Morgan Stanley & Co. LLC has recently announced that it has increased stake in PENN Entertainment Inc (NASDAQ:PENN) by 637.30%. After grabbing 4.73 million shares, the institutional investor is now in possession of 4.08 million shares of the Consumer Cyclical Company. The new investment brought the stake of investor firm to 3.11% having worth around $116.07 million. Moreover, Citadel Advisors LLC increased its share by 2.61 million to have a control over 2.8 million shares. And EARNEST Partners LLC raised its holdings to 0.27 million shares by acquiring 2.72 million shares or 1.79% of the stake.
PENN Entertainment Inc (PENN) concluded trading on 01/03/24 at a closing price of $24.61, with 4.62 million shares of worth about $113.61 million changed hands on the day. Half year performance of the stock remained positive as price took a surge of 1.57% during that period and on Wednesday the price saw a loss of about -5.16%. Currently the company’s common shares owned by public are about 152.90M shares, out of which, 150.45M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 19 analysts are covering the PENN stock and their offered price forecasts bring an average price target of $29.63. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $38.00 and could fall to a lowest price of $22.00. The stock’s current price level is 16.91% above of average price target set by the analysts, while a rise to estimated low would result in loss of -11.86% for the stock. However, touching the estimated high of $38.00 would mean a gain of 35.24% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 45 times over the past 12 months. They bought 243,417 shares in 28 of the transactions. In 17 selling transactions, insiders dumped 124,698 shares.
Vanguard Total Stock Market ETF, iShares Core S&P Mid Cap ETF, and Baron Growth Fund are the top 3 mutual funds which are holding stakes in PENN Entertainment Inc Vanguard Total Stock Market ETF is currently holding 4.78 million shares of worth totaling $117.48 million. The company recently came buying 6766.0 shares which brought its stake up to 3.15% of the company’s outstanding shares. iShares Core S&P Mid Cap ETF bought 827.0 shares, after which its hold over company’s outstanding shares expand to 3.07%, leaving 4.66 million shares with the mutual fund that have a worth of about $114.43 million. Baron Growth Fund, after selling 4.5 million shares, have now control over 2.97% of the stake in the company. It holds -0.21 million shares of worth $110.52 million.
PENN Entertainment Inc (NASDAQ: PENN) started trading at $25.26, below -$0.69 from concluding price of the previous day. However, the stock later moved at a day high price of 25.29, or with a loss of -5.16%. Stock saw a price change of -3.07% in past 5 days and over the past one month there was a price change of -3.79%. Year-to-date (YTD), PENN shares are showing a performance of -5.42% which decreased to -17.14% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $18.35 but also hit the highest price of $36.26 during that period. The average intraday trading volume for PENN Entertainment Inc shares is 5.31 million. The stock is currently trading -2.05% below its 20-day simple moving average (SMA20), while that difference is up 3.14% for SMA50 and it goes to -1.05% lower than SMA200.
Morgan Stanley & Co. LLC acquired 4.73 million shares of PENN Entertainment Inc having value of about $116.07 million. Data submitted at the U.S SEC by Morgan Stanley & Co. LLC revealed that the firm now holds 4.08 million shares in the company valued at close to $100531825.39, or have control over 637.30% stake in the company. PENN Entertainment Inc (NASDAQ: PENN) currently have 152.90M outstanding shares and institutions hold larger chunk of about 87.11% of that. Holding of mutual funds in the company is about 37.77% while other institutional holders and individual stake holders have control over 49.56% and 3.14% of the stake respectively.
The stock has a current market capitalization of $3.73B and its 3Y-monthly beta is at 2.13. It has posted earnings per share of -$1.17 in the same period. It has Quick Ratio of 1.41 while making debt-to-equity ratio of 3.30. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for PENN, volatility over the week remained 4.08% while standing at 4.24% over the month.
Analysts are in expectations that PENN Entertainment Inc (PENN) stock would likely to be making an EPS of -$0.4 in the current quarter, while forecast for next quarter EPS is -$0.08 and it is $0.48 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.68 which is -$0.28 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.13 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -170.12% while it is estimated to increase by 144.40% in next year. EPS is likely to grow at an annualized rate of 10.40% for next 5-years, compared to annual growth of -24.33% made by the stock over the past 5-years.
Analysts at 19 brokerage firms have issued recommendations for the PENN Entertainment Inc (PENN)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.26. Out of those 19 Wall Street analysts, 6 recommended a “Buy” rating, while 11 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by BofA Securities on November 20, 2023 offering a Buy rating for the stock and assigned a target price range of between $27 and $30 to it.
