Casino, Sports Betting Stock Jumps Amid C-Suite Buzz

Options traders are blasting PENN amid the news

Deputy Editor
Dec 28, 2023 at 10:11 AM
facebook X logo linkedin

The shares of PENN Entertainment Inc (NASDAQ:PENN) are up 4.7% to trade at $26.19 at last check, amid C-suite buzz. Per the Wall Street Journal, hedge fund HG Vora Capital Management, which has an 18.5% stake in the casino operator and online-betting firm, is seeking a seat on the company's board. HG Vora calls PENN shares "significantly undervalued" and it has discussed "a range of topics focused on enhancing shareholder value." 

On the charts, PENN continues to distance itself from its Oct. 30, three-year bottom at $18.35. But on the other side of the coin, the shares are a ways off their annual high of $36.25 and not even in the same stratosphere as their record peak over $140 from early 2021. The equity is poised to wrap up 2023 with a 11.8% deficit. 

Today's rise has sparked a frenzy in the options pits. At last check, 4,246 calls and 4,241 puts have already been exchanged, volume that is six times the average amount. New positions are being sold to open at the most popular position, the weekly 1/5 25-strike put. 

Short sellers are exiting their positions, with short interest down 21.7% in the last two reporting periods. However, the 17.02 million shares sold short account for 11.3% of the stock's available float, so if PENN makes a move in 2024, bearish bettors could be caught off guard. 


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI