에 대한 최신 뉴스 PENN Entertainment (NASDAQ:PENN) 주식

PENN Entertainment

Penn Entertainment's origins date back to its 1972 racetrack opening in Pennsylvania. Today, Penn operates 43 properties across 20 states and 12 brands, including Hollywood Casino and Ameristar. Land-based casinos represented 89% of total sales in 2023; 11% was from the interactive segment, which includes sports, iGaming, and media revenue. The retail portfolio generates mid-30s EBITDAR margins and helps position the company to obtain licenses for the digital wagering markets. Additionally, Penn's media assets, theScore and ESPN (starting with its partnership launch in November 2023), provide access to sports betting/iGaming technology and clientele, helping it form a leading digital position.

Penn National Gaming

Sports Betting

Sports

Movers

Media

Trading Ideas

DKNG

FLUT

PENN

펜 엔터테인먼트(NASDAQ:PENN)의 주가는 회사의 카지노 부문을 변화시킬 수 있는 인수와 관련된 보도로 목요일 시장 마감 직전에 급등했다. 무슨 일이 (What Happened): 로이터의 새로운 보도에 따르면 보이드 게이밍(NYSE:BYD)은 펜 엔터테인먼트에 접근해왔다. 이 보도는 펜의 주가가 2024년 현재까지 23% 하락했고 회사가 새로운 ESPN 벳(ESPN Bet) 온라인 스포츠 베팅 플랫폼으로 성장하는 데 어려움을 겪고 있는 가운데 나온 것이다.

펜 엔터테인먼트 주식, 인수 보도로 장 후반 급등: 투자자가 알아야 할 사항

News

Contracts

펜 엔터테인먼트(NASDAQ:PENN)의 주가는 회사가 ESPN 벳(Bet)과 PGA 오브 아메리카 간의 획기적인 다년간의 스포츠 베팅 파트너십을 발표한 후 화요일 상승했다. 펜 엔터테인먼트가 개발한 ESPN 벳은 2026년까지 PGA 챔피언십의 &#39;공식 스포츠 베팅 스폰서&#39;로 지정된다.

펜 엔터테인먼트, ESPN 벳이 PGA 챔피언십의 공식 스포츠 베팅 후원자로 선정된 후 주식 상승

PENN Entertainment Inc

PENNANTPARK FLOATING RATE CAPITA ORD

PENN BANCSHARES INC by Penn Bancshares, Inc.

Penn Bancshares Inc

Pennant Group Inc

PENNANT INTL GRP PLC by Pennant International Group PLC

Pennant International Group PLC

PennantPark Investment Corporation Common Stock

Pennant Park Investment Corp

PennantPark Floating Rate Capital Ltd. Common Stock

PennantPark Floating Rate Capital Ltd

Pennexx Foods Inc

Pennon Group PLC

PENNON GROUP PLC UNSP/ADR by Pennon Group PLC

Penns Woods Bancorp Inc

Pennsylvania Real Estate Investment Trust

Pennsylvania Real Estate Investment Trust 6.875% Cum Red Perp Pfd Shs Series -D-

Pennsylvania Real Estate Investment Trust 7 3/8 % Cum Red Perp Pfd Shs Series -B-

Pennsylvania Real Estate Investment Trust 7.20% Cum Red Perp Registered Pfd Shs Series -C-

PENNA WHSE&SAFE DEP CO by Pennsylvania Warehousing & Safe Deposit Co.

Pennsylvania Warehousing & Safe Deposit Co

PennyMac Financial Services, Inc. Common Stock

PennyMac Financial Services Inc

PennyMac Mortgage Investment Trust 6.75% Series C Cumulative Redeemable Preferred Shares of Beneficial Interest

PennyMac Mortgage Investment Trust

PennyMac Mortgage Investment Trust 8.00% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest

PennyMac Mortgage Investment Trust 8.125% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Shares of Beneficial Interest

PennyMac Mortgage Investment Trust Common Shares of Beneficial Interest

PennyMac Mortgage Investment Trust 8.50% Senior Notes due 2028

In the preceding three months, 8 analysts have released ratings for PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>), presenting a wide array of perspectives from bullish to bearish.
The following table encapsulates their recent ratings, offering a glimpse into the evolving sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
The 12-month price targets, analyzed by analysts, offer insights with an average target of $22.75, a high estimate of $26.00, and a low estimate of $20.00. This upward trend is apparent, with the current average reflecting a 2.25% increase from the previous average price target of $22.25.
<img src="https://www.benzinga.com/files/images/story/2024/1728061404_0.png" alt="price target chart" />
<h2>Deciphering Analyst Ratings: An In-Depth Analysis</h2>
The standing of PENN Entertainment among financial experts is revealed through an in-depth exploration of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Stephen Grambling</td>
<td>Morgan Stanley</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$20.00</td>
<td>$21.00</td>
</tr>
<tr>
<td>Chad Beynon</td>
<td>Macquarie</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$26.00</td>
<td>$26.00</td>
</tr>
<tr>
<td>Carlo Santarelli</td>
<td>Deutsche Bank</td>
<td>Raises</td>
<td>Hold</td>
<td>$20.00</td>
<td>$18.00</td>
</tr>
<tr>
<td>Brandt Montour</td>
<td>Barclays</td>
<td>Raises</td>
<td>Overweight</td>
<td>$23.00</td>
<td>$22.00</td>
</tr>
<tr>
<td>Steven Wieczynski</td>
<td>Stifel</td>
<td>Raises</td>
<td>Hold</td>
<td>$20.00</td>
<td>$19.00</td>
</tr>
<tr>
<td>Bernie McTernan</td>
<td>Needham</td>
<td>Maintains</td>
<td>Buy</td>
<td>$26.00</td>
<td>$26.00</td>
</tr>
<tr>
<td>Bernie McTernan</td>
<td>Needham</td>
<td>Maintains</td>
<td>Buy</td>
<td>$26.00</td>
<td>$26.00</td>
</tr>
<tr>
<td>Dara Mohsenian</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$21.00</td>
<td>$20.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to PENN Entertainment. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Providing a comprehensive analysis, analysts offer qualitative assessments, ranging from 'Outperform' to 'Underperform'. These ratings reflect expectations for the relative performance of PENN Entertainment compared to the broader market.</li>
<li>Price Targets: Analysts set price targets as an estimate of a stock's future value. Comparing the current and prior price targets provides insight into how analysts' expectations have changed over time. This information can be valuable for investors seeking to understand consensus views on the stock's potential future performance.</li>
</ul>
To gain a panoramic view of PENN Entertainment's market performance, explore these analyst evaluations alongside essential financial indicators. Stay informed and make judicious decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/PENN/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on PENN Entertainment analyst ratings.</a>
<h2>Get to Know PENN Entertainment Better</h2>
Penn Entertainment's origins date back to its 1972 racetrack opening in Pennsylvania. Today, Penn operates 43 properties across 20 states and 12 brands, including Hollywood Casino and Ameristar. Land-based casinos represented 89% of total sales in 2023; 11% was from the interactive segment, which includes sports, iGaming, and media revenue. The retail portfolio generates mid-30s EBITDAR margins and helps position the company to obtain licenses for the digital wagering markets. Additionally, Penn's media assets, theScore and ESPN (starting with its partnership launch in November 2023), provide access to sports betting/iGaming technology and clientele, helping it form a leading digital position.
<h3>Unraveling the Financial Story of PENN Entertainment</h3>
Market Capitalization Analysis: The company's market capitalization is below the industry average, suggesting that it is relatively smaller compared to peers. This could be due to various factors, including perceived growth potential or operational scale.
Revenue Growth: PENN Entertainment's revenue growth over a period of 3 months has faced challenges. As of 30 June, 2024, the company experienced a revenue decline of approximately -0.7%. This indicates a decrease in the company's top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Consumer Discretionary sector.
Net Margin: PENN Entertainment's net margin is below industry standards, pointing towards difficulties in achieving strong profitability. With a net margin of -1.63%, the company may encounter challenges in effective cost control.
Return on Equity (ROE): PENN Entertainment's ROE lags behind industry averages, suggesting challenges in maximizing returns on equity capital. With an ROE of -0.88%, the company may face hurdles in achieving optimal financial performance.
Return on Assets (ROA): PENN Entertainment's ROA is below industry averages, indicating potential challenges in efficiently utilizing assets. With an ROA of -0.17%, the company may face hurdles in achieving optimal financial returns.
Debt Management: The company maintains a balanced debt approach with a debt-to-equity ratio below industry norms, standing at 3.73.
<h2>The Basics of Analyst Ratings</h2>
Analyst ratings serve as essential indicators of stock performance, provided by experts in banking and financial systems. These specialists diligently analyze company financial statements, participate in conference calls, and engage with insiders to generate quarterly ratings for individual stocks.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
Which Stocks Are Analysts Recommending Now?
Benzinga Edge gives you instant access to all major analyst upgrades, downgrades, and price targets. Sort by accuracy, upside potential, and more. <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-checkout/?t=be8be9arja3be22bz21&amp;utm_source=benzinga-insights">Click here to stay ahead of the market</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Ratings

The Analyst Landscape: 8 Takes On PENN Entertainment

JMP Securities analyst Jordan Bender reiterates PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) with a Market Perform.

Reiteration

JMP Securities Reiterates Market Perform on PENN Entertainment

Investors with a lot of money to spend have taken a bearish stance on PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with PENN, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 8 uncommon options trades for PENN Entertainment.
This isn't normal.
The overall sentiment of these big-money traders is split between 37% bullish and 50%, bearish.
Out of all of the special options we uncovered, 5 are puts, for a total amount of $414,027, and 3 are calls, for a total amount of $102,120.
<h3>Expected Price Movements</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $17.5 to $25.0 for PENN Entertainment during the past quarter. 
<h3>Volume &amp; Open Interest Trends</h3>
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in PENN Entertainment's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to PENN Entertainment's substantial trades, within a strike price spectrum from $17.5 to $25.0 over the preceding 30 days.
<h3>PENN Entertainment 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1727124334_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>PENN</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>04/17/25</td>
<td>$3.1</td>
<td>$2.91</td>
<td>$3.05</td>
<td>$20.00</td>
<td>$272.9K</td>
<td>116</td>
<td>1.1K</td>
</tr>
<tr>
<td>PENN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/27/24</td>
<td>$0.37</td>
<td>$0.36</td>
<td>$0.36</td>
<td>$20.00</td>
<td>$46.6K</td>
<td>1.0K</td>
<td>2.7K</td>
</tr>
<tr>
<td>PENN</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$0.88</td>
<td>$0.84</td>
<td>$0.88</td>
<td>$17.50</td>
<td>$44.4K</td>
<td>38</td>
<td>1.5K</td>
</tr>
<tr>
<td>PENN</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>04/17/25</td>
<td>$2.98</td>
<td>$2.97</td>
<td>$2.98</td>
<td>$20.00</td>
<td>$41.4K</td>
<td>116</td>
<td>140</td>
</tr>
<tr>
<td>PENN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$1.05</td>
<td>$0.99</td>
<td>$1.05</td>
<td>$20.00</td>
<td>$30.0K</td>
<td>10.6K</td>
<td>638</td>
</tr>
</tbody>
</table>

<h3>About PENN Entertainment</h3>
Penn Entertainment's origins date back to its 1972 racetrack opening in Pennsylvania. Today, Penn operates 43 properties across 20 states and 12 brands, including Hollywood Casino and Ameristar. Land-based casinos represented 89% of total sales in 2023; 11% was from the interactive segment, which includes sports, iGaming, and media revenue. The retail portfolio generates mid-30s EBITDAR margins and helps position the company to obtain licenses for the digital wagering markets. Additionally, Penn's media assets, theScore and ESPN (starting with its partnership launch in November 2023), provide access to sports betting/iGaming technology and clientele, helping it form a leading digital position.
<h3>Present Market Standing of PENN Entertainment</h3>
<ul>
<li>With a trading volume of 3,203,819, the price of PENN is down by -2.84%, reaching $19.51.</li>
<li>Current RSI values indicate that the stock is may be approaching overbought.</li>
<li>Next earnings report is scheduled for 38 days from now.</li>
</ul>
<h3>Expert Opinions on PENN Entertainment</h3>
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $20.0.
Turn $1000 into $1270 in just 20 days?
20-year pro options trader reveals his one-line chart technique that shows when to buy and sell. Copy his trades, which have had averaged a 27% profit every 20 days. <a href="https://www.benzinga.com/premium/ideas/options-moneyline-2/?t=Moop1arja3be22op14&amp;utm_source=benzinga-insights">Click here for access</a>. 
&#x2A; An analyst from Morgan Stanley has decided to maintain their Equal-Weight rating on PENN Entertainment, which currently sits at a price target of $20. 
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for PENN Entertainment, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Options

Markets

Looking At PENN Entertainment's Recent Unusual Options Activity

<a href="https://x.com/BittGDCG/status/1836817442049257727" title="https://x.com/BittGDCG/status/1836817442049257727">https://x.com/BittGDCG/status/1836817442049257727</a>

WYNN

Shares Of PENN Entertainment Seeing Volume; Gaming Analyst, Steve Bittenbender, Post On X, "The New York State Gaming Commission is scheduled to consider PENN Sports Interactive's application  to purchase Wynn Bet's NY sports betting rights at its meeting Monday afternoon  If approved, it would open the door for ESPN BET to launch in the Empire State."

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders often look for circumstances when the market estimation of an option diverges away from its normal worth. Abnormal amounts of trading activity could push option prices to hyperbolic or underperforming levels. 
Below are some instances of options activity happening in the Consumer Discretionary sector: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>TSLA</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>09/20/24</td>
<td>$230.00</td>
<td>$51.4K</td>
<td>60.3K</td>
<td>52.0K</td>
</tr>
<tr>
<td>NIO</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>12/20/24</td>
<td>$6.00</td>
<td>$30.0K</td>
<td>16.6K</td>
<td>6.1K</td>
</tr>
<tr>
<td>CVNA</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/27/24</td>
<td>$142.00</td>
<td>$164.7K</td>
<td>36</td>
<td>6.0K</td>
</tr>
<tr>
<td>AMZN</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>09/20/24</td>
<td>$180.00</td>
<td>$37.5K</td>
<td>30.4K</td>
<td>2.2K</td>
</tr>
<tr>
<td>DKNG</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>09/20/24</td>
<td>$38.00</td>
<td>$202.9K</td>
<td>7.5K</td>
<td>2.2K</td>
</tr>
<tr>
<td>GLBE</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/20/24</td>
<td>$35.00</td>
<td>$58.5K</td>
<td>2.4K</td>
<td>1.6K</td>
</tr>
<tr>
<td>GENI</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$7.50</td>
<td>$27.3K</td>
<td>7.2K</td>
<td>885</td>
</tr>
<tr>
<td>PENN</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>10/18/24</td>
<td>$20.00</td>
<td>$27.7K</td>
<td>2.0K</td>
<td>782</td>
</tr>
<tr>
<td>CMG</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>12/20/24</td>
<td>$68.00</td>
<td>$29.3K</td>
<td>1.9K</td>
<td>387</td>
</tr>
<tr>
<td>GM</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$45.00</td>
<td>$39.2K</td>
<td>971</td>
<td>137</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These bullet-by-bullet explanations have been constructed using the accompanying table. 
• For TSLA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), we notice a call option trade that happens to be bearish, expiring in 3 day(s) on September 20, 2024. This event was a transfer of 105 contract(s) at a $230.00 strike. The total cost received by the writing party (or parties) was $51.4K, with a price of $490.0 per contract. There were 60320 open contracts at this strike prior to today, and today 52003 contract(s) were bought and sold. 
• Regarding NIO (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>), we observe a call option sweep with bearish sentiment. It expires in 94 day(s) on December 20, 2024. Parties traded 500 contract(s) at a $6.00 strike. This particular call needed to be split into 6 different trades to become filled. The total cost received by the writing party (or parties) was $30.0K, with a price of $60.0 per contract. There were 16623 open contracts at this strike prior to today, and today 6133 contract(s) were bought and sold. 
• For CVNA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>), we notice a put option sweep that happens to be bullish, expiring in 10 day(s) on September 27, 2024. This event was a transfer of 1000 contract(s) at a $142.00 strike. This particular put needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $164.7K, with a price of $162.0 per contract. There were 36 open contracts at this strike prior to today, and today 6078 contract(s) were bought and sold. 
• For AMZN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>), we notice a call option trade that happens to be neutral, expiring in 3 day(s) on September 20, 2024. This event was a transfer of 50 contract(s) at a $180.00 strike. The total cost received by the writing party (or parties) was $37.5K, with a price of $750.0 per contract. There were 30434 open contracts at this strike prior to today, and today 2233 contract(s) were bought and sold. 
• For DKNG (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>), we notice a call option trade that happens to be bearish, expiring in 3 day(s) on September 20, 2024. This event was a transfer of 1750 contract(s) at a $38.00 strike. The total cost received by the writing party (or parties) was $202.9K, with a price of $116.0 per contract. There were 7506 open contracts at this strike prior to today, and today 2208 contract(s) were bought and sold. 
• Regarding GLBE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GLBE#NASDAQ">GLBE</a>), we observe a call option sweep with bullish sentiment. It expires in 3 day(s) on September 20, 2024. Parties traded 225 contract(s) at a $35.00 strike. This particular call needed to be split into 10 different trades to become filled. The total cost received by the writing party (or parties) was $58.5K, with a price of $260.0 per contract. There were 2443 open contracts at this strike prior to today, and today 1681 contract(s) were bought and sold. 
• For GENI (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GENI#NYSE">GENI</a>), we notice a call option trade that happens to be bullish, expiring in 122 day(s) on January 17, 2025. This event was a transfer of 219 contract(s) at a $7.50 strike. The total cost received by the writing party (or parties) was $27.3K, with a price of $125.0 per contract. There were 7232 open contracts at this strike prior to today, and today 885 contract(s) were bought and sold. 
• Regarding PENN (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>), we observe a put option sweep with bearish sentiment. It expires in 31 day(s) on October 18, 2024. Parties traded 186 contract(s) at a $20.00 strike. This particular put needed to be split into 24 different trades to become filled. The total cost received by the writing party (or parties) was $27.7K, with a price of $149.0 per contract. There were 2045 open contracts at this strike prior to today, and today 782 contract(s) were bought and sold. 
• For CMG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>), we notice a call option sweep that happens to be neutral, expiring in 94 day(s) on December 20, 2024. This event was a transfer of 250 contract(s) at a $68.00 strike. This particular call needed to be split into 3 different trades to become filled. The total cost received by the writing party (or parties) was $29.3K, with a price of $118.0 per contract. There were 1981 open contracts at this strike prior to today, and today 387 contract(s) were bought and sold. 
• Regarding GM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), we observe a put option trade with bullish sentiment. It expires in 185 day(s) on March 21, 2025. Parties traded 135 contract(s) at a $45.00 strike. The total cost received by the writing party (or parties) was $39.2K, with a price of $291.0 per contract. There were 971 open contracts at this strike prior to today, and today 137 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more about unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Sportsbooks operators such as DraftKings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>) could stand to benefit with the 2024 National Football season underway and another week of favorable outcomes for sportsbooks in the <a href="https://www.benzinga.com/general/entertainment/24/09/40841727/nfl-week-2-betting-odds-media-stocks-to-watch-will-josh-allen-stay-perfect-on-thursdays-can">second week of games.</a>
The DraftKings Analyst: Needham analyst Bernie McTernan reiterated a Buy rating and $60 price target on DraftKings after the second week of the NFL season.
Read Also: <a href="https://www.benzinga.com/general/sports-betting/24/08/40555085/sports-illustrated-predicts-detroit-lions-to-win-super-bowl-heres-how-much-100-bet-could-p">Sports Illustrated Predicts Detroit Lions To Win Super Bowl: Here&#8217;s How Much $100 Bet Could Pay If History Is Made</a>
 The Analyst Takeaways: Sportsbooks likely had favorable outcomes from the NFL matchups for a second straight week, McTernan said in a new investor note.
The <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40774768/draftkings-wins-in-week-1-nfl-season-app-moves-up-rankings-a-good-weekend-for-the-s">analyst previously estimated</a> the first week of the NFL would show favorable outcomes for sportsbooks thanks to several of the top bet-on teams either lost or failed to cover the spread. Data from New York sportsbooks showed this may not have been the case with sportsbooks in the state having a 6.8% hold rate, compared to 13.6% for the first week of the NFL season last year.
There were only four weeks in the 2023 NFL season of 18 total that had a hold rate below 6.8%, the analyst added.
"We think week two was a bounce back week for the sportsbooks, following week one that was worse than we estimated," McTernan said. "We think week two was a good week for the sportsbooks as three of the four largest underdogs won outright in the Sunday 1 p.m. and 4 p.m. ET slate."
The analyst said the underdogs won in over 50% of the games and covered the spread in 64% of games, which is usually a favorable outcome for sportsbooks.
Among the NFL teams to lose in the second week and most bet-on teams to cover on Sunday were the Baltimore Ravens (to the Las Vegas Raiders), Dallas Cowboys (to the New Orleans Saints) and San Francisco 49ers (to the Minnesota Vikings).
App store rankings showed DraftKings as the third top sports app for the second week of the NFL season, up from fifth place last week. FanDuel, owned by Flutter Entertainment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLUT#NYSE">FLUT</a>) ranked fifth on the week, up from seventh place last week.
Several other sportsbooks saw their rankings on the iOS app store rankings improve including bet365 and BetMGM. ESPN Bet, operated by PENN Entertainment Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) fell in the rankings going from 23rd in the first week of the NFL season to 26th place in the second week. Fanatics sportsbook also fell from 25th to 31st from the first to second week of the NFL season.
McTernan cautioned that DraftKings ranking first in the iOS app store rankings to start the 2024 season might not last.
"As a reminder, DKNG also was the leader the first two weeks of last season but FanDuel narrowly edged them for the lead for the whole season."
The second week NFL results along with the growing sportsbook market had the analyst remaining bullish on DraftKings.
"We see DKNG as a leader in the emerging North America online gambling market, a $35B market opportunity."
DKNG Price Action: DraftKings stock is up 1.30% to $38.29 on Monday at publication versus a 52-week trading range of $25.74 to $49.57. DraftKings stock is up 13% year-to-date in 2024.
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Photo: Shutterstock

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Shares of companies within the broader consumer discretionary sector are trading higher following better-than-expected consumer sentiment data. Strong earnings from RH and anticipated rate cuts may be lifting the sector.

Investors with a lot of money to spend have taken a bullish stance on PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with PENN, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 17 uncommon options trades for PENN Entertainment.
This isn't normal.
The overall sentiment of these big-money traders is split between 64% bullish and 29%, bearish.
Out of all of the special options we uncovered, 6 are puts, for a total amount of $441,651, and 11 are calls, for a total amount of $930,829.
<h3>Expected Price Movements</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $15.0 and $25.0 for PENN Entertainment, spanning the last three months.
<h3>Analyzing Volume &amp; Open Interest</h3>
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in PENN Entertainment's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to PENN Entertainment's substantial trades, within a strike price spectrum from $15.0 to $25.0 over the preceding 30 days.
<h3>PENN Entertainment Call and Put Volume: 30-Day Overview</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1726243661_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>PENN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$5.6</td>
<td>$5.0</td>
<td>$5.0</td>
<td>$20.00</td>
<td>$205.5K</td>
<td>2.2K</td>
<td style="text-align: right;">467</td>
</tr>
<tr>
<td>PENN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$3.95</td>
<td>$3.8</td>
<td>$3.9</td>
<td>$17.50</td>
<td>$190.3K</td>
<td>13.1K</td>
<td style="text-align: right;">687</td>
</tr>
<tr>
<td>PENN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>04/17/25</td>
<td>$4.75</td>
<td>$4.7</td>
<td>$4.75</td>
<td>$17.50</td>
<td>$188.1K</td>
<td>14</td>
<td style="text-align: right;">406</td>
</tr>
<tr>
<td>PENN</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$2.68</td>
<td>$2.57</td>
<td>$2.68</td>
<td>$20.00</td>
<td>$156.3K</td>
<td>2.3K</td>
<td style="text-align: right;">583</td>
</tr>
<tr>
<td>PENN</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$6.1</td>
<td>$6.05</td>
<td>$6.05</td>
<td>$25.00</td>
<td>$107.0K</td>
<td>3.7K</td>
<td style="text-align: right;">227</td>
</tr>
</tbody>
</table>

<h3>About PENN Entertainment</h3>
Penn Entertainment's origins date back to its 1972 racetrack opening in Pennsylvania. Today, Penn operates 43 properties across 20 states and 12 brands, including Hollywood Casino and Ameristar. Land-based casinos represented 89% of total sales in 2023; 11% was from the interactive segment, which includes sports, iGaming, and media revenue. The retail portfolio generates mid-30s EBITDAR margins and helps position the company to obtain licenses for the digital wagering markets. Additionally, Penn's media assets, theScore and ESPN (starting with its partnership launch in November 2023), provide access to sports betting/iGaming technology and clientele, helping it form a leading digital position.
In light of the recent options history for PENN Entertainment, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>Current Position of PENN Entertainment</h3>
<ul>
<li>Trading volume stands at 3,296,970, with PENN's price up by 8.17%, positioned at $19.86.</li>
<li>RSI indicators show the stock to be may be approaching overbought.</li>
<li>Earnings announcement expected in 48 days.</li>
</ul>
<h3>Professional Analyst Ratings for PENN Entertainment</h3>
In the last month, 1 experts released ratings on this stock with an average target price of $20.0.
<ul>
<li>An analyst from Morgan Stanley has decided to maintain their Equal-Weight rating on PENN Entertainment, which currently sits at a price target of $20. </li>
</ul>
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest PENN Entertainment options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Smart Money Is Betting Big In PENN Options

Although U.S. stocks closed higher on Thursday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company&#8217;s prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/">Benzinga&#8217;s insider transactions</a> platform.
<h3 class="wp-block-heading">Permian Resources</h3>
<ul>
<li>The Trade: Permian Resources Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PR#NYSE">PR</a>) Director William J Quinn <a href="https://www.benzinga.com/quote/ONEW/analyst-ratings">acquired a total of 312,429 shares at</a> an average price of $12.79. To acquire these shares, it cost around $3.99 million.</li>
<li>What's Happening: On Sept. 12, JP Morgan analyst Arun Jayaram maintained Permian Resources with an Overweight and lowered the price target from $20 to $17..</li>
<li>What Permian Resources Does: Permian Resources Corp is an independent oil and natural gas company focused on generating outsized returns to stakeholders through the responsible acquisition, optimization and development of oil and liquids-rich natural gas assets.</li>
</ul>
<h3 class="wp-block-heading">PENN Entertainment</h3>
<ul>
<li>The Trade: PENN Entertainment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) Director David A Handler acquired a total of 10,000 shares at an average price of $17.51. To acquire these shares, it cost around $175,100.</li>
<li>What's Happening: On Aug. 8, PENN Entertainment posted upbeat quarterly earnings.</li>
<li>What PENN Entertainment Does: Penn Entertainment&#8217;s origins date back to its 1972 racetrack opening in Pennsylvania. Today, Penn operates 43 properties across 20 states and 12 brands, including Hollywood Casino and Ameristar.</li>
</ul>
<h3 class="wp-block-heading">Aptiv</h3>
<ul>
<li>The Trade: Aptiv PLC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/APTV#NYSE">APTV</a>) CEO and Chairman Kevin P Clark <a href="https://www.benzinga.com/sec/insider-trades/">bought a total of 29,770 shares</a> at an average price of $65.45. To acquire these shares, it cost around $1.95 million.</li>
<li>What's Happening: On Sept. 10, Deutsche Bank analyst Edison Yu reinstated Aptiv with a Hold and announced a $74 price target.</li>
<li>What Aptiv Does: Aptiv&#8217;s signal and power solutions segment supplies components and systems that make up a vehicle&#8217;s electrical system, including wiring assemblies and harnesses, connectors, electrical centers, and hybrid electrical systems. </li>
</ul>
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ATLANTIC CITY, N.J. (AP) — People began betting on which political party would win control of Congress in the November elections within minutes of a judge's ruling Thursday allowing the bets — the only ones to be legally approved by a U.S. jurisdiction.
 <a href="https://apnews.com/article/betting-on-elections-kalshi-gambling-trump-harris-882f1e6e4f434f0e6ac6e5985a5583ce" title="https://apnews.com/article/betting-on-elections-kalshi-gambling-trump-harris-882f1e6e4f434f0e6ac6e5985a5583ce">https://apnews.com/article/betting-on-elections-kalshi-gambling-trump-harris-882f1e6e4f434f0e6ac6e5985a5583ce</a>

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Virco Manufacturing Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/virc#NASDAQ">VIRC</a>) reported mixed second-quarter fiscal 2024 (ended July 31, 2024) results, wherein earnings surpassed the Zacks Consensus Estimate but sales missed the same. Following the results, the company&#39;s shares lost 9.3% on Sept. 09.
On a year-over-year basis, the top and the bottom lines increased. This was primarily driven by higher factory output and improved operating efficiencies. A large counter-seasonal disaster recovery order also contributed to the positive results. This order is now blending into the company&#39;s usual seasonal delivery pattern, which peaks during the second and third quarters when schools are closed.
Although order rates declined slightly with the progress of summer, Shipments plus Backlog remained higher compared to last year. The company is confident in its ability to adapt to these changes. Its strong financial position supports the ongoing investments in new manufacturing equipment and service expansions. VIRC is well-positioned to seize unexpected opportunities as the market adjusts to a new post-pandemic phase.
Going forward, the company aims to seek potential acquisition opportunities to expand and strengthen its current business capabilities. Also, along with driving its prospects, Virco expects to add shareholder value through quarterly dividends and share repurchases.
<h2>Delving Deeper</h2>
The company reported adjusted earnings of $1.04 per share, which surpassed the Zacks Consensus Estimate of $1.00 by 4%. In the last reported quarter, it reported adjusted earnings of 95 cents per share.
<div class="chart_embed">
<h3>Virco Manufacturing Corporation Price, Consensus and EPS Surprise</h3>
<img alt="Virco Manufacturing Corporation Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/b9/1725964901.png" style="height:265px; width:577px" title="" />
Virco Manufacturing Corporation price-consensus-eps-surprise-chart | Virco Manufacturing Corporation Quote
Net sales of $108.4 million missed the consensus mark of $115.9 million by 6.5% but grew 1% from the prior-year quarter&#39;s level.
</div>
<h2>Operating Highlights</h2>
During the fiscal second quarter, Virco&#39;s gross profit increased 3.4% year over year to $50.2 million. The gross margin expanded 100 basis points (bps) to 46.3% from 45.3% a year ago.
Selling, general and administrative expenses, as a percentage of sales, increased 60 bps to 26.1% from 25.5% reported a year ago. The uptick in operating expenses stemmed from a modest increase in full-service orders and the associated installation costs.
The company reported an operating profit of $21.9 million compared with $21.2 million in the prior-year quarter.
<h2>Financials</h2>
At the end of the fiscal second-quarter, Virco had cash of $0.8 million, down from $5.3 million at fiscal 2023-end. As of July 31, long-term debt (less current portion) was $4 million, slightly down from $4.1 million at fiscal 2023-end.
At the end of second-quarter fiscal 2024, the company&#39;s inventory came in at $58.6 million, slightly up from $58.4 million in the year-ago period.
<h2>VIRC&#39;s Zacks Rank</h2>
Virco currently carries a Zacks Rank #3 (Hold).
<h2>Recent Consumer Discretionary Releases</h2>
PENN Entertainment, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/penn#NASDAQ">PENN</a>) reported a narrower-than-expected loss in second-quarter 2024. The company&#39;s bottom and top lines surpassed the Zacks Consensus Estimate but declined on a year-over-year basis. PENN&#39;s quarterly results were hampered by disappointing performances of its South and Interactive segments.
However, top-of-funnel growth improvement, better risk management and enhanced promotional strategies led to stronger-than-expected revenues and adjusted EBITDA in the Interactive segment. PENN continues to focus on database growth and customer engagement through the use of latest technology, ongoing investments in gaming and non-gaming areas and partnerships in food and beverage.
Choice Hotels International, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/chh#NYSE">CHH</a>) delivered drab second-quarter 2024 results, with adjusted earnings and revenues missing the Zacks Consensus Estimate. Nevertheless, both metrics increased on a year-over-year basis.
The results were backed by strong demand trends across the company&#39;s diversified portfolio of brands. This uptrend in demand aided in accelerating global hotel openings, expanding international market reach and increasing the size of its reward program. CHH&#39;s versatile business model and accretive growth strategies ensure the support required to foster its growth trends.
Hilton Worldwide Holdings Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hlt#NYSE">HLT</a>) reported mixed second-quarter 2024 results, with earnings beating the Zacks Consensus Estimate but revenues missing the same. Both metrics increased year over year.
The company&#39;s performance was backed by notable improvements in revenue per available room, attributed to higher occupancy rates and average daily rates. As of June 30, 2024, Hilton&#39;s development pipeline comprised nearly 3,370 hotels, with almost 508,300 rooms across 136 countries and territories. For 2024, HLT expects net unit growth to be in the range of 7-7.5%.
<a href="https://www.zacks.com/stock/news/2334038/virco-s-q2-earnings-beat-estimates-revenues-miss-stock-falls?cid=CS-BENZ-FT-analyst_blog|earnings_article-2334038">To read this article on Zacks.com click here.</a>

Earnings

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Virco's Q2 Earnings Beat Estimates, Revenues Miss, Stock Falls

PENN Entertainment's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NYSE">PENN</a>) short percent of float has fallen 8.03% since its last report. The company recently reported that it has 22.23 million shares sold short, which is 16.49% of all regular shares that are available for trading. Based on its trading volume, it would take traders 6.26 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>PENN Entertainment Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1725631222_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for PENN Entertainment has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing PENN Entertainment's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, PENN Entertainment's peer group average for short interest as a percentage of float is 3.96%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

How Is The Market Feeling About PENN Entertainment?

Throughout the last three months, 11 analysts have evaluated PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>), offering a diverse set of opinions from bullish to bearish.
The table below summarizes their recent ratings, showcasing the evolving sentiments within the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">3</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
The 12-month price targets, analyzed by analysts, offer insights with an average target of $23.91, a high estimate of $30.00, and a low estimate of $20.00. Observing a 6.5% increase, the current average has risen from the previous average price target of $22.45. 
<img src="https://www.benzinga.com/files/images/story/2024/1725458421_0.png" alt="price target chart" />
<h2>Exploring Analyst Ratings: An In-Depth Overview</h2>
An in-depth analysis of recent analyst actions unveils how financial experts perceive PENN Entertainment. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Stephen Grambling</td>
<td>Morgan Stanley</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$20.00</td>
<td>$21.00</td>
</tr>
<tr>
<td>Chad Beynon</td>
<td>Macquarie</td>
<td>Maintains</td>
<td>Outperform</td>
<td>$26.00</td>
<td>$26.00</td>
</tr>
<tr>
<td>Carlo Santarelli</td>
<td>Deutsche Bank</td>
<td>Raises</td>
<td>Hold</td>
<td>$20.00</td>
<td>$18.00</td>
</tr>
<tr>
<td>Brandt Montour</td>
<td>Barclays</td>
<td>Raises</td>
<td>Overweight</td>
<td>$23.00</td>
<td>$22.00</td>
</tr>
<tr>
<td>Steven Wieczynski</td>
<td>Stifel</td>
<td>Raises</td>
<td>Hold</td>
<td>$20.00</td>
<td>$19.00</td>
</tr>
<tr>
<td>Bernie McTernan</td>
<td>Needham</td>
<td>Maintains</td>
<td>Buy</td>
<td>$26.00</td>
<td>$26.00</td>
</tr>
<tr>
<td>Bernie McTernan</td>
<td>Needham</td>
<td>Maintains</td>
<td>Buy</td>
<td>$26.00</td>
<td>$26.00</td>
</tr>
<tr>
<td>Dara Mohsenian</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$21.00</td>
<td>$20.00</td>
</tr>
<tr>
<td>Joseph Moore</td>
<td>Susquehanna</td>
<td>Maintains</td>
<td>Positive</td>
<td>$26.00</td>
<td>$26.00</td>
</tr>
<tr>
<td>Ryan Sigdahl</td>
<td>Craig-Hallum</td>
<td>Raises</td>
<td>Buy</td>
<td>$30.00</td>
<td>$20.00</td>
</tr>
<tr>
<td>Barry Jonas</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$25.00</td>
<td>$23.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts adapt their recommendations to changing market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their response to recent developments related to PENN Entertainment. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Gaining insights, analysts provide qualitative assessments, ranging from 'Outperform' to 'Underperform'. These ratings reflect expectations for the relative performance of PENN Entertainment compared to the broader market.</li>
<li>Price Targets: Understanding forecasts, analysts offer estimates for PENN Entertainment's future value. Examining the current and prior targets provides insight into analysts' changing expectations.</li>
</ul>
Considering these analyst evaluations in conjunction with other financial indicators can offer a comprehensive understanding of PENN Entertainment's market position. Stay informed and make well-informed decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/PENN/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on PENN Entertainment analyst ratings.</a>
<h2>About PENN Entertainment</h2>
Penn Entertainment's origins date back to its 1972 racetrack opening in Pennsylvania. Today, Penn operates 43 properties across 20 states and 12 brands, including Hollywood Casino and Ameristar. Land-based casinos represented 89% of total sales in 2023; 11% was from the interactive segment, which includes sports, iGaming, and media revenue. The retail portfolio generates mid-30s EBITDAR margins and helps position the company to obtain licenses for the digital wagering markets. Additionally, Penn's media assets, theScore and ESPN (starting with its partnership launch in November 2023), provide access to sports betting/iGaming technology and clientele, helping it form a leading digital position.
<h3>Financial Insights: PENN Entertainment</h3>
Market Capitalization Analysis: Below industry benchmarks, the company's market capitalization reflects a smaller scale relative to peers. This could be attributed to factors such as growth expectations or operational capacity.
Decline in Revenue: Over the 3 months period, PENN Entertainment faced challenges, resulting in a decline of approximately -0.7% in revenue growth as of 30 June, 2024. This signifies a reduction in the company's top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Consumer Discretionary sector.
Net Margin: PENN Entertainment's net margin is below industry averages, indicating potential challenges in maintaining strong profitability. With a net margin of -1.63%, the company may face hurdles in effective cost management.
Return on Equity (ROE): PENN Entertainment's ROE is below industry averages, indicating potential challenges in efficiently utilizing equity capital. With an ROE of -0.88%, the company may face hurdles in achieving optimal financial returns.
Return on Assets (ROA): PENN Entertainment's ROA lags behind industry averages, suggesting challenges in maximizing returns from its assets. With an ROA of -0.17%, the company may face hurdles in achieving optimal financial performance.
Debt Management: With a below-average debt-to-equity ratio of 3.73, PENN Entertainment adopts a prudent financial strategy, indicating a balanced approach to debt management.
<h2>How Are Analyst Ratings Determined?</h2>
Benzinga tracks 150 analyst firms and reports on their stock expectations. Analysts typically arrive at their conclusions by predicting how much money a company will make in the future, usually the upcoming five years, and how risky or predictable that company's revenue streams are.
Analysts attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish their ratings on stocks. Analysts typically rate each stock once per quarter or whenever the company has a major update.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along withanalyst success scores in <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Key Takeaways From PENN Entertainment Analyst Ratings

Morgan Stanley analyst Stephen Grambling maintains PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) with a Equal-Weight and lowers the price target from $21 to $20.

Morgan Stanley Maintains Equal-Weight on PENN Entertainment, Lowers Price Target to $20

Shares of PENN Entertainment, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/penn#NASDAQ">PENN</a>) have moved down 28.5% year to date against the Zacks Gaming industry&#39;s 7.3% growth and the S&amp;P 500&#39;s rise of 19.6%.
The company also underperformed other industry players like DoubleDown Interactive Co., Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ddi#NASDAQ">DDI</a>), PlayAGS, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ags#NYSE">AGS</a>) and Red Rock Resorts, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rrr#NASDAQ">RRR</a>), which surged 98.1%, 34.3% and 9.3%, respectively, in the said period. The substantial decline in PENN&#39;s shares raises questions about whether it is the right time to buy at a lower price or if investors should hold off until the stock shows signs of stabilization.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/d8/76271.jpg?v=2061778725" />
Image Source: Zacks Investment Research
<h2>PENN Stock Trades Below 50- &amp; 200-Day Moving Averages</h2>
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/a1/76270.jpg?v=1490772511" />
Image Source: Zacks Investment Research
PENN is currently trading below the 50- and 200-day moving averages, indicating weaker performance compared to recent trends. Although the company is making notable progress through various positive initiatives &mdash; such as enhanced top-of-funnel growth, effective risk management and refined promotional strategies &mdash; the stock&#39;s position below these key moving averages raises concerns.
<h2>What&#39;s Hurting PENN&#39;s Performance?</h2>
In spite of reporting decent second-quarter 2024 results &mdash; with earnings and revenues exceeding the Zacks Consensus Estimate by 33.3% and 1%, respectively &mdash; the top and the bottom line declined year over year. The downtick was primarily due to disappointing performance in its South and Interactive segments.
The company is grappling with a dismal performance in its South segment due to increased competition and severe weather events affecting operations. PENN&#39;s Interactive segment is facing challenges with reduced food, beverage, hotel and other revenues despite a slight increase in gaming revenues. Increased marketing expenditures in the Interactive segment, along with higher labor and gaming costs, are a concern.
The company is facing significant challenges with its margin performance. During the second quarter, the adjusted EBITDAR declined 23% from the year-ago level to $367 million. The adjusted EBITDAR margin contracted to 22.1% from 28.5% a year earlier. The downtick highlights current operational challenges and cost pressures. PENN is apprehensive about an uncertain economic environment, which could continue to affect performance in the near term.
<h2>PENN&#39;s Growth Prospects</h2>
Robust Gaming Performance: PENN has demonstrated impressive performance in the gaming segment. The company&#39;s recent results highlight significant growth and resilience driven by increased consumer demand and successful operational strategies. In the second quarter, gaming revenues increased 3.1% year over year to $1.3 billion. This upside was primarily driven by increased gaming revenues in the Interactive segment and higher slot revenues in Northeast, Midwest and West segments. The Interactive segment benefited from top-of-funnel growth, better risk and trading execution, refined promotional strategies and a favorable sportsbook hold.
Emphasis on Sports Betting: The company is enhancing its iCasino product by adding new game titles from PENN Game Studios and expanding third-party content while strengthening its promotional offerings. By early 2025, it plans to launch its first standalone iCasino app, which will capitalize on the Hollywood brand and its extensive casino database.
ESPN BET (the Sportsbook) continues to drive significant growth in the digital database and active user base, setting a strong foundation for future expansion. During the second quarter, monthly active users increased more than 138% year over year. Improved risk and trading execution, along with a higher parlay mix, contributed to increased hold rates.
Key Properties Driving Market Share Growth: Its retail segment remains resilient, bolstered by stable consumer trends, a diverse product range and recent capital investments that mitigate the impact of increased market supply. During second-quarter 2024, PENN observed notable market share growth in Ohio, Maryland and Iowa. Flagship properties like Hollywood Casino at Greektown and M Resort in Las Vegas continued to show strong performance.
During the quarter, the company saw significant revenue and market share growth at its downtown Detroit property due to recent hotel room renovations and the launch of the first ESPN BET retail sportsbook. On April 25, 2024, the company opened the ESPN BET retail sportsbook, featuring a multi-day NFL event at Greektown, which included live draft coverage by ESPN personalities. Revenues from the property increased more than 6.5% year over year, and market share expanded 90 basis points from the previous year&#39;s tally.
The company&#39;s Ohio properties have shown strong year-over-year growth on the back of current investments, including updated casino floors, expanded high-limit areas, top-tier sportsbooks and new food and beverage options. The Columbus property stands out as a top performer, with notable developments such as the ongoing hotel project and the upcoming ESPN BET sportsbook rebranding.
<h2>Positive Estimate Revisions for the Stock</h2>
Analysts are showing confidence in the stock, as indicated by recent upward revisions in earnings estimates. In the past 30 days, the Zacks Consensus Estimate for loss per share has narrowed to $1.37 from $1.39 for 2024. Over the same time frame, analysts have increased their estimates for 2025 by 11.5% to 68 cents.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/7d/76272.jpg?v=508309822" />
Image Source: Zacks Investment Research
<h2>Buy, Sell, or Hold &ndash; PENN</h2>
The Zacks Rank #3 (Hold) company faces several challenges despite making progress through positive initiatives. The company is encountering difficulties in the South and Interactive segments, with increased competition and operational issues impacting performance. Additionally, higher marketing expenditures and rising costs are affecting profitability.
However, PENN is making strides with enhanced top-of-funnel growth, effective risk management and refined promotional strategies. The retail segment remains resilient, supported by stable consumer trends and recent capital investments. Expansion efforts and improvements in technology are also notable. While current challenges persist, these efforts suggest that holding the stock is advisable for existing investors. New investors should monitor developments before making a decision.
<a href="https://www.zacks.com/stock/news/2330553/penn-entertainment-stock-falls-29-ytd-buy-the-dip-or-wait?cid=CS-BENZ-FT-analyst_blog|rank_focused-2330553">To read this article on Zacks.com click here.</a>

Entertainment

Offerings

Retail Sales

PENN Entertainment Stock Falls 29% YTD: Buy the Dip or Wait?

Sports betting operator DraftKings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>) looks strong compared to competitors for promotional activity, market share and more ahead of the<a href="https://www.benzinga.com/topic/nfl"> 2024 NFL season.</a>
The DraftKings Analyst: Needham analyst Bernie McTernan reiterated a Buy rating and $60 price target on DraftKings.
The Analyst Takeaways: The start of the NFL season is one of the most important times of year for sports betting companies, McTernan said in a new note.
The analyst looked at promotional activity, app rankings, market share and more metrics to see how DraftKings compares to market leader FanDuel, which is a unit of Flutter Entertainment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLUT#NYSE">FLUT</a>) and other sports betting operators.
"The promo environment is slightly more aggressive than last year, which is important given the key investor debate on the stocks is '25 estimates, specifically revenue growth and incremental margins," McTernan said of DraftKings.
DraftKings current new customer offer is $250 in free bets along with one month of NFL+ Premium. For comparison, FanDuel is also offering $250 in free bets along with a three-week free trial of NFL Sunday Ticket. The $250 is higher than $200 offered by both last year, the analyst noted.
Rival Fanatics is listed as the most generous to start the season with $1,000 in matching free bets over a 10-day period.
The FanDuel app beat out DraftKings in the last NFL season, with the ESPN Bet app from Penn Entertainment Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) topping the category after it launched in November.
Ahead of the 2024 NFL season, FanDuel ranks ahead of DraftKings with Fanatics and BetMGM ranking third and fourth.
ESPN, which is owned by Walt Disney Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) has the top sports media and fantasy sports apps heading into the season. The strong interest in ESPN could play out well for Penn Entertainment, which licenses the ESPN brand for its ESPN Bet sportsbook.
Read Also:<a href="https://www.benzinga.com/news/earnings/24/08/40116073/draftkings-q2-earnings-highlights-sports-betting-company-launches-1-billion-buyback-misses-on-reven"> DraftKings Q2 Earnings Highlights: Sports Betting Company Launches $1-Billion Buyback, Misses On Revenue, Beats On Earnings</a>
The analyst highlighted an update for ESPN Bet ahead of the season that sees more parlays, trending bets, exclusives, early payouts and further integration with ESPN apps and sportscasts.
"Overall, these product updates highlight PENN is executing on its plan for what they can control."
A look at market share comparisons from the analyst for the shows DraftKings and FanDuel with a clear lead and duopoly.
FanDuel led the way with 37.8% market share in 20234 compared to 34.8% for DraftKings. FanDuel also led in the first and second quarters with 38.7% and 37.3% compared to 34.4% and 37.0%, respectively.
DraftKings got closer to FanDuel in the second quarter and the third quarter could be a key time for the two operators with NFL and NCAA Football back in full action.
ESPN Bet had 3.2% market share in 2024 and market share of 4.6% and 3.1%, respectively, in the first two quarters of 2024. The Penn product continues to see minimal market share despite the large audience ESPN commands.
Ranking third was BetMGM, a joint venture from Entain and MGM Resorts International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MGM#NYSE">MGM</a>). BetMGM had a market share of 8.6% in 2023 and posted a market share of 7.9% in both the first and second quarters. While BetMGM ranks third, the brand has also seen its market share fall from 12.1% in 2022 as DraftKings and FanDuel continue to gain share against the competition.
While there have been several competitors launching against DraftKings and FanDuel over the years, the two leaders have been able to fend them off and grow.
"Within this market, we believe DKNG has a sustainable customer acquisition strategy that should continue to drive its first- or second-place position in all states."
DKNG Price Action: DraftKings stock trades at $34.51 versus a 52-week trading range of $25.74 to $49.57. DraftKings stock is up 2.7% year-to-date in 2024.
Read Next: 
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<li><a href="https://www.benzinga.com/general/sports/24/08/40607642/jeff-bezos-could-have-competition-if-he-wants-the-nfls-seattle-seahawks-private-equity-investments">Jeff Bezos Could Have Competition If He Wants The NFL&#8217;s Seattle Seahawks: Private Equity Investments Get League Approval</a></li>
</ul>
Photo: Shutterstock

DraftKings Stock Ahead Of 2024 NFL Season: Analyst Says Promos 'More Aggressive Than Last Year'

Investors with a lot of money to spend have taken a bullish stance on PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>).
And retail traders should know.
We noticed this today when the positions showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with PENN, it often means somebody knows something is about to happen.
Today, Benzinga's options scanner spotted 8 options trades for PENN Entertainment.
This isn't normal.
The overall sentiment of these big-money traders is split between 75% bullish and 25%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $96,613, and 7, calls, for a total amount of $278,861.
<h3>Predicted Price Range</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $15.0 and $25.0 for PENN Entertainment, spanning the last three months.
<h3>Volume &amp; Open Interest Trends</h3>
In terms of liquidity and interest, the mean open interest for PENN Entertainment options trades today is 1127.33 with a total volume of 5,391.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for PENN Entertainment's big money trades within a strike price range of $15.0 to $25.0 over the last 30 days.
<h3>PENN Entertainment 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1725039277_0.png" alt="Options Call Chart" />
<h3>Largest Options Trades Observed:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>PENN</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$7.0</td>
<td>$6.85</td>
<td>$6.85</td>
<td>$25.00</td>
<td>$96.6K</td>
<td>3.3K</td>
<td>29</td>
</tr>
<tr>
<td>PENN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/11/24</td>
<td>$1.45</td>
<td>$1.45</td>
<td>$1.45</td>
<td>$18.50</td>
<td>$57.9K</td>
<td>0</td>
<td>1.9K</td>
</tr>
<tr>
<td>PENN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>04/17/25</td>
<td>$5.55</td>
<td>$5.45</td>
<td>$5.45</td>
<td>$15.00</td>
<td>$46.8K</td>
<td>5</td>
<td>1</td>
</tr>
<tr>
<td>PENN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$2.67</td>
<td>$2.49</td>
<td>$2.5</td>
<td>$17.50</td>
<td>$40.7K</td>
<td>2.5K</td>
<td>163</td>
</tr>
<tr>
<td>PENN</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>04/17/25</td>
<td>$2.86</td>
<td>$2.78</td>
<td>$2.86</td>
<td>$20.00</td>
<td>$37.7K</td>
<td>104</td>
<td>1.6K</td>
</tr>
</tbody>
</table>

<h3>About PENN Entertainment</h3>
Penn Entertainment's origins date back to its 1972 racetrack opening in Pennsylvania. Today, Penn operates 43 properties across 20 states and 12 brands, including Hollywood Casino and Ameristar. Land-based casinos represented 89% of total sales in 2023; 11% was from the interactive segment, which includes sports, iGaming, and media revenue. The retail portfolio generates mid-30s EBITDAR margins and helps position the company to obtain licenses for the digital wagering markets. Additionally, Penn's media assets, theScore and ESPN (starting with its partnership launch in November 2023), provide access to sports betting/iGaming technology and clientele, helping it form a leading digital position.
In light of the recent options history for PENN Entertainment, it's now appropriate to focus on the company itself. We aim to explore its current performance.
<h3>Where Is PENN Entertainment Standing Right Now?</h3>
<ul>
<li>Trading volume stands at 1,107,449, with PENN's price up by 0.32%, positioned at $18.61.</li>
<li>RSI indicators show the stock to be may be approaching overbought.</li>
<li>Earnings announcement expected in 62 days.</li>
</ul>
<h3>What The Experts Say On PENN Entertainment</h3>
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $24.2.
<ul>
<li>An analyst from Stifel persists with their Hold rating on PENN Entertainment, maintaining a target price of $20. </li>
<li>An analyst from Barclays persists with their Overweight rating on PENN Entertainment, maintaining a target price of $23. </li>
<li>An analyst from Needham has revised its rating downward to Buy, adjusting the price target to $26. </li>
<li>An analyst from Needham has revised its rating downward to Buy, adjusting the price target to $26. </li>
<li>Maintaining their stance, an analyst from Macquarie continues to hold a Outperform rating for PENN Entertainment, targeting a price of $26. </li>
</ul>
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PENN Entertainment Unusual Options Activity

PENN Entertainment's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NYSE">PENN</a>) short percent of float has fallen 8.03% since its last report. The company recently reported that it has 22.23 million shares sold short, which is 16.49% of all regular shares that are available for trading. Based on its trading volume, it would take traders 6.26 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>PENN Entertainment Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1723492821_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for PENN Entertainment has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing PENN Entertainment's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, PENN Entertainment's peer group average for short interest as a percentage of float is 3.82%, which means the company has more short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Peering Into PENN Entertainment's Recent Short Interest

Macquarie analyst Chad Beynon maintains PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) with a Outperform and maintains $26 price target.

Macquarie Maintains Outperform on PENN Entertainment, Maintains $26 Price Target

PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) has been analyzed by 13 analysts in the last three months, revealing a diverse range of perspectives from bullish to bearish.
The table below provides a snapshot of their recent ratings, showcasing how sentiments have evolved over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">5</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">4</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts' evaluations of 12-month price targets offer additional insights, showcasing an average target of $23.58, with a high estimate of $30.00 and a low estimate of $17.50. Marking an increase of 0.68%, the current average surpasses the previous average price target of $23.42. 
<img src="https://www.benzinga.com/files/images/story/2024/1723237232_0.png" alt="price target chart" />
<h2>Diving into Analyst Ratings: An In-Depth Exploration</h2>
The perception of PENN Entertainment by financial experts is analyzed through recent analyst actions. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Carlo Santarelli</td>
<td>Deutsche Bank</td>
<td>Raises</td>
<td>Hold</td>
<td>$20.00</td>
<td>$18.00</td>
</tr>
<tr>
<td>Brandt Montour</td>
<td>Barclays</td>
<td>Raises</td>
<td>Overweight</td>
<td>$23.00</td>
<td>$22.00</td>
</tr>
<tr>
<td>Steven Wieczynski</td>
<td>Stifel</td>
<td>Raises</td>
<td>Hold</td>
<td>$20.00</td>
<td>$19.00</td>
</tr>
<tr>
<td>Bernie McTernan</td>
<td>Needham</td>
<td>Maintains</td>
<td>Buy</td>
<td>$26.00</td>
<td>$26.00</td>
</tr>
<tr>
<td>Bernie McTernan</td>
<td>Needham</td>
<td>Maintains</td>
<td>Buy</td>
<td>$26.00</td>
<td>$26.00</td>
</tr>
<tr>
<td>Dara Mohsenian</td>
<td>Morgan Stanley</td>
<td>Raises</td>
<td>Equal-Weight</td>
<td>$21.00</td>
<td>$20.00</td>
</tr>
<tr>
<td>Joseph Moore</td>
<td>Susquehanna</td>
<td>Maintains</td>
<td>Positive</td>
<td>$26.00</td>
<td>$26.00</td>
</tr>
<tr>
<td>Ryan Sigdahl</td>
<td>Craig-Hallum</td>
<td>Raises</td>
<td>Buy</td>
<td>$30.00</td>
<td>$20.00</td>
</tr>
<tr>
<td>Barry Jonas</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$25.00</td>
<td>$23.00</td>
</tr>
<tr>
<td>Joseph Moore</td>
<td>Susquehanna</td>
<td>Lowers</td>
<td>Positive</td>
<td>$26.00</td>
<td>$27.00</td>
</tr>
<tr>
<td>RJ Milligan</td>
<td>Raymond James</td>
<td>Announces</td>
<td>Outperform</td>
<td>$20.00</td>
<td>-</td>
</tr>
<tr>
<td>Bernie McTernan</td>
<td>Needham</td>
<td>Maintains</td>
<td>Buy</td>
<td>$26.00</td>
<td>$26.00</td>
</tr>
<tr>
<td>Shaun Kelley</td>
<td>B of A Securities</td>
<td>Lowers</td>
<td>Neutral</td>
<td>$17.50</td>
<td>$28.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to PENN Entertainment. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Delving into assessments, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings communicate expectations for the relative performance of PENN Entertainment compared to the broader market.</li>
<li>Price Targets: Analysts explore the dynamics of price targets, providing estimates for the future value of PENN Entertainment's stock. This examination reveals shifts in analysts' expectations over time.</li>
</ul>
For valuable insights into PENN Entertainment's market performance, consider these analyst evaluations alongside crucial financial indicators. Stay well-informed and make prudent decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/PENN/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on PENN Entertainment analyst ratings.</a>
<h2>Delving into PENN Entertainment's Background</h2>
Penn Entertainment's origins date back to its 1972 racetrack opening in Pennsylvania. Today, Penn operates 43 properties across 20 states and 12 brands, including Hollywood Casino and Ameristar. Land-based casinos represented 89% of total sales in 2023; 11% was from the interactive segment, which includes sports, iGaming, and media revenue. The retail portfolio generates mid-30s EBITDAR margins and helps position the company to obtain licenses for the digital wagering markets. Additionally, Penn's media assets, theScore and ESPN (starting with its partnership launch in November 2023), provide access to sports betting/iGaming technology and clientele, helping it form a leading digital position.
<h3>Breaking Down PENN Entertainment's Financial Performance</h3>
Market Capitalization Perspectives: The company's market capitalization falls below industry averages, signaling a relatively smaller size compared to peers. This positioning may be influenced by factors such as perceived growth potential or operational scale.
Revenue Growth: PENN Entertainment's revenue growth over a period of 3 months has faced challenges. As of 31 March, 2024, the company experienced a revenue decline of approximately -3.97%. This indicates a decrease in the company's top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Consumer Discretionary sector.
Net Margin: PENN Entertainment's net margin is below industry standards, pointing towards difficulties in achieving strong profitability. With a net margin of -7.15%, the company may encounter challenges in effective cost control.
Return on Equity (ROE): PENN Entertainment's ROE falls below industry averages, indicating challenges in efficiently using equity capital. With an ROE of -3.66%, the company may face hurdles in generating optimal returns for shareholders.
Return on Assets (ROA): PENN Entertainment's ROA falls below industry averages, indicating challenges in efficiently utilizing assets. With an ROA of -0.73%, the company may face hurdles in generating optimal returns from its assets.
Debt Management: With a below-average debt-to-equity ratio of 3.72, PENN Entertainment adopts a prudent financial strategy, indicating a balanced approach to debt management.
<h2>Analyst Ratings: Simplified</h2>
Within the domain of banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their work involves attending company conference calls and meetings, researching company financial statements, and communicating with insiders to publish "analyst ratings" for stocks. Analysts typically assess and rate each stock once per quarter.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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