Friday’s launch of the new Barstool Sportsbook app.” data-reactid=”19″>Penn National Gaming, Inc (NASDAQ: PENN) shares are up another 23.5% in the past week in anticipation of Friday’s launch of the new Barstool Sportsbook app.
DKNG) have been on fire in 2020, and S3 Partners analyst Ihor Dusaniwsky said Thursday that heavy losses are driving short sellers to the sidelines.
MGM) has the largest short interest within the casino and gaming group at $1.02 billion. However, DraftKings is a close second at $977.4 million followed by Penn at $954.5 million.
Dusaniwsky said short interest in the group has steadily risen since March, but that trend has started to shift in DraftKings and Penn. DraftKings’ short interest is down 14% during the stock’s 51% rally since mid-August. Penn’s short interest has dropped 44% during the stock’s 115% rise since late May.
Those losses have ramped up in the month of September, with DraftKings shorts taking a $310.8 million hit and Penn short sellers enduring $238.4 million in losses.
Dusaniwsky said short covering may continue to push DraftKings and Penn shares higher in the coming weeks.
“With almost $2 billion of short interest between the two stocks, if a sizeable percentage of DKNG and PENN shorts fold, the bid-side price pressure will be significant and be a force in continuing this recent rally,” he said.
Macau Gaming Revenue Down 94.5% In August, Analyst Sees Rebound In September ” data-reactid=”33″>Macau Gaming Revenue Down 94.5% In August, Analyst Sees Rebound In September
Latest Ratings for PENN
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Sep 2020 | Rosenblatt | Initiates Coverage On | Buy | |
| Sep 2020 | Bank of America | Reiterates | Buy | |
| Aug 2020 | Morgan Stanley | Downgrades | Overweight | Equal-Weight |
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