High-rolling investors have positioned themselves bullish on PENN Entertainment PENN, and it's important for retail traders to take note. \This activity came to our attention today through Benzinga's tracking of publicly available options data. The identities of these investors are uncertain, but such a significant move in PENN often signals that someone has privileged information.
Today, Benzinga's options scanner spotted 9 options trades for PENN Entertainment. This is not a typical pattern.
The sentiment among these major traders is split, with 44% bullish and 44% bearish. Among all the options we identified, there was one put, amounting to $97,355, and 8 calls, totaling $282,067.
Predicted Price Range
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $10.0 and $22.5 for PENN Entertainment, spanning the last three months.
Insights into Volume & Open Interest
In terms of liquidity and interest, the mean open interest for PENN Entertainment options trades today is 2394.25 with a total volume of 5,497.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for PENN Entertainment's big money trades within a strike price range of $10.0 to $22.5 over the last 30 days.
PENN Entertainment Option Activity Analysis: Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PENN | PUT | SWEEP | BULLISH | 09/20/24 | $6.3 | $6.2 | $6.2 | $22.50 | $97.3K | 817 | 158 |
| PENN | CALL | TRADE | BULLISH | 01/16/26 | $9.15 | $8.85 | $9.03 | $10.00 | $54.1K | 267 | 60 |
| PENN | CALL | SWEEP | BEARISH | 06/07/24 | $0.77 | $0.67 | $0.77 | $16.00 | $50.4K | 4.0K | 1.3K |
| PENN | CALL | SWEEP | BULLISH | 06/07/24 | $0.62 | $0.5 | $0.62 | $16.00 | $39.3K | 4.0K | 20 |
| PENN | CALL | SWEEP | BEARISH | 06/07/24 | $2.29 | $2.06 | $2.06 | $15.00 | $30.0K | 393 | 147 |
About PENN Entertainment
Penn Entertainment's origins date back to its 1972 racetrack opening in Pennsylvania. Today, Penn operates 43 properties across 20 states and 12 brands, including Hollywood Casino and Ameristar. Land-based casinos represented 89% of total sales in 2023; 11% was from the interactive segment, which includes sports, iGaming, and media revenue. The retail portfolio generates mid-30s EBITDAR margins and helps position the company to obtain licenses for the digital wagering markets. Additionally, Penn's media assets, theScore and ESPN (starting with its partnership launch in November 2023), provide access to sports betting/iGaming technology and clientele, helping it form a leading digital position.
Following our analysis of the options activities associated with PENN Entertainment, we pivot to a closer look at the company's own performance.
Where Is PENN Entertainment Standing Right Now?
- With a trading volume of 4,473,199, the price of PENN is down by -1.1%, reaching $16.17.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 62 days from now.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for PENN Entertainment, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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