Stock Analysis
Data Source: SEC EDGAR 13F
Updated Hourly

Penn Entertainment Inc (PENN)

372 + Investors. Track Smart Money conviction in PENN. See who's accumulating, reducing, or initiating positions.

Current Price
-- USD
Analyst Target
-- (0 analysts)
Upside
0.00%
Net Flow Q/Q
↑ +8
Streak
2Q ▲
Buyers last Q
48%

Smart Money Signals — PENN

Based on 375 hedge funds · latest filing: 2026 Q1 · updated quarterly

📈

Buying streak — 2 quarters in a row

last 6Q
For 2 consecutive quarters, more hedge funds added PENN than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.
📊

High ownership — 91% of 3.0Y peak

91% of all-time peak
375 funds currently hold this stock — 91% of the 3.0-year high of 411 funds (reached 2023 Q4). Ownership is elevated but not yet at maximum concentration. Room to grow, but watch if the trend reverses.
📉

Outflows — 6% fewer funds vs a year ago

fund count last 6Q
23 fewer hedge funds hold PENN compared to a year ago (-6% decline). When institutions consistently reduce their exposure, it's worth exploring the underlying fundamental reasons driving them away.
🟠

More sellers than buyers — 48% buying

181 buying198 selling
Last quarter: 198 funds reduced or exited vs 181 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.
➡️

Steady new buyers — ~74 new funds per quarter

new funds entering per quarter
Funds opening this position for the first time: 49 → 41 → 69 → 74. A stable flow of new institutional buyers suggests ongoing interest without signs of either acceleration or slowdown.
🔒

68% of holders stayed for 2+ years

■ 68% conviction (2yr+) ■ 17% medium ■ 15% new
255 out of 375 hedge funds have held PENN for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.
💎

Buying through price weakness — shares -8%, value -65%

Value
-64%
Shares
-8%
Last quarter: funds added -8% more shares while total portfolio value only changed -65%. Institutions were buying while the price was falling — a high-conviction accumulation signal. They're deliberately loading up on the dip.
🚀

Acceleration phase — new buyers rushing in

65 → 49 → 41 → 69 → 74 new funds/Q
New funds entering each quarter: 49 → 41 → 69 → 74. The pace of institutional discovery is accelerating sharply. This is the 'hot idea' phase — the thesis is being passed from fund to fund. You are not late — the accumulation wave is still building.
🏛️

Veteran-anchored — 77% veterans vs 16% newcomers

■ 77% veterans ■ 8% 1-2yr ■ 16% new
Entry-cohort mix of 393 holders: 301 (77%) are 2+ year veterans, 31 entered 1–2 years ago, and 61 (16%) joined within the past year. A veteran-weighted cap table skews toward institutional memory over fresh momentum.
✅

Strong quality — 32% AUM from major funds

32% from top-100 AUM funds
51 of 373 holders rank in the top 100 by AUM, accounting for 32% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.
3.0
out of 10
Low Exit Risk
Exit risk score 3.0/10 — low institutional crowding. Ownership is below peak levels, holder base is relatively sticky, and buying momentum is positive.

Methodology note: these Smart Money cards use consecutive 13F disclosure snapshots, not trade-by-trade execution data. "Buying", "selling", "new holders", and "trimmed" refer to quarter-over-quarter changes in reported holders, aggregate shares, or disclosed position values between filings. They are useful for ownership regime analysis and crowding, but they do not imply exact trade timing on the filing date.

Institutional Sentiment Summary — PENN

In 2026 Q1, 181 hedge funds were net buyers of PENN (74 opened a new position, 107 added to an existing one), while 198 reduced or exited (132 trimmed, 66 sold completely) — a 48% buyer ratio, indicating roughly balanced activity. Net buying has persisted for two consecutive quarters, a positive momentum signal. 32% of total institutional value in PENN is held by top-100 AUM funds, reflecting strong institutional quality. Net fund flow last quarter: +8 funds (more new holders than closures). Total institutional holders: 375.

Hedge Fund Ownership: PENN

How many hedge funds hold PENN — quarterly history vs. share price
Quarterly hedge fund ownership of PENN vs. share price

Market Analysis: PENN

Analyst Price Targets

Avg. Price Target
--

Analyst Recommendations

Stock Performance

Real-time

Company Profile: PENN

-- --

Institutional ownership data sourced from SEC EDGAR Form 13F-HR filings.

Is It Too Late to Buy Penn Entertainment Inc (PENN) Based on Hedge Fund 13F Filings?

Signal Freshness measures how much PENN has moved relative to its sector benchmark (XLY) since the 2026 Q1 13F filing. A stock that has barely outrun its sector is still a relatively fresh entry point — the fund's thesis has not yet been priced in by the broader market.

Since Quarter End March 31, 2026 · 79d ago
PENN
+44.7%
XLY
+7.5%

PENN outperformed XLY by +37.2% since March 31, 2026.

Since 13F Filing Date May 15, 2026 · 34d ago
PENN
+34.3%
XLY
+0.5%

Since the filing became public, PENN outperformed XLY by +33.8% .

Interpretation: The stock has significantly outperformed its sector benchmark — the original entry opportunity has largely been captured by earlier investors. Learn more →

Smart Money Signal ?
Limited Smart Money Interest

No strong consensus or elite conviction detected among institutional holders.

30 top-rated funds 4 high-conviction
Consensus
6.5
/ 10
breadth
×
Elite
3.3
/ 10
conviction
Hedge Fund Positioning: PENN
372 + Investors

Track Smart Money conviction in PENN. See who's accumulating, reducing, or initiating positions.

Metric All 13F Filers (2026 Q1) Prior (2025 Q4) Change
Funds Holding 372 367 1.36%
13F Shares 220M 240M -8.49%
Total Value $2.21B $6.28B -64.77%
New Positions 71 69 +2
Increased Positions 100 88 +12
Closed Positions 66 62 +4
Reduced Positions 125 137 -12
Total Calls 8 21 -61.9%
Total Puts 8 16 -50.0%
PUT/CALL Ratio 1.0 0.76 Neutral

Statistics: PENN

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Valuation Measures Data as of: --

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PEG Ratio (5yr expected) --
Price/Sales (ttm) --
Price/Book (mrq) --
Enterprise Value/Revenue --
Enterprise Value/EBITDA --
Beta (5Y Monthly) --
Short Ratio (Days to Cover) --
Short % of Float --

Financial Highlights

Profitability
Profit Margin --
Return on Assets (ttm) --
Return on Equity (ttm) --
Income Statement & Cash Flow
Revenue (ttm) --
Net Income Avi to Common (ttm) --
Diluted EPS (ttm) --
Total Cash (mrq) --
Total Debt/Equity (mrq) --
Levered Free Cash Flow (ttm) --

Institutional Holders (2026 Q1)

372 + investors

Explore institutional interest and hedge fund ownership dynamics. Analyze portfolio weights, new positions, and conviction trends in PENN. Verified SEC 13F-HR filings.

QUARTER:
Top 25 PENN holders by conviction (% of portfolio weight) — 2026 Q1 · Source: SEC Form 13F
# Investor % of Portfolio Shares Mkt Value
1 HG Vora Capital Management, LLC 44.71% 5,675,000 $85.3M
2 Orvieto Partners, L.P. 8.28% 643,400 $9.7M
3 Covalent Partners LLC 7.71% 90,000 $1.4M
4 Hill Path Capital LP 6.32% 5,759,820 $86.6M
5 Kettle Hill Capital Management, LLC 4.27% 1,133,624 $17.0M
6 Seven Six Capital Management, LLC 4.18% 258,700 $3.9M
7 Palidye Holdings (Caymans) Ltd 3.90% 1,400,000 $21.0M
8 DME Capital Management, LP 2.85% 6,044,440 $90.8M
9 Shapiro Capital Management LLC 2.63% 2,804,858 $42.2M
10 Penn Capital Management Company, LLC 1.30% 1,116,813 $16.8M
11 Diametric Capital, LP 1.26% 323,845 $4.9M
12 Melqart Asset Management (UK) Ltd 1.15% 773,591 $11.6M
13 Invenomic Capital Management LP 1.07% 1,544,767 $23.2M
14 Hennessy Advisors Inc 0.98% 1,804,900 $27.1M
15 Long Focus Capital Management, LLC 0.85% 2,150,000 $32.3M
16 Paloma Partners Management Co 0.56% 190,000 $2.9M
17 III Capital Management 0.44% 101,046 $1.5M
18 Armistice Capital, LLC 0.42% 1,578,000 $23.7M
19 Prelude Capital Management, LLC 0.35% 304,297 $4.6M
20 Shellback Capital, LP 0.32% 150,000 $2.3M
21 BW Gestao de Investimentos Ltda. 0.27% 534,514 $8.0M
22 Armistice Capital, LLC 0.24% 900,000 $13.5M
23 Bridgeway Capital Management, LLC 0.24% 795,160 $12.0M
24 Earnest Partners LLC 0.18% 2,827,208 $42.5M
25 Peregrine Capital Management LLC 0.17% 300,859 $4.5M
Investor Ownership
History 		% of Portfolio Prev % Rank Conviction Avg Buy Price 13F Score™ 3Y / 7Y Sell Timing Shares Mkt Value Change Change % Source Quarter Filed

Frequently Asked Questions — Penn Entertainment Inc (PENN)

What does the Smart Money Trend signal show for PENN?

Buying streak — 2 quarters in a row: For 2 consecutive quarters, more hedge funds added PENN than sold it. That's a consistent pattern of professional buying — not a one-time trade. When institutions keep buying quarter after quarter, it usually means they see a multi-year opportunity, not just a short-term momentum flip.

What is the institutional breadth score for PENN?

More sellers than buyers — 48% buying: Last quarter: 198 funds reduced or exited vs 181 that bought or added. When more than half of active funds are selling, it's a caution flag — especially if the stock price hasn't moved down yet.

What is the fund quality score for PENN holders?

Strong quality — 32% AUM from major funds: 51 of 373 holders rank in the top 100 by AUM, accounting for 32% of total institutional value held. A meaningful share of the ownership value comes from the most well-resourced institutions.

How long have hedge funds held PENN?

68% of holders stayed for 2+ years: 255 out of 375 hedge funds have held PENN for over 2 years without selling. Long-term investors are generally harder to shake out during market stress, creating a stable ownership base that limits the risk of sudden capitulation.

Is it too late to buy Penn Entertainment Inc (PENN) following the 2026 Q1 hedge fund 13F filings?

As of today, PENN has moved +34.3% since the 2026 Q1 13F filing date (May 15, 2026), compared to +0.5% for the XLY sector ETF — an outperformance of +33.8%. Since the quarter end (March 31, 2026), PENN has gained +44.7% vs +7.5% for XLY. The stock has significantly outperformed its sector benchmark — the original entry opportunity has largely been captured by earlier investors.

Where does this institutional ownership data come from?

All holdings data is sourced from SEC Form 13F filings, which institutional investment managers with over $100 million in assets are required to submit quarterly. Data is parsed directly from SEC EDGAR.

Disclaimer: The information on this page is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Institutional holdings data is sourced from SEC Form 13F filings and reflects positions as of the filing date. Past performance of any fund or portfolio is not indicative of future results. 13Foresight is not a registered investment adviser. Always conduct your own due diligence before making investment decisions.

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