Stanley Druckenmiller is Selling These 5 Stocks

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

Number of Hedge Fund Holders: 40   

Percentage Decrease in Stake During Q3: 54%

Penn National Gaming, Inc. (NASDAQ:PENN) owns and runs gaming and racing properties. Duquesne Capital owned 417,200 shares in the company at the end of September 2021 worth $30 million, representing 0.98% of the portfolio of the fund. 

On November 11, investment advisory Deutsche Bank upgraded Penn National Gaming, Inc. (NASDAQ: PENN) stock to Hold from Sell with a price target of $31, citing valuation as the primary reason behind the upgrade.

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.”