Morgan Stanley & Co. LLC recently announced the acquisition of new stake in PENN Entertainment Inc (NASDAQ:PENN). The institutional investor has increased its shareholding in the Consumer Cyclical company by 637.30% to 4.73 million shares with purchase of 4.08 million shares. This fresh investment now brings its stake to 3.11% valued currently at $116.07 million. In addition, Citadel Advisors LLC raised its holdings by 2.61 million to 2.8 million shares. And EARNEST Partners LLC has lifted its position by 11.09% or 0.27 million shares – to 2.72 million shares.
With over 8.58 million PENN Entertainment Inc (PENN) shares trading Monday and a closing price of $25.38 on the day, the dollar volume was approximately $217.85 million. The shares have shown a negative half year performance of -2.12% and its price on 01/08/24 gained nearly 3.38%. Currently, there are 152.90M common shares owned by the public and among those 150.45M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 19 analysts who have offered their price forecasts for PENN have a consensus price objective of $30.06. The analysts have set the share’s price value over the next 12 months at a high of $38.00 and a low of $22.00. The average price target is 15.57% above its recent price level and a downside to the estimated low will see the stock lose -15.36% over that period. But an upside of 33.21% will see the stock hit the forecast high price target while median target price for the stock is $30.00.
Insiders at the company have transacted a total of 33 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 16 of these insider trades were purchases, accounting for 174,404 shares. Insider sales of the common stock occurred on 17 occasions, with total insider shares sold totaling 124,698 shares.
The top 3 mutual fund holders in PENN Entertainment Inc are Vanguard Total Stock Market ETF, iShares Core S&P Mid Cap ETF, and Baron Growth Fund. Vanguard Total Stock Market ETF owns 4.78 million shares of the company’s stock, all valued at over $117.48 million. The company bought an additional 6766.0 shares recently to bring their total holdings to about 3.15% of the shares outstanding. iShares Core S&P Mid Cap ETF bought 827.0 shares to see its total holdings expand to 4.66 million shares valued at over $114.43 million and representing 3.07% of the shares outstanding. Baron Growth Fund sold -0.4 million shares to bring its total holdings to over 4.1 million shares at a value of $100.7 million. Baron Growth Fund now owns shares totaling to 2.70% of the shares outstanding.
Shares of PENN Entertainment Inc (NASDAQ: PENN) opened at $24.43, down -$0.12 from a prior closing price of $24.55. However, the script later moved the day high at 25.53, up 3.38%. The company’s stock has a 5-day price change of -2.46% and 20.86% over the past three months. PENN shares are trading -2.46% year to date (YTD), with the 12-month market performance down to -16.54% lower. It has a 12-month low price of $18.35 and touched a high of $36.26 over the same period. PENN has an average intraday trading volume of 5.30 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.78%, 5.33%, and 2.26% respectively.
Institutional ownership of PENN Entertainment Inc (NASDAQ: PENN) shares accounts for 87.15% of the company’s 152.90M shares outstanding. Mutual fund holders own 38.66%, while other institutional holders and individual stakeholders account for 48.67% and 3.14% respectively.
It has a market capitalization of $3.85B and a beta (3y monthly) value of 2.13. The earnings-per-share (ttm) stands at -$1.17. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.90% over the week and 4.17% over the month.
Analysts forecast that PENN Entertainment Inc (PENN) will achieve an EPS of -$0.42 for the current quarter, -$0.08 for the next quarter and $0.48 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.68 while analysts give the company a high EPS estimate of -$0.28. Comparatively, EPS for the current quarter was $0.13 a year ago. Earnings per share for the fiscal year are expected to decrease by -166.31%, and 146.28% over the next financial year. EPS should grow at an annualized rate of 9.09% over the next five years, compared to -24.33% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 19 brokerage firm advisors rate PENN Entertainment Inc (PENN) as a “Moderate Buy” at a consensus score of 2.26. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 11 of the 19 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the PENN, a number of firms have released research notes about the stock. BofA Securities stated their Buy rating for the stock in a research note on November 20, 2023, with the firm’s price target at $27-$30.
