Options Traders Set Sights on Casino Stock

The stock has been seeing pressure at the $27 level

Laura McCandless

Deputy Editor

Jul 17, 2023 at 3:12 PM

PENN

Penn Entertainment Inc (NASDAQ:PENN) has been seeing pressure around the $27 level since early May, and was rejected there once more last week, with added pressure coming from its 100-day moving average. Year-to-date, the stock is down 12.7%, and is off 0.4% to trade at $25.88 at last glance.

The casino stock has been popular amongst options traders of late. Per Schaeffer's Senior Quantitative Analyst Rocky White's list of S&P 400 stocks that have attracted the highest weekly options volume in the past 10 days, PENN saw 253,946 calls and 48,718 puts traded during that time. The most popular contract over that period was the July 30 call.

mao july17

The penchant for bullish bets is nothing new, according to the stock's 50-day call/put volume ratio of 7.03 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than 99% of readings in its annual range.

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.