Baron Growth Fund, in its Q1 2021 investor letter, mentioned Penn National Gaming, Inc. (NASDAQ: PENN), and shared their insights on the company. Penn National Gaming, Inc. is a Wyomissing, Pennsylvania-based casino company that currently has an $11.8 billion market capitalization. Since the beginning of the year, PENN delivered a -11.89% return, while its 12-month gains are up by 329.46%. As of May 12, 2021, the stock closed at $76.10 per share.
Here is what Baron Growth Fund has to say about Penn National Gaming, Inc. in its Q1 2021 investor letter:
“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.”
Our calculations show that Penn National Gaming, Inc. (NASDAQ: PENN) does not belong in our list of the 30 Most Popular Stocks Among Hedge Funds. As of the end of the fourth quarter of 2020, Penn National Gaming, Inc. was in 41 hedge fund portfolios, compared to 45 funds in the third quarter. PENN delivered a -32.41% return in the past 3 months.
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