As the Covid-19 vaccine rollout started picking up steam, PENN stock began to decline. This direct correlation with coronavirus cases too seemed odd. If cases are dropping, that should be a positive catalyst for both domestic and international sporting competitions.
What's happened to Penn National Gaming stock?
· Share prices of Penn National are down 60% from their highs and a further drop could be coming. In the gambling industry, there isn't a lot of hiding what you are as a company. If a resort is built...
Is Penn National's Stock up 960% between April 2020 and March 2021?
· Shares of Penn National Gaming ( PENN -3.44% ) tumbled to the tune of 21.1% on Thursday after the company reported third-quarter earnings that fell short of expectations. Bolstering today's selling...
What drove Penn National Gaming’s 15% fall in April?
Penn National Gaming stock drops after profit misses while revenue beats, as gaming expenses jump. Similarly, Is Penn stock a good buy right now? Bottom line: Penn stock is not a buy as it is trading around its 50-day line and well below its 200-day line.
How does Macao affect Penn National Gaming stock?
· There was no particular news that would have led to Penn National's drop, but sometimes you don't need news. What happened Shares of Penn National Gaming ( PENN 0.52%), a major casino operator,...
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· Penn National Gaming ( PENN -3.6%) is underperforming other casino sector peers on the day. The drop follows some caution from Morgan Stanley on the competitive setup for PENN. Analyst Thomas ...
Why has Penn National stock dropped?
Shares of Penn National have declined 60.7% in the past year compared with the industry's 41.1% fall. The dismal performance was caused by the coronavirus crisis. During fourth-quarter 2021, the company's operations were affected by a spike in omicron cases as well as COVID-related restrictions.
Is PENN Gaming a good stock to buy?
More broadly and more simply, PENN is a leveraged cyclical at a time when market and macro concerns simply have to be at the forefront of investment decisions. As a result, it does seem like some patience is warranted here. Long-term, PENN probably is a solid pick.
Will PENN Gaming stock go back up?
The 18 analysts offering 12-month price forecasts for Penn National Gaming Inc have a median target of 56.50, with a high estimate of 80.00 and a low estimate of 38.00. The median estimate represents a +80.51% increase from the last price of 31.30.
Is it smart to buy Penn stock?
Bottom line: Penn stock is not a buy as it is trading around its 50-day line and well below its 200-day line. Still, as a leader in the booming sports betting market, investors should keep an eye on this stock for future buying opportunities.
Is Penn a buy or sell?
Penn National Gaming has received a consensus rating of Buy. The company's average rating score is 2.65, and is based on 11 buy ratings, 6 hold ratings, and no sell ratings.
How much of Barstool does Penn own?
a 36%Penn National acquired a 36% share of Barstool Sports for $163 million in January 2020 in a deal calling for additional investment of $62 million within three years to attain 50% ownership.
What is Nio price target?
NIO Inc (NYSE:NIO) The 28 analysts offering 12-month price forecasts for NIO Inc have a median target of 30.87, with a high estimate of 81.95 and a low estimate of 22.80. The median estimate represents a +94.74% increase from the last price of 15.85.
Is Penn stock a buy Zacks?
For example, a stock trading at $35 with earnings of $3 would have an earnings yield of 0.0857 or 8.57%. A yield of 8.57% also means 8.57 cents of earnings for $1 of investment....Momentum Scorecard. More Info.Zacks RankDefinitionAnnualized Return1Strong Buy24.97%2Buy18.45%3Hold10.03%4Sell5.70%2 more rows
What happened
Shares of Penn National Gaming ( PENN -1.14% ) tumbled to the tune of 21.1% on Thursday after the company reported third-quarter earnings that fell short of expectations. Bolstering today's selling may be reports that Barstool Sports' front man David Portnoy engaged in violent -- though not non-consensual -- sex.
So what
For the third quarter of 2021 ending in September, Penn National Gaming earned $0.52 per share on $1.51 billion in revenue. The top line improved on year-ago sales of $1.13 billion, although profits peeled back from Q3 2020's per-share profits of $0.93.
Now what
The Portnoy news is shocking, although not necessarily a damaging or long-term blow to Penn National Gaming. A great deal of Portnoy's appeal has been and is his brash, crude persona. Business Insider's feature doesn't come as a complete surprise to many, and is apt to be forgotten soon enough barring any actual criminal charges or lawsuits.
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What happened to Penn National Gaming?
What happened. Shares of Penn National Gaming ( NASDAQ:PENN), a major casino operator, fell 15% in April, according to data from S&P Global Market Intelligence. That continues a decline that started on March 15, which has seen the stock lose slightly more than a third of its value.
Who is the author of Penn National 2021?
There was no particular news that would have led to Penn National's drop, but sometimes you don't need news. Reuben Gregg Brewer. (TMFReubenGBrewer) May 5, 2021 at 11:21AM. Author Bio. Reuben Gregg Brewer believes dividends are a window into a company's soul. He tries to invest in good souls.
Is Penn National Gaming a bad company?
Long-term investors should probably tread with caution here. It's not that Penn National Gaming is a bad company; it's just that after such a massive price move, it really isn't a shock to see investors wanting to take some profits.
What happened
Shares of casino company Penn National ( PENN 2.38% ) dropped 25.7% in October, according to data from S&P Global Market Intelligence, partly driven by third-quarter earnings results. But shares have recovered 18.3% in the first week of November, so most of the sell-off didn't last long.
So what
Quarterly revenue was down 16.6% to $1.13 billion, but adjusted EBITDAR rose 11% to $452.6 million. The drop in revenue isn't as bad as you might expect considering the impact COVID-19 has had on consumer discretionary spending at hotels and casinos. But that's not really what investors were reacting to anyway.
Now what
There wasn't much fundamental change for Penn National's investors in October, besides learning how quickly business is coming back to casinos across the country. But the stock has surged in 2020 on the hope that online gambling will be a big business long-term.
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How much money did Macao generate in April?
Due to the COVID-19 pandemic, visitor traffic to Macao has plummeted, along with gambling revenue. During April, Macao only generated 754 million pataca (around $95 million), according to government statistics. It's a tangible reminder of what happens to casino revenue when gamblers aren't there (just in case a reminder was needed).
Does Macao affect Penn National Gaming?
Today 's news from Macao doesn't materially affect Penn National Gaming. The only thing it did was rattle investors' sentiment. This emotional response creates a volatile stock from day to day, and this volatility will likely continue until the coronavirus is fully behind us.
Is Penn National Gaming still closed?
While all of Penn National's casinos are still closed, investors have been optimistic that life in the U.S. could soon return to normal.
Can Penn National survive without revenue?
Now what. In a letter to shareholders, Penn National's CEO said the company can survive the rest of the year even without revenue. Therefore, it has a future, assuming COVID-19 allows casinos to reopen by year's end.
What happens if the stock falls short of the consensus estimate?
If it falls short of the consensus estimate, this stock is going to get slaughtered.
How many states does Penn National have?
Penn National owns some great assets. Penn has 41 gaming and racing properties in 19 states. It is a fast mover in sports betting and takes bets in seven states. All told, it has 1,300 table games and 8,800 hotel rooms. Its loyalty program has more than 20 million members.
Is Penn National a momentum stock?
The biggest argument against buying shares of Penn National is that Penn National is a momentum stock right now, and the momentum appears to be fading.
Is Penn National a good sports betting site?
Penn National is a great sports betting story. The problem is that there are a lot of people fighting for the online sports betting dollar. Penn will get its share, and Portnoy's army will probably help.
Did Portnoy sell Barstool Sports?
Portnoy got an enormous amount of Penn National Gaming Inc. (NASDAQ: PENN) shares when he sold 36% of the freakishly popular Barstool Sports operation to the company. He definitely wants the stock to go back up. But I don't think anyone is selling this stock because of him.
Who owns Barstool Sports?
Dave Portnoy, the founder of Barstool Sports, says the drop is thanks to a leaked video of him and that investors eyeing the legal sports gambling industry should buy the dip. Portnoy got an enormous amount of Penn National Gaming Inc. (NASDAQ: PENN) shares when he sold 36% of the freakishly popular Barstool Sports operation to the company. He definitely wants the stock to go back up.
Is the 20 day downtrend in stocks?
Last week, the 20-day cross ed below the 50-day, confirming the short-term downtrend in the stock.
