Penn National Gaming shares continue downward trend

penn-national-gaming-shares-continue-downward-trend

Shares of Penn National Gaming dropped by 0.55% to $49.07 on Wednesday 29 December for the company’s third consecutive day of losses.

Its shares opened at $51.47 on Monday 27 December, but have since declined. All-in-all this is a 4% drop, with Wednesday being Penn’s worst-performing day so far this week.

Compared to some of its competitors, Penn National’s stock underperformed. On Wednesday, Boyd Gaming’s shares rose by 0.65% to $65.02 while Churchill Downs experienced a 0.3% rise to $239.54. However, Caesars Entertainment experienced a 0.43% fall to $92.38.

This comes despite a surge in trading that saw major US stock indexes post record closing figures on Wednesday, with the exception of the Nasdaq Composite Index. According to MarketWatch, this fell by 0.1% to 15,766.22.

Overall, Penn National’s stock has been in decline since November, coming close to its 52-week low on 16 December when it dropped to $44.65.

This was after the company published its financial results for Q3 2021, in which it underperformed investors’ expectations.

The casino and racetrack operator was then subject to a lawsuit investigation by the Schall Law Firm over allegations that it made “misleading” statements.

“The company reported net income of $0.52 per share, which fell far short of the $0.93 per share for the same quarter of the prior year,” stated Schall.

But Penn’s recent performance only continues a longer trend. Over the past 6 months, the company’s stock has experienced an almost 36% decline.

More recently, Penn National opened its fourth gaming facility in Pennsylvania and 44th in North America.

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