PENN Entertainment Inc [NASDAQ: PENN] price surged by 4.46 percent to reach at $0.76. The company report on March 11, 2024 at 2:25 PM that ESPN BET Launches in North Carolina.
ESPN BET, the official sportsbook of ESPN, launched today in North Carolina as the state’s legal sports betting market opened. Fans in the state now have access to the state-of-the-art mobile and web betting platform, which offers a variety of markets across sports and leagues from around the world, including straight bets, cross-sport parlays, props, and in-game wagering, along with daily odds boosts, custom offers, exclusive promotions and integrations with ESPN content and personalities. ESPN BET, operated by PENN Entertainment (“PENN”) (Nasdaq: PENN), is now live in 18 states.
To celebrate, ESPN BET is hosting a launch party for fans 21+ at Rally in Charlotte on Friday, March 15, featuring ESPN’s Stephen A. Smith. The event will begin at 5:30 p.m., and will include complimentary refreshments, music, activities, prizes, and plenty of screens to follow all the March college basketball action.
The one-year PENN stock forecast points to a potential upside of 33.52. The average equity rating for PENN stock is currently 2.10, trading closer to a bullish pattern in the stock market.
Guru’s Opinion on PENN Entertainment Inc [PENN]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PENN shares is $26.76 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PENN stock is a recommendation set at 2.10. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Mizuho have made an estimate for PENN Entertainment Inc shares, keeping their opinion on the stock as Buy, with their previous recommendation back on Mar-27-24. While these analysts kept the previous recommendation, BofA Securities raised their target price from $27 to $30. The new note on the price target was released on November 20, 2023, representing the official price target for PENN Entertainment Inc stock. Previously, the target price had yet another raise to $25, while CapitalOne analysts kept a Equal Weight rating on PENN stock. On August 10, 2023, analysts decreased their price target for PENN shares from 33 to 30.
The Average True Range (ATR) for PENN Entertainment Inc is set at 0.82, with the Price to Sales ratio for PENN stock in the period of the last 12 months amounting to 0.43. The Price to Book ratio for the last quarter was 0.84, with the Price to Cash per share for the same quarter was set at 7.17. Price to Free Cash Flow for PENN in the course of the last twelve months was 28.27 with Quick ratio for the last quarter at 1.11.
PENN Stock Performance Analysis:
PENN Entertainment Inc [PENN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 1.66. With this latest performance, PENN shares gained by 7.17% in over the last four-week period, additionally sinking by -19.54% over the last 6 months – not to mention a drop of -36.44% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PENN stock in for the last two-week period is set at 43.82, with the RSI for the last a single of trading hit 47.21, and the three-weeks RSI is set at 42.36 for PENN Entertainment Inc [PENN]. The present Moving Average for the last 50 days of trading for this stock 20.08, while it was recorded at 17.49 for the last single week of trading, and 22.90 for the last 200 days.
Insight into PENN Entertainment Inc Fundamentals:
PENN Entertainment Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.11 and a Current Ratio set at 1.11.
PENN Stock EPS
With the latest financial reports released by the company, PENN Entertainment Inc posted 3.05/share EPS, while the average EPS was predicted by analysts to be reported at 0.37/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 724.30%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for PENN. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for PENN Entertainment Inc go to 9.09%.
PENN Entertainment Inc [PENN] Institutonal Ownership Details
The top three institutional holders of PENN stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in PENN stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in PENN stock with ownership which is approximately 5.8325%.
