PENN Entertainment (NASDAQ:PENN) Reaches New 12-Month High – Time to Buy?

PENN Entertainment, Inc. (NASDAQ:PENN) shares reached a new 52-week high during mid-day trading on Friday . The company traded as high as $23.08 and last traded at $22.67, with a volume of 350567 shares traded. The stock had previously closed at $22.44.

Analyst Ratings Changes

PENN has been the topic of a number of recent research reports. StockNews.com downgraded PENN Entertainment from a “hold” rating to a “sell” rating in a research report on Friday, January 17th. Macquarie raised their price objective on PENN Entertainment from $26.00 to $27.00 and gave the company an “outperform” rating in a research report on Friday, November 8th. Bank of America assumed coverage on PENN Entertainment in a research report on Wednesday, November 13th. They set a “neutral” rating and a $22.00 price objective on the stock. Mizuho dropped their price objective on PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 22nd. Finally, JMP Securities reaffirmed a “market perform” rating on shares of PENN Entertainment in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $23.50.

PENN Entertainment Stock Performance

The stock has a market capitalization of $3.47 billion, a PE ratio of -6.40, a PEG ratio of 1.53 and a beta of 2.09. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 2.34. The firm has a 50 day moving average price of $19.90 and a 200-day moving average price of $19.58.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PENN. Creative Planning raised its stake in shares of PENN Entertainment by 16.2% in the second quarter. Creative Planning now owns 14,775 shares of the company’s stock worth $286,000 after purchasing an additional 2,057 shares during the last quarter. SeaCrest Wealth Management LLC purchased a new position in shares of PENN Entertainment in the third quarter worth about $213,000. Raymond James & Associates raised its stake in shares of PENN Entertainment by 159.1% in the third quarter. Raymond James & Associates now owns 403,699 shares of the company’s stock worth $7,614,000 after purchasing an additional 247,873 shares during the last quarter. International Assets Investment Management LLC raised its stake in shares of PENN Entertainment by 1,634.8% in the third quarter. International Assets Investment Management LLC now owns 3,244 shares of the company’s stock worth $61,000 after purchasing an additional 3,057 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its holdings in PENN Entertainment by 1,051.0% during the third quarter. Assenagon Asset Management S.A. now owns 1,421,471 shares of the company’s stock worth $26,809,000 after acquiring an additional 1,297,976 shares during the period. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

About PENN Entertainment

PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates online sports betting in various jurisdictions; and iCasino under Hollywood Casino, L'Auberge, ESPN BET, and theScore Bet Sportsbook and Casino brands.