Penn Entertainment Stock Soars as Activist Investor Calls for a Sale
Penn Entertainment (PENN) shares soared over 18% in intraday trading Friday after an advisory firm and activist investor said the operator of casinos, online gaming, and racetracks should look for a sale.
An Activist Investor Wants to Supercharge Penn Entertainment (PENN) Stock
Penn Entertainment (NASDAQ: PENN ) stock is a hot topic among traders on Friday alongside news that an activist investor sent a letter to its Board of Directors. Investment advisor Donerail Group is behind this letter and it's pushing for the company to sell itself.
PENN Entertainment: ESPN Bet Slowly Heading In The Right Direction
With lower revenue and greater losses, PENN Entertainment's first quarter earnings were a disappointment for investors. However, during the quarter, I believe the company made some positive steps for better management of ESPN Bet. As the stock valuation in terms of the P/S multiple is hovering around the historical bottom, I believe the stock price would show better performance in the coming months.
