Investors with a lot of money to spend have taken a bearish stance on PENN Entertainment PENN.
And retail traders should know.
We noticed this today when the positions 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.
Today, Benzinga's options scanner spotted 11 options trades for PENN Entertainment.
This isn't normal.
The overall sentiment of these big-money traders is split between 36% bullish and 63%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $44,352, and 10, calls, for a total amount of $846,634.
Predicted Price Range
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $22.5 to $30.0 for PENN Entertainment during the past quarter.
Volume & Open Interest Trends
In terms of liquidity and interest, the mean open interest for PENN Entertainment options trades today is 2107.43 with a total volume of 9,118.00.
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 $22.5 to $30.0 over the last 30 days.
PENN Entertainment Option Activity Analysis: Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| PENN | CALL | SWEEP | BEARISH | 01/17/25 | $22.50 | $159.0K | 1.0K | 200 |
| PENN | CALL | SWEEP | BEARISH | 01/17/25 | $22.50 | $157.0K | 1.0K | 522 |
| PENN | CALL | SWEEP | BEARISH | 01/17/25 | $25.00 | $129.0K | 7.5K | 205 |
| PENN | CALL | SWEEP | BEARISH | 01/17/25 | $22.50 | $117.7K | 1.0K | 672 |
| PENN | CALL | SWEEP | BULLISH | 01/17/25 | $22.50 | $96.9K | 1.0K | 322 |
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 (such as Hollywood Casino and Ameristar), with land-based casinos representing 90% of total sales in 2022 (10% was from the interactive segment, which includes sports, iGaming, and media revenue). The retail portfolio generates high-30% 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 Nov. 14, 2023), provide access to sports betting/iGaming technology and clientele, helping it form a leading digital position.
After a thorough review of the options trading surrounding PENN Entertainment, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Where Is PENN Entertainment Standing Right Now?
- Currently trading with a volume of 2,211,708, the PENN's price is down by -1.27%, now at $25.69.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 30 days.
What The Experts Say On PENN Entertainment
Over the past month, 1 industry analysts have shared their insights on this stock, proposing an average target price of $33.0.
- An analyst from Needham has revised its rating downward to Buy, adjusting the price target to $33.
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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