Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. PENN Entertainment Inc shares valued at $126,579 were sold by Rogers Christopher Byron on Jan 03 ’24. At $25.23 per share, Rogers Christopher Byron sold 5,017 shares. The insider’s holdings dropped to 30,214 shares worth approximately $0.51 million following the completion of this transaction.
Also, Snowden Jay A sold 172,930 shares, netting a total of over 4,366,482 in proceeds. Following the sale of shares at $25.25 each, the insider now holds 689,072 shares.
Before that, SCACCETTI JANE had added 4,400 shares to its account. In a trade valued at $100,452, the Director bought PENN Entertainment Inc shares for $22.83 each. Upon closing the transaction, the insider’s holdings increased to 4,400 shares, worth approximately $1.07 million.
As published in their initiating research note from Mizuho on March 26, 2024, PENN Entertainment Inc [PENN] has been a Buy and the price target has been revised to $29. Analysts at BofA Securities upgraded the stock from ‘”a Neutral”‘ to ‘”a Buy”‘ outlook in a report released in mid November. As of October 12, 2023, CapitalOne has initiated its “an Equal weight” rating for PENN. Earlier on August 10, 2023, Truist downgraded its rating. Their new recommendation was “a Hold” for PENN stock which previously was a “a Buy”.
Analyzing PENN Stock Performance
During the last five days, there has been a drop of approximately -5.37%. Over the course of the year, PENN Entertainment Inc shares have dropped approximately -34.93%. Shares of the company reached a 52-week high of $26.53 on 01/02/24 and a 52-week low of $16.46 on 02/23/24. A 50-day SMA is recorded $18.93, while a 200-day SMA reached $22.53. Nevertheless, trading volume fell to 5.7 million shares from 2.75 million shares the previous day.
Support And Resistance Levels for PENN Entertainment Inc (PENN)
According to the 24-hour chart, there is a support level at 16.61, which, if violated, would cause prices to drop to 16.29. In the upper region, resistance lies at 17.47. The next price resistance is at 18.00. RSI (Relative Strength Index) is 39.83 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.17, which suggests the price will decrease in the coming days. Percent R is at 94.71%, indicating bearish price movement. Stochastics %K at holding indicates that the stock is to be held.
Is PENN Entertainment Inc subject to short interest?
Stocks of PENN Entertainment Inc saw a sharp rise in short interest on Mar 28, 2024 jumping by 3.13 million shares to 28.69 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 25.56 million shares. A jump of 10.91% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 5.52 of the overall float, the days-to-cover ratio (short ratio) jumped to 5.52.
