The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Penn National Gaming Inc. shares valued at $98,167 were purchased by SCACCETTI JANE on Feb 17. At $49.70 per share, SCACCETTI JANE acquired 1,975 shares. The insider’s holdings grew to 50,569 shares worth approximately $1.78 million following the completion of this transaction.
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Also, Snowden Jay A sold 148,387 shares, netting a total of over 11,460,568 in proceeds. Following the sale of shares at $77.23 each, the insider now holds 530,496 shares.
Before that, Snowden Jay A had sold 14,900 shares from its account. In a trade valued at $1,198,854, the President and CEO traded Penn National Gaming Inc. shares for $80.46 each. Upon closing the transaction, the insider’s holdings decreased to 14,900 shares, worth approximately $18.64 million.
As published in their initiating research note from JMP Securities on June 28, 2022, Penn National Gaming Inc. [PENN] has been a Mkt outperform and the price target has been revised to $52. This represents a 32.42% premium over Thursday’s closing price. Analysts at Jefferies upgraded the stock from ‘”a Hold”‘ to ‘”a Buy”‘ outlook in a report released in mid May. As of April 25, 2022, Morgan Stanley has increased its “an Equal-weight” rating to a “an Overweight” for PENN. Earlier on February 09, 2022, Susquehanna upgraded its rating. Their new recommendation was “a Positive” for PENN stock which previously was a “a Neutral”.
Analyzing PENN’s Price Performance
On Thursday, Penn National Gaming Inc. [NASDAQ: PENN] plunged -3.96% to $35.14. The stock’s lowest price that day was $34.77, but it reached a high of $38.85 in the same session. During the last five days, there has been a surge of approximately 2.66%. Over the course of the year, Penn National Gaming Inc. shares have dropped approximately -32.23%. Shares of the company reached a 52-week high of $53.36 on 01/03/22 and a 52-week low of $26.46 on 06/17/22. A 50-day SMA is recorded $31.83, while a 200-day SMA reached $43.47. Nevertheless, trading volume fell to 5.62 million shares from 3.5 million shares the previous day.
Support And Resistance Levels for Penn National Gaming Inc. (PENN)
According to the 24-hour chart, there is a support level at 33.66, which, if violated, would cause prices to drop to 32.17. In the upper region, resistance lies at 37.74. The next price resistance is at 40.33. RSI (Relative Strength Index) is 58.52 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.69, which suggests the price will increase in the coming days. Percent R is at 51.89%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Penn National Gaming Inc. subject to short interest?
Stocks of Penn National Gaming Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 1.54 million shares to 9.44 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 7.9 million shares. A jump of 16.31% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.37 of the overall float, the days-to-cover ratio (short ratio) jumped to 2.37.
Which companies own the most shares of Penn National Gaming Inc. (PENN)?
According to Fidelity Management & Research Co filings, the company currently owns 17,449,234 shares, which is about 10.46% of the total PENN shares outstanding. The investor’s shares have plunged by -1,054,041 from its previous 13-F filing of 18503275.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $527,263,959. BAMCO, Inc. reduced a -0.46% interest valued at $322.95 million while BlackRock Fund Advisors purchased a 296,178 stake. A total of 643,332 shares of Penn National Gaming Inc. were bought by BlackRock Advisors LLC during the quarter, and -53,694 were sold by SSgA Funds Management, Inc. In its current portfolio, Invesco Advisers, Inc. holds 4,257,766 shares valued at $129.52 million.
In terms of Penn National Gaming Inc. share price expectations, FactSet research, analysts set an average price target of $51.76 in the next 12 months, up nearly 36.65% from the previous closing price of $36.59. Analysts anticipate Penn National Gaming Inc. stock to reach $80.00 by 2022, with the lowest price target being $37.00. In spite of this, 19 analysts ranked Penn National Gaming Inc. stock as an Overweight at the end of 2022. On February 04, 2022, Loop Capital assigned a price target of “a Hold” to the stock and upgraded coverage with a $49.