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 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 8 options trades for PENN Entertainment.
This isn't normal.
The overall sentiment of these big-money traders is split between 75% bullish and 25%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $96,613, and 7, calls, for a total amount of $278,861.
Predicted Price Range
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.
Volume & Open Interest Trends
In terms of liquidity and interest, the mean open interest for PENN Entertainment options trades today is 1127.33 with a total volume of 5,391.00.
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 $15.0 to $25.0 over the last 30 days.
PENN Entertainment 30-Day Option Volume & Interest Snapshot
Largest Options Trades Observed:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PENN | PUT | SWEEP | BULLISH | 01/17/25 | $7.0 | $6.85 | $6.85 | $25.00 | $96.6K | 3.3K | 29 |
| PENN | CALL | SWEEP | BULLISH | 10/11/24 | $1.45 | $1.45 | $1.45 | $18.50 | $57.9K | 0 | 1.9K |
| PENN | CALL | SWEEP | BEARISH | 04/17/25 | $5.55 | $5.45 | $5.45 | $15.00 | $46.8K | 5 | 1 |
| PENN | CALL | SWEEP | BULLISH | 10/18/24 | $2.67 | $2.49 | $2.5 | $17.50 | $40.7K | 2.5K | 163 |
| PENN | CALL | SWEEP | BULLISH | 04/17/25 | $2.86 | $2.78 | $2.86 | $20.00 | $37.7K | 104 | 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.
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.
Where Is PENN Entertainment Standing Right Now?
- Trading volume stands at 1,107,449, with PENN's price up by 0.32%, positioned at $18.61.
- RSI indicators show the stock to be may be approaching overbought.
- Earnings announcement expected in 62 days.
What The Experts Say On PENN Entertainment
Over the past month, 5 industry analysts have shared their insights on this stock, proposing an average target price of $24.2.
- An analyst from Stifel persists with their Hold rating on PENN Entertainment, maintaining a target price of $20.
- An analyst from Barclays persists with their Overweight rating on PENN Entertainment, maintaining a target price of $23.
- An analyst from Needham has revised its rating downward to Buy, adjusting the price target to $26.
- An analyst from Needham has revised its rating downward to Buy, adjusting the price target to $26.
- Maintaining their stance, an analyst from Macquarie continues to hold a Outperform rating for PENN Entertainment, targeting a price of $26.
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.
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