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Needham Thinks Penn National Gaming’s Stock is Going to Recover

Needham analyst Bernie McTernan maintained a Buy rating on Penn National Gaming (PENNResearch Report) today and set a price target of $60.00. The company’s shares closed last Monday at $29.75, close to its 52-week low of $28.30.

According to TipRanks.com, McTernan ‘s ranking currently consits of 0 on a 0-5 ranking scale, with an average return of -20.2% and a 28.9% success rate. McTernan covers the Technology sector, focusing on stocks such as Genius Sports Limited, Fiverr International, and Zillow Group Class C.

Currently, the analyst consensus on Penn National Gaming is a Moderate Buy with an average price target of $53.15, a 71.1% upside from current levels. In a report issued on May 6, Stifel Nicolaus also maintained a Buy rating on the stock with a $50.00 price target.

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Based on Penn National Gaming’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $1.56 billion and net profit of $51.7 million. In comparison, last year the company earned revenue of $1.27 billion and had a net profit of $91 million.

Based on the recent corporate insider activity of 32 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PENN in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Penn National Gaming, Inc. owns and manages gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. It operates through the following business segments: Northeast, South, West and Midwest.. The Northeast segment consists of the following properties: Hollywood Casino at Charles Town Races, Hollywood Casino Bangor, Hollywood Casino at Penn National Race Course, Hollywood Casino Toledo, Hollywood Casino Columbus, Hollywood Gaming at Dayton Raceway, Hollywood Gaming at Mahoning Valley Race Course, and Plain ridge Park Casino. The South and West segment comprises of the following properties: Zia Park Casino, Hollywood Casino Tunica, Hollywood Casino Gulf Coast, Boomtown Biloxi, M Resort, Tropicana Las Vegas, 1st Jackpot and Resorts. The Midwest segment controls the following properties: Hollywood Casino Aurora, Hollywood Casino Joliet, Argosy Casino Alton, Argosy Casino Riverside, Hollywood Casino Lawrenceburg, Hollywood Casino St. Louis, and Prairie State Gaming. The company was founded in 1982 and is headquartered in Wyomissing, PA.

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