With the current price of $55.14, the stock of Penn National Gaming, Inc. (NASDAQ:PENN) concluded the trading session seeing its price drop by -0.04 points or at a loss of -0.07% compared to its previous day’s closing price of $55.18. About 7 million shares of the stock changed hands on the day. The trading volume of PENN’s shares during the past session compares with the stock’s average daily trading volume of 11.398 million shares. On the other hand, a float of 130 million shares and a weekly performance of -2.55% make the stock worth to keep an eye on. Analysts are in agreement on an annual target price of $48.5 for PENN’s share which suggests that the stock, price of which is currently buoying between $52.6969 and $55.58, is prone to a loss of -12.04%. But still, there are some analysts recommending a price below the agreed average price and one of them has given a target price of $22 to the stock.
The latest data released on August 14, 2020 shows that the short float in the Penn National Gaming, Inc.’s stock is trending downward as short interest in PENN shares turned down leaving more number of shares available to public for trading. Number of shares shorted in the PENN is currently comprised of 13.14% of the float as the volume of shorted shares declined by -1053647 shares. Over the past two weeks, stock’s short interests improved as number of shorted shares reduced to 16.022 million shares from the previous figure of 17.076 million shares. Stock’s average intraday volume is now standing at 10.57 million shares which indicate that the days to cover the shorts are nearly 1.51589.
After concluding the day’s trading, price of Penn National Gaming, Inc. (NASDAQ:PENN) is down -$1.44 over the week and it is $18.33 above 20-day average price. The highest price touched by the stock on the day was lower than 52-week high price of $57.93 that was attained on 08/21/20.
The stock has traded as low as $3.75 in past 52-week, and its current price is 1370.4% above from that 52-week low price mark recorded on 03/18/20, which is an indicator that could increase the investors’ motivation level in taking advantage of price surge the stock has currently been going through. Stock currently has its beta at 2.79. A beta value of more than 1 represents higher volatility of a stock than that of the market and for the reason investors closely watch the behavior of such stock.
Current indicators are pointing at 69.9 as 14-days RSI of Penn National Gaming, Inc. This means that the PENN is currently in a neutral territory and its share’s price movement is likely to be steady for a while. Similarly, the stochastic oscillator is indicating a momentum of 83.15%, implying stock’s share price is buoying in an oversold state.
Technical chart is showing 1st resistance point of $56.25 for the PENN’s share while placing it at a 2nd resistance point of $57.36 to be settled at. But if the stock takes a plunge lower than the 1st support price of $53.36 then its market would become weakened. And that would likely sliding the stock price down to 2nd support price level of $51.59.
MACD oscillator is showing a reading of 0.18 for the stock which means that it is currently in the green zone. Any movement above or below the zero level of the indicator has always being noticed by the investors as it makes them compare the stock’s average measure in short-term with that in the long-term. An MACD evaluation of more than zero means that stock has a stronger short-term average than long-term average, which implies that stock’s price is likely to climb up. But an MACD below zero indicates weaker short-term average compare to the long-term average.
Goldman started covering the PENN stock on August 13, recommending Buy rating for it while assigning the price target of $60. The stock gets its recommendation downgraded from Positive to Neutral from the analysts at Susquehanna who assigned a target price of $34 in their June 09 note to investors.Deutsche Bankanalysts downgraded their recommendation from Hold to Sell on June 08, while assigning a price target of $22.
The average rating of 2.25 for PENN is placing the stock in bullish category at the moment. In a poll by Reuters including 13 analysts in it who kept tracking the Penn National Gaming, Inc., 3 rated the stock as hold. Others were in different opinions for the PENN. Out of remaining 10 analysts, 9 rated the stock as a buy or strong buy. 1 were in favor of a sell rating for the stock while advising investors to shun the stock if they already have any or otherwise not to buy it.
A quick look at other side of the picture shows that PENN stock is ahead of earnings per share estimates with a forward price-to-earnings ratio of 51.1.
Projection by Zacks Consensus Estimates suggests that Penn National Gaming, Inc. (NASDAQ:PENN) will see its current-quarter revenues rise by nearly 214.01% to be increased to about $961 million. Full-year revenue of the company is however forecasted to be fell to nearly -34.53% to bring $3470 million in revenues against last year revenue of $5300 million. Earnings, after adjustments, are likely to fell by -97.37% to post an EPS of $0.01, while estimate for company’s full year earnings is -$6.28 per share with a growth rate of -441.3%.