Streetbeat News

PENN

PENN Entertainment, Inc.

https://www.pennentertainment.com

Industry

Gambling, Resorts & Casinos

PENN Entertainment, Inc., together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences in North America. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates 44 properties in 20 states; online sports betting in 13 jurisdictions; and iCasino in five under a portfolio of brands, including Hollywood Casino, L'Auberge, Barstool Sportsbook, and theScore Bet. The company was formerly known as Penn National Gaming, Inc. and changed its name to PENN Entertainment, Inc. in August 2022. PENN Entertainment, Inc. was founded in 1972 and is based in Wyomissing, Pennsylvania.

Open

20.72

Mkt cap

3.2B

Volume

High

20.84

P/E Ratio

-5.90

52-wk high

27.21

Low

20.37

Div yield

N/A

52-wk low

13.50

Needham analyst Bernie McTernan has reiterated a Buy rating on PENN Entertainment (NASDAQ:PENN) and maintained a $33 price target for the company's stock.

Portfolio Pulse from Benzinga Newsdesk

December 11, 2023 | 3:38 pm

PENN Entertainment (NYSE:PENN) has seen a 12.83% decrease in short interest since its last report, with 18.93 million shares sold short, representing 14.68% of its float. The average time to cover these short positions is 2.31 days. A decrease in short interest can indicate a more bullish sentiment towards the stock, although it does not necessarily predict a price rise. PENN's short interest is significantly higher than its peer group average of 3.78%.

Portfolio Pulse from Benzinga Insights

December 08, 2023 | 5:00 pm

PENN Entertainment, Inc. has announced a strategic partnership with Quail Hollow Club for market access in North Carolina for its online sports wagering platform, ESPN BET. This partnership includes ESPN BET becoming the exclusive official betting operator of the Wells Fargo Championship at Quail Hollow Club. The agreement is subject to regulatory approvals and will involve marketing integrations and fan activations during the tournament. ESPN BET, operated by PENN, launched on November 14 in 17 states, leveraging ESPN's brand and PENN's technology and expertise.

Portfolio Pulse from Benzinga Newsdesk

December 05, 2023 | 1:13 pm

PENN Entertainment has entered into a partnership with the National Hockey League (NHL) to make its online sports betting brands, ESPN BET and theScore Bet, the official sports betting partners of the NHL. This collaboration is expected to enhance PENN's visibility and customer engagement by associating with the NHL's brand and fan base.

Portfolio Pulse from Benzinga Newsdesk

November 29, 2023 | 1:32 pm

A bettor won a significant parlay bet on a low-scoring NFL game between the Bears and Vikings, which aired on ESPN and featured only one touchdown. The bettor placed a wager with DraftKings Inc (DKNG) on T.J. Hockenson scoring the first and last touchdown. PENN Entertainment's ESPN Bet platform offers bets on players not scoring touchdowns, a potentially profitable option in such games. The Bears won 12-10, and the game's total points were well under the line set by sportsbooks.

Portfolio Pulse from Chris Katje

November 28, 2023 | 11:05 pm

DraftKings Inc (NASDAQ:DKNG) maintains a Buy rating and a $50 price target from Needham analyst Bernie McTernan, despite the launch of ESPN Bet by PENN Entertainment (NASDAQ:PENN), which licenses the ESPN brand from The Walt Disney Company (NYSE:DIS). McTernan believes the promotions by ESPN Bet are in line with the industry and unlikely to significantly alter the competitive landscape. DraftKings' market share is not expected to be heavily impacted, and the company is seen as a leader in the North America online gambling market. DraftKings' stock has recently hit a new 52-week high and is up over 250% year-to-date.

Portfolio Pulse from Chris Katje

November 20, 2023 | 10:10 pm

Penn Entertainment (NASDAQ:PENN) received an upgrade from Bank of America analyst Shaun C. Kelley from Neutral to Buy, with a price target increase from $27 to $30, following the successful launch of ESPN Bet. The app's strong initial download and app activity, promotional discipline, and stable Q3 earnings for PENN's core gaming business contributed to the upgrade. ESPN Bet, launched through a licensing deal with The Walt Disney Company (NYSE:DIS), saw 865,000 downloads and topped the sports and overall free apps charts. Kelley suggests ESPN Bet could achieve 6-7% market share in online sports betting and 2% in iGaming. PENN shares rose 7.5% to $26.42 on the news.

Portfolio Pulse from Chris Katje

November 20, 2023 | 8:17 pm

U.S. stocks are trading higher, with major indices in the green. The U.S. dollar index has fallen to its lowest since August. Oil prices have rallied, with WTI surpassing $78 per barrel ahead of an OPEC+ meeting. The Energy Select Sector SPDR Fund (XLE) is up 0.5%. Treasury yields are flat. Tech stocks lead gains, with the Technology Select Sector SPDR Fund (XLK) up 1%. Microsoft hired former OpenAI executives, boosting its shares by 2%. Nvidia (NVDA) is up 1% before its earnings release. Citigroup (C) rose after announcing layoffs. Boeing (BA) surged 4% after an upgrade from Deutsche Bank. Paramount Global (PARA) soared 6.5% after selling Bellator MMA. PENN Entertainment (PENN) rallied 7% after an upgrade from Bank of America. The United States Oil Fund (USO) increased by 3.1%. European and emerging market ETFs saw mixed results, with ARGT up 12% after Argentina's presidential elections. Cryptocurrencies Bitcoin and Ethereum are up.

Portfolio Pulse from Piero Cingari

November 20, 2023 | 6:35 pm

Penn Entertainment's stock is trading higher following an upgrade from B of A Securities, which changed its rating from Neutral to Buy and increased the price target from $27 to $30.

Portfolio Pulse from Benzinga Newsdesk

November 20, 2023 | 5:00 pm

Analysts have recently rated PENN Entertainment (NASDAQ:PENN) with 3 bullish and 5 indifferent ratings. The average price target is $27.25, which is 5.37% above the current price of $25.86. This target has decreased by 8.16% from the previous target of $29.67. Analyst ratings are provided quarterly and are based on financial analysis and insider information.

Portfolio Pulse from Benzinga Insights

November 20, 2023 | 4:00 pm

All corporate logos and prices are for illustrative purposes only and are not a recommendation, an offer to sell, or a solicitation of an offer to buy any security.