Raymond James downgraded PENN to "market perform"
Raymond James downgraded PENN Entertainment Inc (NASDAQ:PENN) to "market perform" from "outperform" earlier today, with the analyst in question noting the security's recent gains made its valuation "appropriate." At last glance, PENN is 3.5% lower to trade at $18.66.
Shares remain above the recently supportive 20-day moving average, but the stock's rally to its highest level since February ran out of steam near the $20 region. The shares are today on track for a third-straight daily loss, and carry a considerable 25.7% year-over-year deficit.
Bearish bets have been popular in the past 10 weeks. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), PENN's 50-day put/call ratio ranks higher than 88% of readings from the last 12 months.