High-rolling investors have positioned themselves bearish 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 14 options trades for PENN Entertainment. This is not a typical pattern.
The sentiment among these major traders is split, with 35% bullish and 57% bearish. Among all the options we identified, there was one put, amounting to $40,086, and 13 calls, totaling $672,415.
Projected Price Targets
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $15.0 to $25.0 for PENN Entertainment over the recent three months.
Volume & Open Interest Development
Assessing the volume and open interest is a strategic step in options trading. These metrics shed light on the liquidity and investor interest in PENN Entertainment's options at specified strike prices. The forthcoming data visualizes the fluctuation in volume and open interest for both calls and puts, linked to PENN Entertainment's substantial trades, within a strike price spectrum from $15.0 to $25.0 over the preceding 30 days.
PENN Entertainment Option Volume And Open Interest Over Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PENN | CALL | SWEEP | BEARISH | 01/17/25 | $7.3 | $6.95 | $6.95 | $15.00 | $161.9K | 1.1K | 567 |
| PENN | CALL | SWEEP | BEARISH | 01/17/25 | $7.0 | $6.9 | $6.9 | $15.00 | $104.2K | 1.1K | 335 |
| PENN | CALL | SWEEP | BULLISH | 01/17/25 | $6.8 | $6.75 | $6.8 | $15.00 | $70.7K | 1.1K | 160 |
| PENN | CALL | TRADE | BEARISH | 10/18/24 | $2.95 | $2.89 | $2.9 | $20.00 | $43.5K | 19.0K | 27 |
| PENN | PUT | SWEEP | BEARISH | 10/18/24 | $1.98 | $1.96 | $1.97 | $20.00 | $40.0K | 1.0K | 91 |
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.
Present Market Standing of PENN Entertainment
- Currently trading with a volume of 8,170,710, the PENN's price is up by 3.49%, now at $20.77.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 28 days.
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest PENN Entertainment options trades with real-time alerts from Benzinga Pro.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
