PENN

LONG

PENN ENTERTAINMENT INC

Funds

Score

4.50

vs SPY

+9.0%

Stock return (since Q-end)

+25.3%

SPY return (since Q-end)

+16.3%

Current price

$18.83

News Summary

Positive

PENN delivered a strong Q1 2026 earnings beat (EPS 120% above consensus) with significant EBITDA improvement (+53% YoY to $265.8M) and raised 2026 retail guidance, while announcing major deleveraging progress (projected 2.0x-2.4x net leverage by year-end versus 4.5x at end-2025). However, the company posted a net loss despite revenue growth, and the Interactive segment is expected to drag profitability through 2026 with a $20M EBITDA loss from the Alberta launch alone.

Red flags

•Net loss of $2.8M in Q1 2026 despite revenue growth and EBITDA beat, indicating margin volatility
•Interactive segment projected to lose $20M in 2026 due to Alberta launch, with segment-level profitability not expected until Q4 2026
•Ongoing leadership transitions and board restructuring (HG Vora cooperation agreement through 2027) may signal activist influence and internal strategic disagreement

Funds Buying (3)

Fund	Manager	Shares Held	∆ Shares	Position Value	QoQ	Status
Greenlight Capital	David Einhorn	6.0M	+6.0M	$90.8B	—	NEW
Point72	Steve Cohen	243K	+243K	$3.7B	—	NEW
Maverick Capital	Lee Ainslie	64K	+64K	$959M	—	NEW

Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter.