Truist downgrades PENN Entertainment Inc. (PENN) rating to a Hold


PENN Entertainment Inc.’s recent filing unveils that its EVP and CFO Hendrix Felicia acquired Company’s shares for reported $0.25 million on Sep 06. In the deal valued at $22.41 per share,11,162 shares were bought. As a result of this transaction, Hendrix Felicia now holds 27,975 shares worth roughly $ 0.65 million.

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Then, HANDLER DAVID A bought 19,562 shares, generating $443,079 in total proceeds. Upon buying the shares at $22.65, the Director now owns 207,072 shares.

Before that, HANDLER DAVID A bought 438 shares. PENN Entertainment Inc. shares valued at $9,991 were divested by the Director at a price of $22.81 per share. As a result of the transaction, HANDLER DAVID A now holds 187,510 shares, worth roughly $4.39 million.

Truist downgraded its PENN Entertainment Inc. [PENN] rating to a Hold from a a Buy in a research note published on Monday, August 10, 2023; the price target was decreased to $30 from $33. PT values the company’s stock at a premium of 21.97 to its Monday closing price.

Price Performance Review of PENN

On Monday, PENN Entertainment Inc. [NASDAQ:PENN] saw its stock fall -0.47% to $23.41. On the same session, the stock had its day’s lowest price of $23.01, but rose to a high of $23.52. Over the last five days, the stock has gained 7.88%. PENN Entertainment Inc. shares have fallen nearly -21.18% since the year began. Nevertheless, the stocks have fallen -23.94% over the past one year. While a 52-week high of $39.35 was reached on 02/01/23, a 52-week low of $21.32 was recorded on 09/13/23. SMA at 50 days reached $24.45, while 200 days put it at $28.03. A total of 3.09 million shares were traded, compared to the trading of 6.96 million shares in the previous session.

Levels Of Support And Resistance For PENN Stock

The 24-hour chart illustrates a support level at 23.11, which if violated will result in even more drops to 22.80. On the upside, there is a resistance level at 23.62. A further resistance level may holdings at 23.82. The Relative Strength Index (RSI) on the 14-day chart is 50.89, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.57, which suggests price will go down in the next trading period. Percent R suggests that price movement has been low at 33.97%. Stochastics %K at 66.25% indicates the stock is a holding.

How much short interest is there in PENN Entertainment Inc.?

A steep rise in short interest was recorded in PENN Entertainment Inc. stocks on Aug 30, 2023, growing by 5.03 million shares to a total of 14.75 million shares. Yahoo Finance data shows the prior-month short interest on Jul 30, 2023 was 9.72 million shares. There was a rise of 34.1%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 11.50% of the overall stock float, the days-to-cover ratio (short ratio) rose to 1.98.

PENN Entertainment Inc. [PENN] – Who Are The Largest Shareholders?

In filings from Fidelity Management & Research Co, it is revealed that the company now owns 16,360,036 shares, or roughly 10.87% of the outstanding PENN shares. In other words, the investor’s shares have fallen by -1,884,034 from its previous 13-F filing of 18244070.0. Additionally, The Vanguard Group, Inc. increased 2.42% of its stake after which the total value it holdings stand at $351,535,555, while HG Vora Capital Management LLC added 3.57% of its stake to hold $343.5 million in the firm. Over the last quarter, BlackRock Fund Advisors sold -666,449 shares of PENN Entertainment Inc., while BAMCO, Inc. sold -221,909 shares. At present, SSgA Funds Management, Inc. is holding 4,259,382 shares valued at $100.9 million. Long Pond Capital LP owned 3,101,659 shares of the company at the time of its most recent 13F filing, worth $73.48 million.

According to FactSet, PENN Entertainment Inc.’s share price will average $32.81 in the next year, based on opinions of analysts polled by the firm. This is up nearly 27.55 percent from its previous closing price of $23.52. Analysts expect PENN Entertainment Inc. stock to reach the higher price of $44.00, while the lowest price estimate is $26.00. However, 19 analysts have rated PENN stock as an Overweight in their predictions for 2023.


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