5 Reddit Stocks to Buy in November

3. Penn National Gaming, Inc. (NASDAQ:PENN)

Number of Hedge Fund Holders: 40   

Penn National Gaming, Inc. (NASDAQ:PENN) is a casinos and gaming firm based in Pennsylvania. Redditors have highlighted the post-pandemic recovery and the uptick in travel and casino betting as some of the growth catalysts for the stock that has been hit after a key shareholder of the firm had a damaging article published about them in the press. Analysts are viewing the stock with caution after the publication of the piece. 

JPMorgan analyst Joseph Greff recently maintained an Overweight rating on Penn National Gaming, Inc. (NASDAQ: PENN) stock with a year-end 2022 price target of $81, underlining that the fallout of the damaging press coverage was “concerning”. 

At the end of the second quarter of 2021, 40 hedge funds in the database of Insider Monkey held stakes worth 1 billion in Penn National Gaming, Inc. (NASDAQ:PENN), down from 42 in the previous quarter worth $907 million.

In its Q1 2021 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Penn National Gaming, Inc. (NASDAQ:PENN) was one of them. Here is what the fund said:

“Shares of regional casino operation Penn National Gaming, Inc. increased in the quarter on strong share gains in the online sports betting and gaming markets in Michigan and the opening of the large Illinois online sports betting market. Strong sequential growth in revenue and sustained margin improvement in its brick and mortar operations also helped boost the share price. We think these positive developments will lead to improvements in the company’s balance sheet and its EBITDA to free cash flow conversion.”