Investors with a lot of money to spend have taken a bullish stance on PENN Entertainment PENN.
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with PENN, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 11 uncommon options trades for PENN Entertainment.
This isn't normal.
The overall sentiment of these big-money traders is split between 54% bullish and 45%, bearish.
Out of all of the special options we uncovered, 3 are puts, for a total amount of $153,609, and 8 are calls, for a total amount of $447,440.
Predicted Price Range
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $20.0 and $25.0 for PENN Entertainment, spanning the last three months.
Analyzing Volume & Open Interest
In today's trading context, the average open interest for options of PENN Entertainment stands at 2512.38, with a total volume reaching 10,103.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in PENN Entertainment, situated within the strike price corridor from $20.0 to $25.0, throughout the last 30 days.
PENN Entertainment Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| PENN | CALL | SWEEP | BULLISH | 02/09/24 | $21.50 | $179.2K | 6.3K | 1.9K |
| PENN | PUT | SWEEP | BULLISH | 02/16/24 | $22.00 | $84.6K | 297 | 928 |
| PENN | CALL | SWEEP | BULLISH | 02/09/24 | $21.50 | $77.0K | 6.3K | 2.8K |
| PENN | CALL | TRADE | BEARISH | 03/15/24 | $20.00 | $36.2K | 776 | 484 |
| PENN | CALL | TRADE | BEARISH | 03/15/24 | $20.00 | $36.1K | 776 | 284 |
About PENN Entertainment
Penn Entertainment's origins date back to its 1972 racetrack opening in Pennsylvania. Today, Penn operates 43 properties across 20 states and 12 brands (such as Hollywood Casino and Ameristar), with land-based casinos representing 90% of total sales in 2022 (10% was from the interactive segment, which includes sports, iGaming, and media revenue). The retail portfolio generates high-30% EBITDAR margins and helps position the company to obtain licenses for the digital wagering markets. Additionally, Penn's media assets, theScore and ESPN (starting with its partnership launch Nov. 14, 2023), provide access to sports betting/iGaming technology and clientele, helping it form a leading digital position.
In light of the recent options history for PENN Entertainment, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Current Position of PENN Entertainment
- With a trading volume of 2,145,496, the price of PENN is up by 1.67%, reaching $22.49.
- Current RSI values indicate that the stock is is currently neutral between overbought and oversold.
- Next earnings report is scheduled for 7 days from now.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for PENN Entertainment, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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