PENN Entertainment, Inc. (NASDAQ:PENN) CEO Sells $4,923,867.00 in Stock

PENN Entertainment, Inc. (NASDAQ:PENN – Get Rating) CEO Jay A. Snowden sold 163,475 shares of the company in a trade dated Tuesday, Dec. 27. The shares were sold at an average price of $30.12, for a total value of $4,923,867.00. Following completion of the transaction, the CEO now directly owns 604,527 shares of the company, valued at $18,208,353.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website.

PENN Entertainment Awards Performance

PENN stock traded at $1.14 in Thursday’s midday session, hitting $29.45. The company had a trading volume of 2,125,518 shares, compared to an average volume of 3,826,013 shares. The stock has a 50-day moving average price of $33.32 and a 200-day moving average price of $32.10. PENN Entertainment, Inc. has a 1-year minimum of $25.49 and a 1-year maximum of $53.36. The company has a debt ratio of 1.87, a current ratio of 1.79 and a quick ratio of 1.79. The company has a market capitalization of $4.57 billion, a price-to-earnings ratio of 20.74, a growth price-to-earnings ratio of 1.46 and a beta of 2.17.

PENN Entertainment (NASDAQ:PENN – Get Rating) last released its quarterly results on Thursday, November 3. The company reported earnings per share of $0.72 for the quarter, beating consensus analyst estimates of $0.38 from $0.34. The company posted revenue of $1.63 billion for the quarter, versus a consensus estimate of $1.58 billion. PENN Entertainment had a net margin of 3.86% and a return on equity of 6.42%. Equity research analysts expect PENN Entertainment, Inc. to post earnings per share of 1.49 for the current year.

Hedge funds weigh on PENN Entertainment

A number of hedge funds have recently changed their holdings of PENN. HG Vora Capital Management LLC increased its stake in PENN Entertainment shares by 114.3% in Q3. HG Vora Capital Management LLC now owns 7,500,000 shares of the company valued at $206,325,000 after purchasing an additional 4,000,000 shares in the last quarter. Contrarius Investment Management Ltd purchased a new stake in PENN Entertainment in the second quarter valued at $75,776,000. The Bank of Nova Scotia acquired a new position in PENN Entertainment during Q2 worth approximately $65,983,000. Long Pond Capital LP bought a new position in PENN Entertainment in the second quarter at a value of approximately $38,990,000. Finally, Renaissance Technologies LLC increased its equity stake in PENN Entertainment by 79.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,789,038 shares of the company worth $75,891,000 after purchasing an additional 791,500 shares in the last quarter. Institutional investors and hedge funds hold 84.40% of the company’s shares.

Wall Street analysts predict growth

PENN has been the subject of several research analyst reports. StockNews.com downgraded PENN Entertainment from a “buy” rating to a “hold” rating in a Saturday, November 12 research report. JPMorgan Chase & Co. cut shares of PENN Entertainment from an “overweight” rating to a “neutral” rating and raised its price target for the company from $38.00 to $39.00 in a Monday report November 28. CBRE Group reduced its price target on PENN Entertainment shares from $57.00 to $54.00 and set a “buy” rating on the stock in a Friday, November 4 research report. Bank of America downgraded PENN Entertainment from a “buy” rating to a “neutral” rating and lowered its target price for the stock from $45.00 to $40.00 in a Wednesday, Dec. 14, report. Finally, Morgan Stanley dropped some coverage on PENN Entertainment in a Monday, November 21 report. They issued an “equal weight” rating and $36.00 price target on the stock. Seven analysts gave the stock a hold rating and eleven gave the stock a buy rating. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $53.63.

PENN Entertainment Company Profile

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PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content and casino gaming experiences in North America. The Company operates through five segments: Northeast, South, West, Midwest and Interactive. It operates 44 properties in 20 states; online sports betting in 13 jurisdictions; and iCasino out of five under a portfolio of brands including Hollywood Casino, L’Auberge, Barstool Sportsbook and theScore Bet.

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