Zacks Investment Research lowered shares of Pinnacle Entertainment Inc. (NASDAQ:PNK) from a hold rating to a strong sell rating in a research note published on Wednesday.
According to Zacks, “Pinnacle Entertainment is a diversified gaming company that owns and operates casinos in Indiana, Louisiana, Mississippi, Nevada and Argentina and is pursuing the development of a hotel and casino resort in Lake Charles, Louisiana. The Company also receives lease income from two card club casinos, both in the Los Angeles metropolitan area. “
A number of other equities research analysts have also recently commented on the company. Bank of America Corp. started coverage on Pinnacle Entertainment in a research note on Monday, August 22nd. They issued a buy rating and a $15.00 target price on the stock. TheStreet cut Pinnacle Entertainment from a buy rating to a hold rating in a research note on Monday, October 10th. Finally, Deutsche Bank AG reissued a hold rating and issued a $12.00 target price on shares of Pinnacle Entertainment in a research note on Sunday, June 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $24.14.
Shares of Pinnacle Entertainment (NASDAQ:PNK) traded down 1.41% during midday trading on Wednesday, reaching $12.57. The company had a trading volume of 22,248 shares. Pinnacle Entertainment has a 1-year low of $9.72 and a 1-year high of $12.93. The stock’s market capitalization is $718.12 million. The company’s 50-day moving average is $12.13 and its 200-day moving average is $11.35.
Pinnacle Entertainment (NASDAQ:PNK) last released its earnings results on Tuesday, August 9th. The company reported ($8.04) EPS for the quarter, missing analysts’ consensus estimates of $0.13 by $8.17. Pinnacle Entertainment had a negative return on equity of 30.68% and a negative net margin of 19.62%. The company earned $566.20 million during the quarter, compared to analysts’ expectations of $573 million. Pinnacle Entertainment’s quarterly revenue was down 2.7% compared to the same quarter last year. On average, equities research analysts forecast that Pinnacle Entertainment will post ($1.86) EPS for the current year.
In other news, CEO Anthony Michael Sanfilippo bought 20,750 shares of the stock in a transaction on Wednesday, September 14th. The shares were bought at an average price of $11.20 per share, with a total value of $232,400.00. Following the completion of the acquisition, the chief executive officer now owns 723,543 shares in the company, valued at $8,103,681.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.65% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Acrospire Investment Management LLC purchased a new position in Pinnacle Entertainment during the first quarter worth $116,000. Huntington Asset Advisors Inc. bought a new position in Pinnacle Entertainment during the first quarter valued at approximately $369,000. Aperio Group LLC increased its position in Pinnacle Entertainment by 21.9% in the first quarter. Aperio Group LLC now owns 15,091 shares of the company’s stock valued at $530,000 after buying an additional 2,707 shares during the period. Springbok Capital Management LLC bought a new position in Pinnacle Entertainment during the first quarter valued at approximately $585,000. Finally, Anandar Capital Management LP bought a new position in Pinnacle Entertainment during the first quarter valued at approximately $1,053,000. 95.09% of the stock is currently owned by institutional investors.
Pinnacle Entertainment Company Profile
Pinnacle Entertainment, Inc is an owner, operator and developer of casinos and related hospitality and entertainment facilities. The Company operates through three segments: Midwest, South and West. The properties in the Company’s Midwest segment include Ameristar Council Bluffs, Ameristar East Chicago, Ameristar Kansas City, Ameristar St.