351,920 Shares in PENN Entertainment, Inc. $PENN Purchased by Castleark Management LLC

Castleark Management LLC bought a new stake in PENN Entertainment, Inc. (NASDAQ:PENN) in the 2nd quarter, Holdings Channel reports. The institutional investor bought 351,920 shares of the company’s stock, valued at approximately $7,517,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PENN. Nicholas Investment Partners LP acquired a new stake in shares of PENN Entertainment during the 2nd quarter worth about $333,000. Legal & General Group Plc acquired a new position in shares of PENN Entertainment in the second quarter valued at approximately $6,405,000. The Manufacturers Life Insurance Company purchased a new position in shares of PENN Entertainment during the second quarter valued at approximately $1,437,000. Algert Global LLC lifted its stake in shares of PENN Entertainment by 22.1% during the second quarter. Algert Global LLC now owns 341,060 shares of the company’s stock valued at $7,285,000 after buying an additional 61,670 shares during the period. Finally, Cibc World Market Inc. acquired a new stake in PENN Entertainment during the second quarter worth approximately $755,000. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

PENN Entertainment Price Performance

PENN Entertainment stock opened at $17.75 on Wednesday. PENN Entertainment, Inc. has a 1 year low of $11.65 and a 1 year high of $22.36. The company has a debt-to-equity ratio of 3.79, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a 50 day moving average price of $20.32 and a 200 day moving average price of $17.42. The company has a market cap of $2.38 billion, a price-to-earnings ratio of -2.79, a PEG ratio of 0.47 and a beta of 1.43.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.07. PENN Entertainment had a negative net margin of 12.66% and a positive return on equity of 2.93%. The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter last year, the firm posted ($0.12) earnings per share. PENN Entertainment’s revenue was up 5.2% on a year-over-year basis. Sell-side analysts predict that PENN Entertainment, Inc. will post 1.19 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have commented on PENN shares. The Goldman Sachs Group initiated coverage on shares of PENN Entertainment in a research note on Friday, June 26th. They issued a “buy” rating and a $26.00 target price for the company. Zacks Research lowered PENN Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 11th. Capital One Financial upgraded PENN Entertainment from an “equal weight” rating to an “overweight” rating and set a $26.00 price objective on the stock in a report on Thursday, July 23rd. Wells Fargo & Company lowered their price objective on PENN Entertainment from $24.00 to $23.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 14th. Finally, Benchmark upped their target price on PENN Entertainment from $21.00 to $22.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Twelve investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $23.53.

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.