Pinnacle Entertainment Inc. (NASDAQ:PNK) was the recipient of a large decline in short interest during the month of September. As of September 30th, there was short interest totalling 1,791,572 shares, a decline of 23.6% from the September 15th total of 2,345,744 shares. Approximately 3.3% of the shares of the stock are sold short. Based on an average daily volume of 602,137 shares, the short-interest ratio is presently 3.0 days.
In related news, CEO Anthony Michael Sanfilippo acquired 20,750 shares of the business’s stock in a transaction that occurred on Wednesday, September 14th. The stock was purchased at an average cost of $11.20 per share, for a total transaction of $232,400.00. Following the transaction, the chief executive officer now directly owns 723,543 shares of the company’s stock, valued at approximately $8,103,681.60. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 5.65% of the company’s stock.
Hedge funds have recently modified their holdings of the company. State Street Corp boosted its stake in shares of Pinnacle Entertainment by 3.8% in the first quarter. State Street Corp now owns 1,218,950 shares of the company’s stock worth $42,793,000 after buying an additional 44,376 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Pinnacle Entertainment by 18.0% in the first quarter. Renaissance Technologies LLC now owns 967,400 shares of the company’s stock worth $33,956,000 after buying an additional 147,900 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Pinnacle Entertainment by 210.5% in the first quarter. Goldman Sachs Group Inc. now owns 687,866 shares of the company’s stock worth $24,144,000 after buying an additional 466,366 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Pinnacle Entertainment by 19.4% in the first quarter. Canada Pension Plan Investment Board now owns 548,200 shares of the company’s stock worth $19,242,000 after buying an additional 88,900 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of Pinnacle Entertainment by 7.2% in the first quarter. Geode Capital Management LLC now owns 412,370 shares of the company’s stock worth $14,474,000 after buying an additional 27,845 shares during the last quarter. Hedge funds and other institutional investors own 95.17% of the company’s stock.
Several brokerages have weighed in on PNK. Deutsche Bank AG reiterated a “hold” rating and issued a $12.00 price target on shares of Pinnacle Entertainment in a report on Monday, June 27th. Zacks Investment Research upgraded Pinnacle Entertainment from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 13th. TheStreet downgraded Pinnacle Entertainment from a “buy” rating to a “hold” rating in a report on Monday, October 10th. Finally, Bank of America Corp. assumed coverage on Pinnacle Entertainment in a report on Monday, August 22nd. They set a “buy” rating and a $15.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company. Pinnacle Entertainment currently has an average rating of “Buy” and an average price target of $24.14.
Shares of Pinnacle Entertainment (NASDAQ:PNK) opened at 12.75 on Friday. Pinnacle Entertainment has a 12 month low of $9.72 and a 12 month high of $12.93. The company’s 50-day moving average is $12.13 and its 200-day moving average is $11.35. The stock’s market capitalization is $728.41 million.
Pinnacle Entertainment (NASDAQ:PNK) last issued its earnings results on Tuesday, August 9th. The company reported ($8.04) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.13 by $8.17. The business had revenue of $566.20 million for the quarter, compared to the consensus estimate of $573 million. Pinnacle Entertainment had a negative return on equity of 30.68% and a negative net margin of 19.62%. The business’s revenue for the quarter was down 2.7% compared to the same quarter last year. Equities research analysts expect that Pinnacle Entertainment will post ($1.86) earnings per share for the current fiscal year.
About Pinnacle Entertainment
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.
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