Financial giants have made a conspicuous bullish move on PENN Entertainment. Our analysis of options history for PENN Entertainment PENN revealed 9 unusual trades.
Delving into the details, we found 77% of traders were bullish, while 22% showed bearish tendencies. Out of all the trades we spotted, 7 were puts, with a value of $276,101, and 2 were calls, valued at $62,020.
Predicted Price Range
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $17.5 to $22.5 for PENN Entertainment over the last 3 months.
Analyzing Volume & Open Interest
In today's trading context, the average open interest for options of PENN Entertainment stands at 4251.2, with a total volume reaching 8,636.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in PENN Entertainment, situated within the strike price corridor from $17.5 to $22.5, throughout the last 30 days.
PENN Entertainment Option Activity Analysis: Last 30 Days
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PENN | PUT | SWEEP | BULLISH | 07/19/24 | $0.48 | $0.39 | $0.42 | $18.50 | $61.5K | 1.5K | 25 |
| PENN | PUT | TRADE | BULLISH | 07/19/24 | $1.53 | $0.98 | $1.0 | $19.50 | $56.4K | 3.2K | 2.2K |
| PENN | PUT | SWEEP | BULLISH | 07/19/24 | $1.53 | $1.02 | $1.02 | $19.50 | $44.5K | 3.2K | 1.7K |
| PENN | CALL | SWEEP | BEARISH | 08/16/24 | $1.82 | $1.79 | $1.79 | $17.50 | $35.8K | 625 | 95 |
| PENN | PUT | SWEEP | BULLISH | 07/19/24 | $0.45 | $0.25 | $0.44 | $18.50 | $32.3K | 1.5K | 1.6K |
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.
Present Market Standing of PENN Entertainment
- With a trading volume of 2,267,167, the price of PENN is down by -0.22%, reaching $18.53.
- Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
- Next earnings report is scheduled for 20 days from now.
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 |
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