PENN Entertainment shares are trading lower. An earlier filing registered 1.25 million shares available for sale by Dave Portnoy following the company's deal to sell Barstool back to him. NOTE: This does not mean Portnoy will sell shares and he has indicated he will not.
Portfolio Pulse from Benzinga Newsdesk
PENN Entertainment shares are trading lower after a filing registered 1.25 million shares available for sale by Dave Portnoy, following the company's deal to sell Barstool back to him. However, Portnoy has indicated he will not sell the shares.
August 11, 2023 | 7:18 pm
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PENN Entertainment's stock price is trading lower due to the potential sale of 1.25 million shares by Dave Portnoy. However, Portnoy has indicated he will not sell the shares.
The registration of 1.25 million shares for potential sale by Dave Portnoy has led to a decrease in PENN Entertainment's stock price. This is due to the potential increase in supply of shares, which can lower the price. However, Portnoy has indicated he will not sell the shares, which may stabilize the price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100