PENN - Long Setup Several insider buys in 2024. We are looking for a break above 20.03(aggressive) or 20.53(conservative), stop signal below 18.43, target 1: 23.30 target 2: momentum,
PENN
PENN for the winNew to this stock. has the setup i like, empty space lots of money and has broken out the box. looking forward to seeing how this plays out. prob looking at next week contracts or the week after.
Penn Reports Q4 Net Loss of $358.8m Amidst ESPN Bet LaunchPenn Entertainment announced a net loss of $358.8m for Q4 2023, a quarter in which the operator launched its ESPN Bet sportsbook.
ESPN Bet, the product of Penn’s $1.5bn deal with Disney-owned ESPN, launched across 17 states on 15 November. Penn’s Interactive segment recorded revenues of $31.5m in Q4, although its adjusted EBITDA loss stood at $333.8m.
Revenue across the whole company dropped 12.5% in Q4 year-on-year from $1.6bn to $1.4bn. Overall adjusted EBITDAR for Q4, meanwhile, plummeted from $468.3m to $112.5m year-on-year.
Penn’s northeast segment, encompassing 17 properties including Ameristar East Chicago and Hollywood Casino Lawrenceburg, accounted for $662.9m of the $1.4bn in revenue.
Diluted earnings per share also went from $0.13 to a loss of $2.37. Moreover, total liquidity dropped to $2.1bn from 2022’s figure of $2.6bn. Net debt at the end of Q4 stands at $1.6bn.
Penn’s full year results
The $1.4bn in Q4 revenue took NASDAQ:PENN to $6.36bn for the year. This fell just $3.9m behind 2022’s figure of $6.4bn.
For adjusted EBITDAR, 2023’s $1.51bn fell significantly short of the $1.94bn accumulated in Penn’s 2022 financial year. Adjusted EBITDAR margin also fell from 30.3% to 23.8%.
Overall, NASDAQ:PENN lost $491.4m throughout 2023. When compared to last year’s net income of $221.7m, there is a disparity of $713.1m between those two figures.
However, a key reason for the poor full-year results for Penn Entertainment ( NASDAQ:PENN ) is the company’s $1 sale of Barstool’s brand back to founder Dave Portnoy in August. According to Penn, the divesture incurred a $923.2m loss for the 2023 financial year.
ESPN Bet goes live in Q4
Despite the significant adjusted EBITDA loss for the company’s Interactive segment in Q4, Penn president and chief executive Jay Snowden lauded ESPN Bet’s record handle and its conversion to over a million first-time depositors.
Snowden noted ESPN Bet’s download volumes, hitting the record for sportsbook downloads with over a million in the first six days following its introduction. Snowden highlighted ESPN Bet’s strong key performance indicators (KPIs), including monthly active users (MAUs) and handle.
However, ESPN Bet’s launch into a highly competitive US market means it could prove subtle to challenge the likes of giants DraftKings and FanDuel for market share.
In Snowden’s view, though, further product enhancements and deeper integrations should help ESPN Bet to grow and therefore make more of a dent in the market.
Difficult quarter for Penn
Significant drops in key financial statistics such as revenue and adjusted EBITDAR combined with a net loss for the quarter suggest it was a negative period for $PENN.
However, ESPN Bet’s encouraging early signs could lead to a turnaround shortly having largely been in the initial heavily promotional phase to boost player acquisition.
Penn also retains a positive liquidity status with $2.1bn available at the end of the year. This includes $1.1bn in cash and cash equivalents.
Penn’s future plans
ESPN Bet’s promotional expense has “started to normalize” after the early phase and Penn believes partnering with the US’ largest media brand has allowed for attractive cost-per-acquisition (CPA) over the initial stages.
Looking forward, Penn ( NASDAQ:PENN ) is expecting to launch ESPN Bet in North Carolina this year, as well as New York, which is by far the most lucrative state for sports betting in North America. Those two launches alone will take ESPN Bet’s addressable online sports betting population in the United States from 37% to 46%.
Penn( NASDAQ:PENN ) took another step closer to launching ESPN Bet in New York this week by acquiring Wynn Interactive Holdings’ sports betting licenses in the state. Upon relevant approvals, Penn will launch ESPN Bet in the state later this year.
Snowden said this acquisition will expose ESPN Bet to the most prominent sports betting market in the US. It remains a highly competitive market, though, with current brands active on the market including FanDuel, DraftKings, Bally Bet, BetMGM, Caesars Sportsbook, Fanatics Sportsbook, Resorts World Bet and BetRivers.
PENN Entertainment Options Ahead of EarningsIf you haven`t bought PENN before the previous earnings:
Then analyzing the options chain and the chart patterns of PENN Entertainment prior to the earnings report this week,
I would consider purchasing the 25usd strike price Calls with
an expiration date of 2024-6-21,
for a premium of approximately $2.28.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
(NASDAQ: $PENN) Navigating Challenges, Unleashing Potential
In the dynamic world of gaming and entertainment, Penn National Gaming (PENN) stands as a resilient player, breaking through the barriers and seizing strategic opportunities. While facing challenges, the company's innovative approach and strategic partnerships position it for substantial growth. In this article, we will delve into the factors that make Penn Entertainment an enticing investment, exploring growth catalysts, recent developments, and the company's resilience in the face of industry headwinds.
Breaking the Trend:
Penn National Gaming has recently broken through the ceiling of a falling trend channel in the medium long term. This breakthrough suggests a slowing falling rate or the initiation of a more horizontal development. Investors keen on identifying promising entry points should take note of the positive signals emanating from this shift.
Technical Analysis:
The stock has exhibited resilience by bouncing back after a break of the rectangle formation. Although facing resistance around $26.50, this presents an opportune moment for strategic investors. A decisive break of this resistance could neutralize negative signals and pave the way for a more bullish trajectory. The stock's approach towards the $26.80 resistance level signifies a critical juncture, with a potential positive signal upon breaking this barrier.
Strategic Partnerships and Expansion:
Penn Entertainment's strategic partnerships underscore its commitment to staying at the forefront of the gaming industry. The alliance with Quail Hollow Club and Wells Fargo Championship is a testament to the company's expansion strategy. Pending regulatory approval, the collaboration grants PENN's ESPN BET platform access to North Carolina's online sports betting market, a significant step in claiming a stake in this emerging arena.
ESPN BET, the result of a fusion between ESPN's renowned brand and PENN's advanced technology, was launched in 17 states on Nov 14. This move reinforces PENN's standing in the dynamic sports betting landscape, offering an appealing investment prospect for those intrigued by the convergence of entertainment and online betting.
Growth Catalysts and Market Potential:
Penn Entertainment's focus on the loyalty program and its 3C's initiatives position the company for sustained growth. The strategic partnerships not only enhance market presence but also unlock various marketing avenues, creating a symbiotic relationship between sports enthusiasts and the company's offerings. With pending regulatory approvals, PENN is poised to capitalize on North Carolina's flourishing market, further expanding its footprint in the online sports betting arena.
While acknowledging challenges, Penn National Gaming's strategic initiatives, partnerships, and focus on innovation make it a compelling investment opportunity. The recent breakthrough in the stock's trend channel, coupled with strategic alliances, positions PENN for potential growth. Investors seeking a dynamic and resilient player in the gaming and entertainment sector should consider Penn Entertainment as a promising addition to their portfolio.
As the company navigates challenges, its strategic vision and market potential make it a compelling buy for those looking to ride the wave of innovation and growth in the gaming industry.
PENN Entertainment's (NASDAQ: $PENN) Peaks and TroughsOn December 11, 2023, PENN stock exhibited positive performance, as it traded in the middle of its 52-week range and remained above its 200-day simple moving average. These indicators suggest that the stock has been relatively stable and could potentially continue its upward trend. The price of PENN shares saw a notable increase of $1.81 since the previous market close, representing a rise of 7.59%. This significant jump in price indicates strong investor confidence and bullish sentiment surrounding the stock.
Furthermore, PENN stock opened at $23.90, which was $0.04 higher than its previous close. This slight increase in the opening price further reinforces the positive momentum that the stock experienced throughout the day. We will view these positive price movements as an encouraging sign for PENN stock.
The fact that it is trading above its 200-day simple moving average indicates that the stock has been performing well over a longer time frame. Moreover, trading in the middle of its 52-week range suggests that the stock has not reached its potential peak, leaving room for further growth.
Penn ready for breakout NASDAQ:PENN seems ready for breakout atleast to 22.5 to start with in short time frame
PENN Entertainment Options Ahead of EarningsAnalyzing the options chain and the chart patterns of PENN Entertainment prior to the earnings report this week,
I would consider purchasing the $25.50 strike price Calls with
an expiration date of 2023-8-11,
for a premium of approximately $0.90.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
DKNG Nearing breakoutDKNG is one of those cult stocks where a lot of eyes were on this name during last year. Now it feels like most people abandoned this name and already gave up on it. So real good for a breakout chance. PENN already broke out today. DKNG can follow it.
Above 14 can see 14.64, 15.54, 17.20
Jul 20 15C can work
$PENN major support areasupport looks great, price has reacted pretty well. possible falling wedge breakout also
Bullish div PENN weekly and false break on dailyWeekly
Bullish div on MACD-H and EFI. We do see 4 EFI diverging locally in the latest decline.sRSI is about to to a strong degree it seems, and might tick up.
Daily:
FB and 1st HL, impulse green. Might possibly start a new uptrend and fullfilling the weely setup
"Entry: around 44
TP1: 57,14
TP2: 62,9
R/R Ratio
Penn National Gaming Broke the floor. PENNAnd that means Wave C is confirmed on some level. Wave C or Y of a more complex WXY type pattern. It is unclear which it is at this stage, as it is only early day of the last leg, but it does not matter as both scenarios are bearish.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe!
DKNG $100 IDEA, if this trend can't hold, look for sub $40 Current trend and past trends are all leading to a similar point (sometime in Feb), plus we had a nice little drop on earnings which could have put this stock on a really good path up to $100.
People love to gamble, and DK is spending a lot of advertising.
Will it get there?? I'm not sure, however.. It's not crazy to think DK and Penn start to run again this month.
I've marked some important points to take note of on this current trend, including one on the 9th.
$PENN - a confirmation of long term downtrend?We can see the giant Inverted Head and Shoulders on the daily chart, which is now further stretched down to $45.
I think this fall is enough, to confirm major long term downtrend, unless the trend reverses and holds above $87, which seems far away from the current price.
DKNG - HIGHER WATCHLIST THAN ANY OTHER STOCK HERE All,
Put DKNG top of everything on your watchlist. HUGE demand area down here first long term retest. Confluence support trends downard that have popped 20-50%. I HIGHLY suggest watching DKNG over almost any stock in the next few weeks. I think DKNG once it bottoms here 3-6mo out will get you 200-300%. Just be patient or scale in in 30-32 range. Watch for options activity + big candles (hedges,insiders,tutes) buying in. I promise DKNG will return, sports will NOT stop due to COVID. Even Biden clearly said shutdown is not happening.
DKNG - 618 FIB ALL TIME - TIME TO BUY?All,
DKNG here obviously a typical buy area, but market + ER I still have to be careful here. I 10000% would add to watchlist. Worst I see it getting is 33-26 range a little lower.
PENN stock is on sale ?Yesterday seemed like an overreaction to earnings and bad news all at the same time.
Using Aspen Trading Support & Resistance Levels, a move above 62.75 will trigger buying into a long position.
PENN is fundamentally strong. The stock is on sale and it has already started an upward move in the market after-hours.
Please like, share and follow if you agree with the analysis.
Note - Aspen Trading S/R levels are invite only. They can be accessed through my profile information.
Disclaimer: This analysis is for information purpose only and does not constitute any investment advice.
$FUBO IF ONLY...
1st Target : $60
Long Call: Buy 4x 21st Jan 2022 $45.00 Call @ $1.95
Entry cost: $780.00 (debit)
Maximum risk1: $780.00
Est. return1 at target price: $5,220.00 (669.2%)
Probability of profit: 21.3%
2nd Target : $130
Long Call: Buy 16x 21st Jan 2022 $75.00 Call @ $0.49
Entry cost: $784.00 (debit)
Maximum risk1: $784.00
Est. return1 at target price: $87,216.00 (11124.5%)
Probability of profit: 2.6%
$DKNG GETTING READY FOR A +40% MOVE!What Is the Accumulation Area?
The accumulation area on a price and volume chart is characterized by mostly sideways stock price movement, which is seen by investors or technical analysts as indicative of large institutional investors buying, or accumulating, a large number of shares over time.
Source: www.investopedia.com
1HR
- Price trading sideways since late September.
Analyst Price Target on $DKNG (TipRanks)
High: 105
Average: 70.06 (44.01% Upside)
Low: 41
PENN daily squeezeSeeing price squeezing inside this symmetrical triangle,
Worth keeping an eye on it and wait for a breakout
$PENN Weekly swing ideaPenn on the weekly pretty bullish set up from a technical perspective for a swing trade going into EOY.
Nice base forming with a weekly close at the 21EMA, however strong resistance zone $84-86 .
Want to see a break of this, followed by possible retest similar to DEC 20 price action before continuing to the upside.
Failed break of resistance zone invalidates trade and look for a move back down to $70
Momo has my bias to the upside given overall market stays in line.
PENN - Option Play for the week PENN - Long above $80.20 (we have to make sure this isn't just a B wave bounce into C) & Short below $70.80 into green box.
PT for longs: $92 - $101
PT: for shorts $54 - $64.15.
I prefer 11/19 or 1/21/22 80C's for longs and 11/19 70P's for shorts.
Penn National Gaming losing ground. PENNGeneral downtrend continues in this stock, and we believe we are about to enter another possible C Wave.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets going down are highlighted in purple with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe!
