Stock traders are buying a large volume of call options from PENN Entertainment (NASDAQ: PENN)

PENN Entertainment, Inc. (NASDAQ:PENN – Get Rating) was the recipient of unusually heavy options trading activity on Thursday. Equity investors bought 12,756 call options on the stock. This represents a 46% increase from the average volume of 8,760 call options.

PENN Entertainment trades up 0.1%

NASDAQ:PENN shares were up $0.02 in Thursday’s midday session, hitting $30.79. The stock recorded a trading volume of 221,655 shares, compared to an average volume of 2,418,657 shares. The company’s 50-day moving average is $33.24 and its 200-day moving average is $35.33. PENN Entertainment has a 12 month minimum of $26.46 and a 12 month maximum of $81.66. The company has a debt ratio of 1.80, a quick ratio of 1.90 and a current ratio of 1.90. The company has a market capitalization of $4.88 billion, a PE ratio of 25.47, a P/E/G ratio of 19.60 and a beta of 2.24.

PENN Entertainment (NASDAQ:PENN – Get Rating) last released its quarterly results on Thursday, August 4. The company reported earnings per share of $0.15 for the quarter, missing analyst consensus estimates of $0.50 per ($0.35). PENN Entertainment had a return on equity of 5.65% and a net margin of 3.33%. The company posted revenue of $1.63 billion for the quarter, versus $1.60 billion expected by analysts. During the same period last year, the company earned earnings per share of $1.17. The company’s revenue for the quarter increased 5.4% on an annual basis. On average, sell-side analysts expect PENN Entertainment to post 1.3 EPS for the current year.

Insider Trading at PENN Entertainment

In other PENN Entertainment news, manager Saul Reibstein sold 5,086 shares of the company in a trade that took place on Monday, August 15. The stock was sold at an average price of $38.03, for a total value of $193,420.58. Following the sale, the director now owns 34,663 shares of the company, valued at $1,318,233.89. The sale was disclosed in a filing with the SEC, accessible via the SEC’s website. Insiders of the company hold 1.50% of the shares of the company.

PENN Entertainment Institutional Trade

Several institutional investors have recently changed their positions in PENN. State Street Corp increased its stake in shares of PENN Entertainment by 14.7% in the fourth quarter. State Street Corp now owns 5,488,185 shares of the company valued at $284,562,000 after acquiring an additional 703,925 shares in the last quarter. Geode Capital Management LLC increased its holdings of PENN Entertainment stock by 7.1% during the fourth quarter. Geode Capital Management LLC now owns 3,112,786 shares of the company worth $161,147,000 after purchasing an additional 206,254 shares in the last quarter. Contrarius Investment Management Ltd acquired a new stake in shares of PENN Entertainment in the second quarter worth $75,776,000. Renaissance Technologies LLC increased its stake in shares of PENN Entertainment by 29.4% during the second quarter. Renaissance Technologies LLC now owns 2,314,638 shares of the company valued at $70,411,000 after acquiring an additional 525,600 shares during the period. Finally, Bank of Nova Scotia bought a new position in PENN Entertainment in the second quarter worth approximately $65,983,000. 82.62% of the shares are currently held by institutional investors and hedge funds.

Analysts set new price targets

A number of research analysts have weighed in on PENN shares recently. JMP Securities began covering PENN Entertainment in a report on Tuesday, June 28. They set an “outperform” rating and a price target of $52.00 for the stock. Credit Suisse Group reduced its target price on PENN Entertainment to $66.00 in a Tuesday, August 9 research note. Barclays raised its price target on PENN Entertainment from $37.00 to $44.00 and gave the stock an “overweight” rating in a Friday, August 5 report. Wells Fargo & Company cut its price target on PENN Entertainment from $48.00 to $38.00 and set an “equal weight” rating on the stock in a Thursday, July 14 research note. Finally, Jefferies Financial Group upgraded PENN Entertainment from a “hold” rating to a “buy” rating and set a target price of $49.00 for the company in a Wednesday, May 18 research note. Six analysts gave the stock a hold rating and twelve gave the company a buy rating. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $62.50.

PENN Entertainment Company Profile

(Get an assessment)

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.

Recommended Stories

This instant news alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]

Before you consider PENN Entertainment, you’ll want to hear this.

MarketBeat tracks daily the highest rated and most successful research analysts on Wall Street and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market takes hold…and PENN Entertainment wasn’t on the list.

While PENN Entertainment currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.

See the five actions here

Comments are closed.