Dave Portnoy Brushes Off 'Fake News,' Says He Isn't Selling Penn Stock At These Prices: 'I'll Probably Hold It Because I Think It's Gonna Go Up'
Portfolio Pulse from Chris Katje
Penn Entertainment (PENN) has announced an agreement with The Walt Disney Company (DIS) to launch ESPN Bet in the fall. As part of the deal, PENN will divest the Barstool Sports business back to its founder, Dave Portnoy. A recent SEC filing from PENN listed 1,254,880 shares previously issued to Portnoy, which led to speculation that Portnoy was selling his PENN stock. However, Portnoy has refuted these claims, stating that he still owns the shares and has no plans to sell at the current price.
August 11, 2023 | 5:03 pm
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POSITIVE IMPACT
The Walt Disney Company's agreement with PENN to launch ESPN Bet could potentially boost DIS's stock in the short term.
The announcement of Disney's partnership with PENN to launch ESPN Bet could potentially boost DIS's stock in the short term as it represents a new revenue stream for the company.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Despite the recent drop in PENN's stock price, Dave Portnoy's confirmation that he is not selling his shares could provide some stability. The upcoming launch of ESPN Bet could also potentially boost the stock.
The news of Dave Portnoy potentially selling his PENN shares led to a drop in the stock price. However, his denial of these claims could stabilize the stock in the short term. The upcoming launch of ESPN Bet, a partnership with Disney, could also potentially boost the stock.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100