Dave Portnoy Shares Thoughts On Penn Stock Offering, Barstool App Figures
Portfolio Pulse from Chris Katje
Penn National Gaming announced a stock offering of 14 million shares, potentially raising over $1 billion, which led to an 8% drop in its stock price. Barstool Sports founder Dave Portnoy expressed his frustration over the timing of the offering, which overshadowed positive early figures from the Barstool Sportsbook app launch.
September 24, 2020 | 7:15 pm
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Penn National Gaming's stock fell 8% after announcing a 14 million share offering. The timing overshadowed positive early figures from the Barstool Sportsbook app, causing frustration from Barstool founder Dave Portnoy.
The announcement of a large stock offering typically leads to a decrease in stock price due to dilution concerns. Despite positive app figures, the market reacted negatively to the offering, as indicated by the 8% drop in PENN's stock price.
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