Investors with a lot of money to spend have taken a bullish stance on PENN Entertainment PENN.
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with PENN, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 17 uncommon options trades for PENN Entertainment.
This isn't normal.
The overall sentiment of these big-money traders is split between 64% bullish and 29%, bearish.
Out of all of the special options we uncovered, 6 are puts, for a total amount of $441,651, and 11 are calls, for a total amount of $930,829.
Expected Price Movements
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 $25.0 for PENN Entertainment, spanning the last three months.
Analyzing Volume & Open Interest
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 Call and Put Volume: 30-Day Overview
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PENN | CALL | SWEEP | BEARISH | 01/16/26 | $5.6 | $5.0 | $5.0 | $20.00 | $205.5K | 2.2K | 467 |
| PENN | CALL | SWEEP | BULLISH | 01/17/25 | $3.95 | $3.8 | $3.9 | $17.50 | $190.3K | 13.1K | 687 |
| PENN | CALL | SWEEP | BULLISH | 04/17/25 | $4.75 | $4.7 | $4.75 | $17.50 | $188.1K | 14 | 406 |
| PENN | PUT | SWEEP | BEARISH | 01/17/25 | $2.68 | $2.57 | $2.68 | $20.00 | $156.3K | 2.3K | 583 |
| PENN | PUT | SWEEP | BULLISH | 01/17/25 | $6.1 | $6.05 | $6.05 | $25.00 | $107.0K | 3.7K | 227 |
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.
Current Position of PENN Entertainment
- Trading volume stands at 3,296,970, with PENN's price up by 8.17%, positioned at $19.86.
- RSI indicators show the stock to be may be approaching overbought.
- Earnings announcement expected in 48 days.
Professional Analyst Ratings for PENN Entertainment
In the last month, 1 experts released ratings on this stock with an average target price of $20.0.
- An analyst from Morgan Stanley has decided to maintain their Equal-Weight rating on PENN Entertainment, which currently sits at a price target of $20.
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
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
