Whales with a lot of money to spend have taken a noticeably bearish stance on PENN Entertainment.
Looking at options history for PENN Entertainment PENN we detected 8 trades.
If we consider the specifics of each trade, it is accurate to state that 25% of the investors opened trades with bullish expectations and 75% with bearish.
From the overall spotted trades, 2 are puts, for a total amount of $120,623 and 6, calls, for a total amount of $431,005.
What's The Price Target?
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $15.0 and $22.5 for PENN Entertainment, spanning the last three months.
Volume & Open Interest Trends
Examining the volume and open interest provides crucial insights into stock research. This information is key in gauging liquidity and interest levels for PENN Entertainment's options at certain strike prices. Below, we present a snapshot of the trends in volume and open interest for calls and puts across PENN Entertainment's significant trades, within a strike price range of $15.0 to $22.5, over the past month.
PENN Entertainment 30-Day Option Volume & Interest Snapshot
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PENN | CALL | SWEEP | BEARISH | 07/19/24 | $4.0 | $3.95 | $4.0 | $15.00 | $102.0K | 8.1K | 374 |
| PENN | CALL | SWEEP | BEARISH | 07/19/24 | $4.05 | $4.0 | $4.0 | $15.00 | $95.6K | 8.1K | 6 |
| PENN | PUT | SWEEP | BULLISH | 09/20/24 | $4.6 | $4.5 | $4.5 | $22.50 | $81.0K | 1.5K | 1 |
| PENN | CALL | SWEEP | BEARISH | 07/19/24 | $4.1 | $4.0 | $4.0 | $15.00 | $66.0K | 8.1K | 629 |
| PENN | CALL | SWEEP | BEARISH | 01/17/25 | $3.9 | $3.8 | $3.8 | $17.50 | $61.1K | 13.3K | 1 |
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.
In light of the recent options history for PENN Entertainment, it's now appropriate to focus on the company itself. We aim to explore its current performance.
PENN Entertainment's Current Market Status
- With a trading volume of 3,446,183, the price of PENN is up by 1.26%, reaching $18.49.
- Current RSI values indicate that the stock is may be approaching overbought.
- Next earnings report is scheduled for 42 days from now.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for PENN Entertainment with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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