Fintel reports that on August 10, 2023, Truist Securities downgraded their outlook for PENN Entertainment (NASDAQ:PENN) from Buy to Hold.

Analyst Price Forecast Suggests 36.50% Upside

As of August 2, 2023, the average one-year price target for PENN Entertainment is 36.99. The forecasts range from a low of 26.26 to a high of $58.80. The average price target represents an increase of 36.50% from its latest reported closing price of 27.10.

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The projected annual revenue for PENN Entertainment is 6,596MM, an increase of 0.57%. The projected annual non-GAAP EPS is 2.02.

What is the Fund Sentiment?

There are 763 funds or institutions reporting positions in PENN Entertainment. This is a decrease of 64 owner(s) or 7.74% in the last quarter. Average portfolio weight of all funds dedicated to PENN is 0.16%, a decrease of 31.27%. Total shares owned by institutions decreased in the last three months by 2.81% to 147,909K shares. The put/call ratio of PENN is 0.43, indicating a bullish outlook.

What are Other Shareholders Doing?

HG Vora Capital Management holds 14,000K shares representing 9.19% ownership of the company. In it’s prior filing, the firm reported owning 10,250K shares, representing an increase of 26.79%. The firm decreased its portfolio allocation in PENN by 1.52% over the last quarter.

Bamco holds 7,659K shares representing 5.03% ownership of the company. In it’s prior filing, the firm reported owning 8,091K shares, representing a decrease of 5.63%. The firm decreased its portfolio allocation in PENN by 15.48% over the last quarter.

FBGRX – Fidelity Blue Chip Growth Fund holds 6,599K shares representing 4.33% ownership of the company. In it’s prior filing, the firm reported owning 6,811K shares, representing a decrease of 3.22%. The firm decreased its portfolio allocation in PENN by 21.84% over the last quarter.

BGRFX – BARON GROWTH FUND holds 4,820K shares representing 3.16% ownership of the company. In it’s prior filing, the firm reported owning 4,910K shares, representing a decrease of 1.87%. The firm decreased its portfolio allocation in PENN by 10.42% over the last quarter.

IJH – iShares Core S&P Mid-Cap ETF holds 4,785K shares representing 3.14% ownership of the company. In it’s prior filing, the firm reported owning 4,790K shares, representing a decrease of 0.10%. The firm decreased its portfolio allocation in PENN by 4.51% over the last quarter.

PENN Entertainment Background Information
(This description is provided by the company.)

With the nation’s largest and most diversified regional gaming footprint, including 41 properties across 19 states, Penn National continues to evolve into a highly innovative omni-channel provider of retail and online gaming, live racing and sports betting entertainment. The Company’s properties feature approximately 50,000 gaming machines, 1,300 table games and 8,800 hotel rooms, and operate under various well-known brands, including Hollywood, Ameristar, and L’Auberge. Its wholly-owned interactive division, Penn Interactive, operates retail sports betting across the Company’s portfolio, as well online social casino, bingo, and iCasino products. In February 2020, Penn National entered into a strategic partnership with Barstool Sports, whereby Barstool is exclusively promoting the Company’s land-based and online casinos and sports betting products, including the Barstool Sportsbook mobile app, to its national audience. The Company’s omni-channel approach is bolstered by the mychoice loyalty program, which rewards and recognizes its over 20 million members for their loyalty to both retail and online gaming and sports betting products with the most dynamic set of offers, experiences, and service levels in the industry.

This article originally appeared on Fintel

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