Investors with a lot of money to spend have taken a bullish stance on PENN Entertainment (NASDAQ:PENN).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with PENN, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 9 uncommon options trades for PENN Entertainment.
This isn't normal.
The overall sentiment of these big-money traders is split between 44% bullish and 44%, bearish.
Out of all of the special options we uncovered, 4 are puts, for a total amount of $160,936, and 5 are calls, for a total amount of $210,424.
What's The Price Target?
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $18.5 and $25.0 for PENN Entertainment, spanning the last three months.
Volume & Open Interest Development
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for PENN Entertainment's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of PENN Entertainment's whale trades within a strike price range from $18.5 to $25.0 in the last 30 days.
PENN Entertainment Option Activity Analysis: Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| PENN | CALL | TRADE | NEUTRAL | 07/19/24 | $1.18 | $1.14 | $1.16 | $20.00 | $88.3K | 20.5K | 128 |
| PENN | PUT | SWEEP | BULLISH | 10/18/24 | $6.3 | $6.2 | $6.2 | $25.00 | $57.6K | 56 | 0 |
| PENN | PUT | SWEEP | BEARISH | 07/05/24 | $0.58 | $0.49 | $0.56 | $18.50 | $40.5K | 22 | 0 |
| PENN | CALL | SWEEP | BEARISH | 10/18/24 | $2.73 | $2.62 | $2.62 | $20.00 | $34.5K | 18.0K | 272 |
| PENN | PUT | SWEEP | BULLISH | 01/17/25 | $3.2 | $3.15 | $3.15 | $20.00 | $31.5K | 979 | 114 |
About PENN Entertainment
Penn Entertainment's origins date back to its 1972 racetrack opening in Pennsylvania. Today, Penn operates 43 properties across 20 states and 12 brands, including Hollywood Casino and Ameristar. Land-based casinos represented 89% of total sales in 2023; 11% was from the interactive segment, which includes sports, iGaming, and media revenue. The retail portfolio generates mid-30s EBITDAR margins and helps position the company to obtain licenses for the digital wagering markets. Additionally, Penn's media assets, theScore and ESPN (starting with its partnership launch in November 2023), provide access to sports betting/iGaming technology and clientele, helping it form a leading digital position.
Having examined the options trading patterns of PENN Entertainment, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
Current Position of PENN Entertainment
- Currently trading with a volume of 2,294,409, the PENN's price is down by -2.69%, now at $19.5.
- RSI readings suggest the stock is currently may be approaching overbought.
- Anticipated earnings release is in 47 days.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for PENN Entertainment with Benzinga Pro for real-time alerts.