PENN Entertainment (NASDAQ:PENN) Reaches New 52-Week High – Should You Buy?

PENN Entertainment, Inc. (NASDAQ:PENN)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $22.17 and last traded at $21.84, with a volume of 3027356 shares. The stock had previously closed at $21.68.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Barclays increased their price objective on PENN Entertainment from $23.00 to $24.00 and gave the stock an “overweight” rating in a research report on Friday, April 24th. Weiss Ratings reiterated a “sell (d-)” rating on shares of PENN Entertainment in a research report on Friday, March 27th. Citigroup increased their price objective on PENN Entertainment from $15.00 to $16.00 and gave the stock a “neutral” rating in a research report on Monday, March 2nd. Mizuho raised their price target on PENN Entertainment from $22.00 to $23.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Finally, JPMorgan Chase & Co. raised their price target on PENN Entertainment from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, April 24th. Eight equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, PENN Entertainment has an average rating of “Hold” and an average target price of $20.43.

PENN Entertainment Trading Down 2.9%

The business has a 50 day simple moving average of $17.60 and a 200-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. The stock has a market capitalization of $2.84 billion, a price-to-earnings ratio of -3.16, a price-to-earnings-growth ratio of 0.70 and a beta of 1.44.

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

Hedge Funds Weigh In On PENN Entertainment

Several hedge funds and other institutional investors have recently modified their holdings of PENN. Quarry LP acquired a new position in shares of PENN Entertainment in the 4th quarter valued at about $36,000. IFP Advisors Inc lifted its stake in shares of PENN Entertainment by 76.2% in the 4th quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock valued at $41,000 after purchasing an additional 1,196 shares in the last quarter. Modus Advisors LLC acquired a new position in shares of PENN Entertainment in the 4th quarter valued at about $47,000. Triumph Capital Management acquired a new position in shares of PENN Entertainment in the 3rd quarter valued at about $54,000. Finally, Hantz Financial Services Inc. lifted its stake in shares of PENN Entertainment by 385.1% in the 4th quarter. Hantz Financial Services Inc. now owns 3,721 shares of the company’s stock valued at $55,000 after purchasing an additional 2,954 shares in the last quarter. 91.69% of the stock is owned by institutional investors and hedge funds.

About PENN Entertainment

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.