Short Interest in Penn National Gaming, Inc (NASDAQ:PENN) Drops By 6.8%

Penn National Gaming, Inc (NASDAQ:PENN) saw a large decrease in short interest in October. As of October 31st, there was short interest totalling 9,630,000 shares, a decrease of 6.8% from the September 30th total of 10,330,000 shares. Approximately 8.8% of the company’s shares are sold short. Based on an average daily volume of 1,610,000 shares, the short-interest ratio is presently 6.0 days.

Several institutional investors and hedge funds have recently modified their holdings of PENN. Bessemer Group Inc. bought a new position in Penn National Gaming in the second quarter valued at approximately $29,000. MUFG Americas Holdings Corp acquired a new position in Penn National Gaming in the 2nd quarter valued at $34,000. Meeder Asset Management Inc. raised its holdings in Penn National Gaming by 110.7% in the 3rd quarter. Meeder Asset Management Inc. now owns 2,848 shares of the company’s stock valued at $53,000 after acquiring an additional 1,496 shares in the last quarter. Quantamental Technologies LLC acquired a new position in Penn National Gaming in the 2nd quarter valued at $57,000. Finally, FNY Investment Advisers LLC acquired a new position in Penn National Gaming in the 3rd quarter valued at $68,000. 98.88% of the stock is currently owned by hedge funds and other institutional investors.

Penn National Gaming stock traded down $0.02 during trading hours on Monday, hitting $21.93. 16,904 shares of the stock traded hands, compared to its average volume of 1,648,646. The firm’s 50-day moving average price is $20.33 and its two-hundred day moving average price is $19.62. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 5.75. The company has a market cap of $2.52 billion, a PE ratio of 23.71, a PEG ratio of 1.43 and a beta of 1.71. Penn National Gaming has a one year low of $16.72 and a one year high of $26.45.

Penn National Gaming (NASDAQ:PENN) last posted its quarterly earnings data on Thursday, October 31st. The company reported $0.38 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.41 by ($0.03). The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.37 billion. Penn National Gaming had a net margin of 1.85% and a return on equity of 5.88%. The business’s revenue was up 71.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.38 earnings per share. On average, sell-side analysts expect that Penn National Gaming will post 1.52 earnings per share for the current fiscal year.

A number of research analysts recently weighed in on the company. BidaskClub raised Penn National Gaming from a “hold” rating to a “buy” rating in a research note on Tuesday, November 12th. TheStreet raised Penn National Gaming from a “c+” rating to a “b-” rating in a report on Tuesday, September 24th. Union Gaming Research raised Penn National Gaming from a “hold” rating to a “buy” rating in a report on Friday, August 2nd. ValuEngine downgraded Penn National Gaming from a “hold” rating to a “sell” rating in a research report on Friday, November 8th. Finally, Susquehanna Bancshares assumed coverage on Penn National Gaming in a research report on Wednesday, July 24th. They issued a “positive” rating and a $25.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the company’s stock. Penn National Gaming currently has an average rating of “Buy” and an average target price of $24.70.

Penn National Gaming Company Profile

Penn National Gaming, Inc owns and manages gaming and racing facilities, and operates video gaming terminals with a focus on slot machine entertainment. The company operates through four segments: Northeast, South, West, and Midwest. As of December 31, 2018, it owned, managed, or had ownership interests in 40 facilities in 18 jurisdictions.

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