High-rolling investors have positioned themselves bullish 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 9 options trades for PENN Entertainment. This is not a typical pattern.
The sentiment among these major traders is split, with 77% bullish and 22% bearish. Among all the options we identified, there was one put, amounting to $32,400, and 8 calls, totaling $410,446.
What's The Price Target?
Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $10.0 to $25.0 for PENN Entertainment over the recent three months.
Analyzing Volume & Open Interest
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 $10.0 to $25.0, over the past month.
PENN Entertainment Call and Put Volume: 30-Day Overview
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 | BULLISH | 06/07/24 | $0.62 | $0.59 | $0.61 | $16.50 | $109.1K | 170 | 1.7K |
| PENN | CALL | SWEEP | BULLISH | 10/18/24 | $2.07 | $2.03 | $2.07 | $17.50 | $103.5K | 1.0K | 873 |
| PENN | CALL | TRADE | BULLISH | 01/16/26 | $8.35 | $8.15 | $8.27 | $10.00 | $41.3K | 165 | 50 |
| PENN | CALL | SWEEP | BEARISH | 05/24/24 | $0.27 | $0.25 | $0.26 | $16.50 | $40.6K | 488 | 1.9K |
| PENN | CALL | SWEEP | BULLISH | 06/14/24 | $0.5 | $0.44 | $0.44 | $17.50 | $35.4K | 17 | 804 |
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.
Following our analysis of the options activities associated with PENN Entertainment, we pivot to a closer look at the company's own performance.
Present Market Standing of PENN Entertainment
- Currently trading with a volume of 4,028,073, the PENN's price is up by 2.2%, now at $16.28.
- RSI readings suggest the stock is currently is currently neutral between overbought and oversold.
- Anticipated earnings release is in 79 days.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for PENN Entertainment, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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