The stock of Penn National Gaming, Inc. (NASDAQ:PENN) is now priced at $57.93 and the shares are 6.83 points up or 13.37% higher compared to its previous closing price of $51.1. The stock had 9.882 million contracts set over the past session. PENN shares’ daily volume is compared to its average trading volume at 10.627 million shares. However, it has a float of 130 million and although its performance was 3.11% over the week, it’s one to watch. Analysts have given the PENN stock a yearly average price target of $48.5 per share. It means the stock’s downside potential is -16.28% with the PENN share price recently placing at $52.58 to $59.1. However, some brokerage firms have priced the stock below the average, including one that has called $22.
The shorts are running away from the Penn National Gaming, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the PENN shares have declined. Short interest in the stock represents just 12.33% of its float, but the volume has dropped by -1053647. The volume of shorted shares dropped to 16.022 million from 17.076 million shares over the last two weeks. The average intraday trading volume has been 10.57 million shares, which means that days to cover moved to roughly 1.51589.
In the last trading session, Penn National Gaming, Inc. (NASDAQ:PENN) raised by $1.75 over the week and gained $20.51 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $59.1. The stock recorded its established 52-week high on 09/01/20.
Since 03/18/20, the stock has traded to a low of $3.75 at 1444.8%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.89. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Penn National Gaming, Inc.’s two-week RSI is 68.47. This suggests that the stock is neutral at the moment and that PENN shares’ price movement remains stable. The stochastic readings are equally revealing at 63.1% meaning the PENN share price is currently in neutral territory.
The technical chart shows that the PENN stock will likely settle at between $60.49 and $63.06 per share. However, if the stock dips below $53.97, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $50.02.
Currently, the stock is trading in the red of MACD, with a reading of -0.99. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Maxim Group assigned PENN a rating of Buy in their intiating review released on September 01. Morgan Stanley analysts downgraded their recommendation of the stock from Overweight to Equal-Weight while keeping its target price at $55 in a flash note released to investors on August 28. Goldman analysts see the stock as Buy when the analysts initiated the share price coverage on August 13, placing it at $60.
The average rating for the PENN equity is 2.25 and is currently gathering a bullish momentum. Of 14 analysts tracking Penn National Gaming, Inc. polled by Reuters, 4 rated PENN as a hold. The remaining 10 analysts were split evenly. However, the split wasn’t equal as a majority (9) rated it as a buy or strong buy. 1 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the PENN stock price is 53.69X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Penn National Gaming, Inc. (NASDAQ:PENN) will increase by about 214.01%, which will see them reach $961 million. The company’s full-year revenues are, however, expected to diminish by about -34.53%, down from $5300 million to $3470 million. PENN’s expected adjusted earnings should drop almost -97.37% to end up at $0.01 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -441.3% to record -$6.28/share.