Analyst Deems Casino Stock's Valuation 'Appropriate'

Bearish bets are more popular than usual

Fernanda Horner

Digital Content Manager

Jun 25, 2024 at 10:00 AM

PENN

Raymond James downgraded PENN Entertainment Inc (NASDAQ:PENN) to "market perform" from "outperform" earlier today, with the analyst in question noting the security's recent gains made its valuation "appropriate." At last glance, PENN is 3.5% lower to trade at $18.66.

Shares remain above the recently supportive 20-day moving average, but the stock's rally to its highest level since February ran out of steam near the $20 region. The shares are today on track for a third-straight daily loss, and carry a considerable 25.7% year-over-year deficit.

Bearish bets have been popular in the past 10 weeks. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), PENN's 50-day put/call ratio ranks higher than 88% of readings from the last 12 months.

Follow @Schaeffers

Two High-Octane Trade Ideas. One Simple Goal: Intraday Profits.

Dynamite Day Trading Signals delivers two same-day options trades every week — powered by proprietary intraday analysis and 43+ years of trading expertise.

But this isn’t just another stream of alerts.

It’s a structured plan with clear entry and exit points – designed for traders who want to act fast, trade smart, and wrap up gains before the closing bell.

No guesswork. No overnight exposure – Just two well-researched setups per week — whether you prefer buying premium or selling it.

And the results speak for themselves: subscribers have locked in +245.8% total profit over the last six months (since inception!).

👉 Start your one-month trial now for just $10, and be ready for the next trade alert.