In this article, we will discuss the 10 stocks that Izzy Englander has sold in Q3. If you want to read our detailed analysis of his hedge fund and recent developments, go directly to read Billionaire Izzy Englander is Selling These 10 Stocks.
5. Penn National Gaming, Inc. (NYSE:PENN)
Number of Hedge Fund Holders: 38
Penn National Gaming, Inc. (NYSE:PENN) is an American casino company that operates 44 facilities in the U.S. and Canada. According to analysts, the company remained one of the biggest advancers in the casino sector due to the reopening of the economy.
In Q3, Millennium Management sold its entire stake in Penn National Gaming, Inc. (NYSE:PENN). In the previous quarter, the hedge fund held shares worth $1.7 million in the company. In the third quarter, Penn National Gaming, Inc. (NYSE:PENN) reported gaming revenue of $1.25 billion, up from $993 million during the same period last year. Recently, Citigroup started its coverage on the stock with a Hold rating and a $60 price target.
As per Insider Monkey’s Q3 data, 38 hedge funds held stakes in Penn National Gaming, Inc. (NYSE:PENN), down from 40 in the previous quarter. The total value of these stakes is over $1.08 billion.
Recently, Baron Growth Fund published its Q3 2021 investor letter and mentioned Penn National Gaming, Inc. (NYSE:PENN) in it. Here is what the firm has to say:
“Shares of regional casino company Penn National Gaming, Inc. declined as investors fretted about lower market share in online sports betting, and more aggressive marketing spend from competitors in their facility-based businesses. We believe Penn’s recently announced acquisition of Score Media and Gaming, combined with its Barstool acquisition last year, should help drive customers to its betting App, enhancing its market share. Penn has a strong balance sheet with earnings growth accelerating over time.”