PENN Entertainment (PENN)

• Market cap: $3.28B
• 1 day: -1.83%
• 5 days: 1.41%
• 1 month: 17.28%
• 3 months: 14.17%
• 6 months: 31.56%
• Year to date: -17.11%
• 1 year: -10.04%
• 5 years: -3.28%
• 10 years: 60.04%
• Sector: Consumer Discretionary
• Industry: Hotels & Motels

About: 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.

Employees: 23,333

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

55% more call options, than puts

Call options by funds: $292M | Put options by funds: $188M

16% more first-time investments, than exits

New positions opened: 67 | Existing positions closed: 58

13% more funds holding in top 10

Funds holding in top 10: 8 [Q2] → 9 (+1) [Q3]

2% more funds holding

Funds holding: 379 [Q2] → 388 (+9) [Q3]

5.13% less ownership

Funds ownership: 103.68% [Q2] → 98.55% (-5.13%) [Q3]

7% less capital invested

Capital invested by funds: $3.06B [Q2] → $2.84B (-$221M) [Q3]

21% less repeat investments, than reductions

Existing positions increased: 97 | Existing positions reduced: 123

Research analyst outlook

10 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $19 12% downside
• Avg. target: $24 13% upside
• High target: $30 39% upside

10 analyst ratings

• positive: 8 80%
• neutral: 2 20%
• negative: 0 0%

Macquarie Chad Beynon 72% 1-year accuracy 23 / 32 met price target	26% upside $27	Outperform Maintained	8 Nov 2024
Needham Bernie McTernan 82% 1-year accuracy 96 / 117 met price target	21% upside $26	Buy Reiterated	8 Nov 2024
Susquehanna Joseph Stauff 57% 1-year accuracy 12 / 21 met price target	16% upside $25	Positive Maintained	4 Nov 2024
Truist Securities Barry Jonas 73% 1-year accuracy 24 / 33 met price target	7% upside $23	Buy Maintained	23 Oct 2024
Morgan Stanley Stephen Grambling 100% 1-year accuracy 1 / 1 met price target	12% downside $19	Equal-Weight Maintained	22 Oct 2024