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 business’s stock in a transaction dated Tuesday, December 27th. The shares were sold at an average price of $30.12, for a total value of $4,923,867.00. Following the completion of the transaction, the chief executive officer now directly owns 604,527 shares of the company’s stock, valued at $18,208,353.24. The transaction was disclosed in a legal filing with the Securities and Exchange Commission, which is available on the SEC’s website.

Courtesy of PENN Entertainment

PENN stock traded up $1.14 during midday trading on Thursday, reaching $29.45. The company had a trading volume of 2,125,518 shares, compared to an average volume of 3,826,013. The stock has a 50-day moving average of $33.32 and a 200-day moving average of $32.10. PENN Entertainment, Inc. it has a 1 year low of $25.49 and a 1 year high of $53.36. The company has a debt-to-equity 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 price-to-earnings ratio of 1.46 and a beta of 2.17.

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

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Hedge funds charge PENN Entertainment

A number of hedge funds have recently modified their holdings of PENN. HG Vora Capital Management LLC raised its stake in shares of PENN Entertainment by 114.3% in the 3rd quarter. HG Vora Capital Management LLC now owns 7,500,000 shares of the company’s stock valued at $206,325,000 after purchasing an additional 4,000,000 shares during the last quarter. Contrarius Investment Management Ltd bought a new stake in PENN Entertainment in the second quarter valued at $75,776,000. Bank of Nova Scotia acquired a new position in PENN Entertainment during the 2nd quarter valued at approximately $65,983,000. Long Pond Capital LP purchased a new position in PENN Entertainment in the second quarter valued at approximately $38,990,000. Finally, Renaissance Technologies LLC increased its holdings in shares of PENN Entertainment by 79.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,789,038 shares of the company’s stock valued at $75,891,000 after purchasing an additional 791,500 shares in the last quarter. Institutional investors and hedge funds own 84.40% of the company’s stock.

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Wall Street analysts predict growth

PENN has been the subject of several analyst surveys. StockNews.com cut PENN Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, November 12th. JPMorgan Chase & Co. cut shares of PENN Entertainment from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $38.00 to $39.00 in a report on Monday, November 28th. CBRE Group decreased their price objective on shares of PENN Entertainment from $57.00 to $54.00 and set a “buy” rating on the stock in a research report on Friday, November 4th. Bank of America downgraded PENN Entertainment from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $45.00 to $40.00 in a report on Wednesday, December 14th. Finally, Morgan Stanley initiated coverage on PENN Entertainment in a report on Monday, November 21st. They issued an “equal weight” rating and a $36.00 price objective on the stock. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The company has a consensus rating of “Average Buy” and an average price target of $53.63, according to MarketBeat.

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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 in five segments: Northeast, South, West, Midwest and Interactive. It operates 44 properties in 20 states. online sports betting in 13 jurisdictions. and iCasino to five in a portfolio of brands including Hollywood Casino, L’Auberge, Barstool Sportsbook and theScore Bet.

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