On March 24, 2023 at 12:00:46 ET an unusually large $399.54K block of Call contracts in Penn National Gaming (PENN) was bought, with a strike price of $30.00 / share, expiring in 56 days (on May 19, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 3.85 sigmas above the mean, placing it in the 99.99 percentile of all recent large trades made in PENN options.

This trade was first picked up on Fintel’s real time Unusual Option Trades tool, where unusual option trades are highlighted.

Analyst Price Forecast Suggests 54.42% Upside

As of March 23, 2023, the average one-year price target for Penn National Gaming is $42.73. The forecasts range from a low of $31.31 to a high of $68.25. The average price target represents an increase of 54.42% from its latest reported closing price of $27.67.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Penn National Gaming is $6,596MM, an increase of 3.04%. The projected annual non-GAAP EPS is $2.02.

What is the Fund Sentiment?

There are 898 funds or institutions reporting positions in Penn National Gaming. This is a decrease of 89 owner(s) or 9.02% in the last quarter. Average portfolio weight of all funds dedicated to PENN is 0.18%, an increase of 12.21%. Total shares owned by institutions increased in the last three months by 1.54% to 155,227K shares. The put/call ratio of PENN is 0.65, indicating a bullish outlook.

What are Large Shareholders Doing?

HG Vora Capital Management holds 10,250K shares representing 6.68% ownership of the company. In it’s prior filing, the firm reported owning 7,500K shares, representing an increase of 26.83%. The firm increased its portfolio allocation in PENN by 30.62% over the last quarter.

Bamco holds 8,091K shares representing 5.28% ownership of the company. In it’s prior filing, the firm reported owning 8,570K shares, representing a decrease of 5.93%. The firm increased its portfolio allocation in PENN by 5.93% over the last quarter.

FBGRX – Fidelity Blue Chip Growth Fund holds 6,918K shares representing 4.51% ownership of the company. In it’s prior filing, the firm reported owning 7,214K shares, representing a decrease of 4.28%. The firm increased its portfolio allocation in PENN by 3.70% over the last quarter.

Invesco holds 5,129K shares representing 3.34% ownership of the company. In it’s prior filing, the firm reported owning 6,329K shares, representing a decrease of 23.38%. The firm decreased its portfolio allocation in PENN by 20.38% over the last quarter.

BGRFX – BARON GROWTH FUND holds 4,910K shares representing 3.20% ownership of the company. In it’s prior filing, the firm reported owning 4,975K shares, representing a decrease of 1.32%. The firm decreased its portfolio allocation in PENN by 2.75% over the last quarter.

PENN Entertainment Background Information
(This description is provided by the company.)

With the nation’s largest and most diversified regional gaming footprint, including 41 properties across 19 states, Penn National continues to evolve into a highly innovative omni-channel provider of retail and online gaming, live racing and sports betting entertainment. The Company’s properties feature approximately 50,000 gaming machines, 1,300 table games and 8,800 hotel rooms, and operate under various well-known brands, including Hollywood, Ameristar, and L’Auberge. Its wholly-owned interactive division, Penn Interactive, operates retail sports betting across the Company’s portfolio, as well online social casino, bingo, and iCasino products. In February 2020, Penn National entered into a strategic partnership with Barstool Sports, whereby Barstool is exclusively promoting the Company’s land-based and online casinos and sports betting products, including the Barstool Sportsbook mobile app, to its national audience. The Company’s omni-channel approach is bolstered by the mychoice loyalty program, which rewards and recognizes its over 20 million members for their loyalty to both retail and online gaming and sports betting products with the most dynamic set of offers, experiences, and service levels in the industry.

This article originally appeared on Fintel

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