Why Penn National's Stock Is Trading Higher Today

Penn National Gaming, Inc. PENN shares were trading sharply higher on Thursday after bullish comments made by a BofA Securities analyst.

Analyst Shaun Kelley said he's bullish on U.S. gaming companies with exposure to the Macau market and is bullish on Penn National, which he describes as the highest-beta U.S. casino stock in the event of a recovery. Macau is the Chinese territory and the world’s biggest gambling hub.

A number of casino stocks have been impacted as the coronavirus outbreak spreads.

See Also: Penn National Gaming Shares Surge After Buying Stake In Barstool Sports

$PENN up 50% today. Who says the stock market is in shambles? If you bought Penn at 4 bucks you’re rich!

*I bought Penn at 29 so I am not rich. I also have vested interest in Penn. I don’t know anything about stock market. Don’t take my advice. I’m not an advisor.

— Dave Portnoy (@stoolpresidente) March 19, 2020

Penn National Gaming is an American operator of casinos and racetracks, based in Pennsylvania.

The company's shares were trading up 40% at $6.36 on Thursday afternoon. The stock has a 52-week high of $39.18 and a 52-week low of $3.75.