a report on Friday, August 7th. Piper Sandler raised shares of PENN Entertainment from a “neutral” rating to a “buy” rating and set a $26.00 price target for the company in a research note on Tuesday, October 13th. Capital One Financial raised shares of PENN Entertainment from an “equal weight” rating to an “overweight” rating and set a $26.00 price target for the company in a research note on Thursday, July 23rd. Zacks Research upgraded shares of PENN Entertainment from a “hold” rating to a “strong-buy” rating in a report on Monday, October 12th. Finally, Susquehanna reduced their price objective on shares of PENN Entertainment from $30.00 to $26.00 and set a “positive” rating on the stock in a research note on Monday, October 19th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, PENN Entertainment presently has a consensus rating of “Moderate Buy” and a consensus price target of $23.61.

PENN Entertainment Stock Up 0.3%

The company has a debt-to-equity ratio of 3.79, a current ratio of 0.89 and a quick ratio of 0.89. The company has a market capitalization of $2.29 billion, a P/E ratio of 42.55, a P/E/G ratio of 0.44 and a beta of 1.40. The stock has a 50-day moving average price of $16.02 and a 200-day moving average price of $16.81.

PENN Entertainment (NASDAQ:PENN) last posted 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. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.86 billion. PENN Entertainment had a positive return on equity of 2.93% and a negative net margin of 12.66%. The firm’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.12) earnings per share. On average, research analysts predict that PENN Entertainment, Inc. will post 1.20 EPS for the current fiscal year.

Institutional Investors Weigh In On PENN Entertainment

A number of institutional investors have recently modified their holdings of PENN. Nykredit A S bought a new position in PENN Entertainment during the second quarter worth $25,000. Versant Capital Management Inc boosted its position in PENN Entertainment by 29.6% during the third quarter. Versant Capital Management Inc now owns 3,513 shares of the company’s stock valued at $51,000 after acquiring an additional 803 shares during the last quarter. IFP Advisors Inc grew its holdings in PENN Entertainment by 103.1% during the 3rd quarter. IFP Advisors Inc now owns 3,920 shares of the company’s stock worth $57,000 after acquiring an additional 1,990 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new stake in PENN Entertainment during the 2nd quarter worth about $66,000. Finally, GAMMA Investing LLC grew its holdings in PENN Entertainment by 19.4% during the 2nd quarter. GAMMA Investing LLC now owns 5,506 shares of the company’s stock worth $118,000 after acquiring an additional 895 shares during the period. 91.69% of the stock is owned by institutional investors.

About PENN Entertainment

PENN Entertainment, Inc is a North American provider of integrated entertainment, gaming and sports betting. The company operates casinos, racetracks and video gaming terminals, offering slot machines, table games, poker, sports wagering, hotel accommodations, restaurants, entertainment venues and other amenities.

PENN’s portfolio includes regional gaming properties operating under brands such as Hollywood Casino, Ameristar, L’Auberge and M Resort. Its land-based operations serve customers across numerous U.S.