Dernières nouvelles pour PENN Entertainment (NASDAQ:PENN) Stock

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

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

Needham analyst Bernie McTernan expressed his view on PENN Entertainment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) investor event in Las Vegas on Monday.
At the event, Penn said it expects third-quarter retail operations adjusted EBITDAR to be in the range of $465 million to $475 million. The company also raised its interactive adjusted <a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41228496/whats-going-on-with-penn-entertainment-stock-tuesday" rel="noreferrer noopener">EBITDA guidance for the third quarter</a>.
Penn anticipates a loss of $90 million to $100 million, up from prior guidance for a loss of $115 million to $135 million. The company noted that improving products and lower promotional<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener"> expenses accounted for the upside</a>.
The analyst writes that the key takeaway is the YoY improvement in PENN&#8217;s parlay mix, which is boosting hold due to recent product updates.
Strong Ontario results highlight potential upside from the convergence of sports betting and media, adds the analyst.
McTernan anticipates the account linking with ESPN in November could be a significant growth driver, leveraging ESPN&#8217;s vast user data to lower customer acquisition costs and boost retention and engagement.
PENN&#8217;s third-quarter preliminary results show lower Property Adjusted EBITDAR but a reduced expected loss for Interactive operations, adds the analyst.
The analyst says that the 2025 estimates for Interactive EBITDA are better than the consensus but slightly below their forecast, while 2026 expectations align with their projections.
The analyst reiterated a Buy rating and <a href="https://www.benzinga.com/quote/PENN/analyst-ratings">maintained a price target of $26.</a>
Price Action: PENN shares are up 1.21% at $18.80 at the last check Tuesday.
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Analyst Color

Equities

Mid Cap

News

Price Target

Reiteration

Analyst Ratings

Trading Ideas

PENN

PENN Entertainment's Product Enhancements And ESPN Integration Could Spark 2025 Growth, Says Analyst

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 will search for circumstances when the market estimation of an option diverges heavily from its normal worth. High amounts of trading activity could push option prices to exaggerated or underestimated levels. 
Here's the list of options activity happening in today's session: 
<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>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/11/24</td>
<td>$240.00</td>
<td>$41.6K</td>
<td>14.8K</td>
<td>21.7K</td>
</tr>
<tr>
<td>GM</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/11/24</td>
<td>$47.00</td>
<td>$28.5K</td>
<td>2.3K</td>
<td>15.2K</td>
</tr>
<tr>
<td>BABA</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$110.00</td>
<td>$53.2K</td>
<td>16.8K</td>
<td>3.7K</td>
</tr>
<tr>
<td>PENN</td>
<td>PUT</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$15.00</td>
<td>$207.0K</td>
<td>3.3K</td>
<td>3.0K</td>
</tr>
<tr>
<td>GME</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$25.00</td>
<td>$106.8K</td>
<td>26.6K</td>
<td>2.9K</td>
</tr>
<tr>
<td>CVNA</td>
<td>CALL</td>
<td>TRADE</td>
<td>NEUTRAL</td>
<td>10/11/24</td>
<td>$187.50</td>
<td>$40.9K</td>
<td>242</td>
<td>2.3K</td>
</tr>
<tr>
<td>NIO</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>01/17/25</td>
<td>$6.00</td>
<td>$26.6K</td>
<td>35.0K</td>
<td>1.4K</td>
</tr>
<tr>
<td>AMZN</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$190.00</td>
<td>$467.5K</td>
<td>14.6K</td>
<td>1.4K</td>
</tr>
<tr>
<td>PDD</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>01/17/25</td>
<td>$145.00</td>
<td>$1.2 million</td>
<td>3.8K</td>
<td>884</td>
</tr>
<tr>
<td>JD</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$47.00</td>
<td>$116.7K</td>
<td>3.6K</td>
<td>726</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These itemized elaborations have been created using the accompanying table. 
• Regarding TSLA (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>), we observe a put option sweep with bullish sentiment. It expires in 3 day(s) on October 11, 2024. Parties traded 70 contract(s) at a $240.00 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 $41.6K, with a price of $595.0 per contract. There were 14831 open contracts at this strike prior to today, and today 21708 contract(s) were bought and sold. 
• For GM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GM#NYSE">GM</a>), we notice a call option sweep that happens to be bullish, expiring in 3 day(s) on October 11, 2024. This event was a transfer of 328 contract(s) at a $47.00 strike. This particular call needed to be split into 18 different trades to become filled. The total cost received by the writing party (or parties) was $28.5K, with a price of $87.0 per contract. There were 2328 open contracts at this strike prior to today, and today 15280 contract(s) were bought and sold. 
• For BABA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NYSE">BABA</a>), we notice a call option trade that happens to be bearish, expiring in 38 day(s) on November 15, 2024. This event was a transfer of 75 contract(s) at a $110.00 strike. The total cost received by the writing party (or parties) was $53.2K, with a price of $710.0 per contract. There were 16845 open contracts at this strike prior to today, and today 3723 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 trade with bullish sentiment. It expires in 101 day(s) on January 17, 2025. Parties traded 3000 contract(s) at a $15.00 strike. The total cost received by the writing party (or parties) was $207.0K, with a price of $69.0 per contract. There were 3365 open contracts at this strike prior to today, and today 3000 contract(s) were bought and sold. 
• For GME (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>), we notice a call option sweep that happens to be bearish, expiring in 101 day(s) on January 17, 2025. This event was a transfer of 383 contract(s) at a $25.00 strike. This particular call needed to be split into 21 different trades to become filled. The total cost received by the writing party (or parties) was $106.8K, with a price of $279.0 per contract. There were 26635 open contracts at this strike prior to today, and today 2969 contract(s) were bought and sold. 
• Regarding CVNA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVNA#NYSE">CVNA</a>), we observe a call option trade with neutral sentiment. It expires in 3 day(s) on October 11, 2024. Parties traded 100 contract(s) at a $187.50 strike. The total cost received by the writing party (or parties) was $40.9K, with a price of $410.0 per contract. There were 242 open contracts at this strike prior to today, and today 2373 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 bullish sentiment. It expires in 101 day(s) on January 17, 2025. Parties traded 200 contract(s) at a $6.00 strike. This particular call needed to be split into 17 different trades to become filled. The total cost received by the writing party (or parties) was $26.6K, with a price of $133.0 per contract. There were 35045 open contracts at this strike prior to today, and today 1468 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 bearish, expiring in 101 day(s) on January 17, 2025. This event was a transfer of 500 contract(s) at a $190.00 strike. The total cost received by the writing party (or parties) was $467.5K, with a price of $935.0 per contract. There were 14611 open contracts at this strike prior to today, and today 1467 contract(s) were bought and sold. 
• For PDD (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>), we notice a call option sweep that happens to be neutral, expiring in 101 day(s) on January 17, 2025. This event was a transfer of 808 contract(s) at a $145.00 strike. This particular call needed to be split into 7 different trades to become filled. The total cost received by the writing party (or parties) was $1.2 million, with a price of $1535.0 per contract. There were 3854 open contracts at this strike prior to today, and today 884 contract(s) were bought and sold. 
• For JD (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>), we notice a call option trade that happens to be bullish, expiring in 38 day(s) on November 15, 2024. This event was a transfer of 499 contract(s) at a $47.00 strike. The total cost received by the writing party (or parties) was $116.7K, with a price of $234.0 per contract. There were 3690 open contracts at this strike prior to today, and today 726 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 news on unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Options

AMZN

BABA

CVNA

Citigourp Global Markets 2% Protected Notes Linked To The Djia

TSLA

10 Consumer Discretionary Stocks With Whale Alerts In Today's Session

Craig-Hallum analyst Ryan Sigdahl maintains PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) with a Buy and maintains $30 price target.

Craig-Hallum Maintains Buy on PENN Entertainment, Maintains $30 Price Target

PENN Entertainment Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) shares appear to be getting a lift Tuesday after the company announced new <a href="https://www.benzinga.com/pressreleases/24/10/b41208130/penn-entertainment-to-report-third-quarter-results-and-host-conference-call-and-webcast-on-novembe">retail operations guidance</a>. 
What Happened: Penn Entertainment held an investor event in Las Vegas on Monday, discussing the company's business strategy, operations and other key developments. In connection with the event, Penn updated its guidance in a new regulatory filing.
Penn said it expects third-quarter retail operations adjusted EBITDAR to be in the range of $465 million to $475 million. The company also raised its interactive adjusted EBITDA guidance for the third quarter. Penn anticipates a loss of $90 million to $100 million, up from prior guidance for a loss of $115 million to $135 million. The company noted that improving product and lower promotional expenses accounted for the upside.
Penn also scheduled its third-quarter financial results for before the market open on Nov. 7. Analysts currently expect the company to report a quarterly loss of 26 cents per share and revenue of $1.684 billion, according to estimates from <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Following the guidance update, Needham analyst Bernie McTernan reiterated Penn Entertainment with a <a href="https://www.benzinga.com/analyst-stock-ratings">Buy rating</a> and maintained a price target of&nbsp;$26.
See Also: <a href="https://www.benzinga.com/insights/options/24/10/41215515/this-is-what-whales-are-betting-on-draftkings">This Is What Whales Are Betting On DraftKings</a>
PENN Price Action: <a href="https://www.benzinga.com/quote/PENN" target="_blank" rel="noreferrer noopener">Penn Entertainment shares</a> were up 0.70% at $18.70 at the time of publication, according to <a href="http://pro.benzinga.com" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
Photo: Shutterstock.

Earnings

Guidance

Movers

What's Going On With PENN Entertainment Stock Tuesday?

Needham analyst Bernie McTernan reiterates PENN Entertainment (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PENN#NASDAQ">PENN</a>) with a Buy and maintains $26 price target.

Needham Reiterates Buy on PENN Entertainment, Maintains $26 Price Target

WIIM

PENN Entertainment shares are trading higher after the company reportedly guided Q3 retail operations adjusted EBITDAR of $465M-$475M.

Penn Entertainment Expects Q3 Retail Operations Adj EBITDAR In Range $465M-$475M

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.

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.

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.

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.

DKNG

GENI

GLBE

10 Consumer Discretionary Stocks Whale Activity In Today's Session

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.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/sports-betting/24/09/40858975/nfl-fan-turns-100-bet-into-25k-with-wild-football-prediction-for-thursday-night-game">NFL Fan Turns $100 Bet Into $25K With Wild Football Prediction For Thursday Night Game</a></li>
</ul>
Photo: Shutterstock

Sports Betting

Sports

FLUT

DraftKings, Sportsbooks Could Benefit From Week 2 NFL Underdogs Winning

CJET

DENN

FRZA

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LAZR

MGOL

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PTON

SERV

TDUP

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YOSH

ZAPP

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>
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/09/40831857/paypal-is-a-buy-jim-cramer-says-as-for-rivian-let-it-percolate">PayPal Is A Buy, Jim Cramer Says: As For Rivian? &#8216;Let It Percolate&#8217;</a></li>
</ul>

Long Ideas

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Pre-Market Outlook

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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>

Politics

General

Melco Resorts & Entertainment Limited - American Depositary Shares

MLCO

'Money flows on US election bets minutes after judge clears way, but appeal looms' - AP

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 Beats

Large Cap

Dividends

Small Cap

VIRC

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

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