PENN Entertainment, Inc.

PENN • NASDAQ

PENN Entertainment, Inc. is a gambling, resorts & casinos company in the consumer cyclical sector on NASDAQ, led by Felicia Hendrix, with a market cap of $1.9B. As of Q3 2025, 94% of shares are held by 342 institutional investors, with BlackRock, Inc. as the largest holder at 11.18%.

Principal Accounting OfficerFelicia Hendrix

Market Cap$1.9B

Gambling, Resorts & Casinos

Consumer Cyclical

Employees23.3K

Websitepennentertainment.com

Country

United States of America

Overview

Overview of institutional ownership in PENN as of Q3 2025 with a market cap of $2.8B

All Institutions

Institutions: 342
Value Held: $2.6B
Shares Held: 137.6M
Avg Position: $7.7M
Median Position: $520.8K

Hedge Funds

Hedge Funds: 49
Value Held: $645.5M
Shares Held: 33.5M
Avg Position: $13.2M
Median Position: $1.5M

Ownership Breakdown

Institutional (non-HF)

71.17%

$2.0B

Hedge Funds

22.95%

$645.5M

Retail & Other

5.88%

$165.3M

Based on market cap of $2.8B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in PENN as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$314.3M 0.01% of portfolio	11.18% 16.3M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$295.7M 0.00% of portfolio	10.52% 15.4M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
HG Vora Capital Management, LLC Hedge Fund•Event Driven	Michael Lee CFO	$139.6M 18.92% of portfolio	4.97% 7.3M shares	Q2 2022 Held for 3y 5m	$738.0M
SHAPIRO CAPITAL MANAGEMENT CO INC Long Only Manager	Louis Steven Shapiro President	$132.1M 5.95% of portfolio	4.70% 6.9M shares	Q4 2023 Held for 1y 11m	$2.2B
D DME Capital Management, LP Hedge Fund•Long/Short	David Michael Einhorn President	$130.4M 5.13% of portfolio	4.64% 6.8M shares	Q1 2024 Held for 1y 8m	$2.5B
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$112.9M 0.02% of portfolio	4.02% 5.9M shares	≤ Q2 2013 Held for 12y 5m+	$633.08B
H Hill Path Capital LP Private Equity	Scott Ian Ross Managing Partner	$110.9M 5.44% of portfolio	3.94% 5.8M shares	Q2 2025 Held for 5 months	$2.0B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$90.5M 0.00% of portfolio	3.22% 4.7M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	Anthony Ryan CEO	$75.7M 0.05% of portfolio	2.69% 3.9M shares	Q2 2025 Held for 5 months	$158.92B
BANK OF AMERICA CORP /DE/ Institution	Brian T. Moynihan CEO	$69.4M 0.01% of portfolio	2.47% 3.6M shares	≤ Q2 2013 Held for 12y 5m+	$1.33T

Net Capital Flow

Institutional buying and selling activity for PENN in Q3 2025

Traded: −$63.5M
Buyers: 138
Sellers: 172
Total Bought: +$269.9M
Total Sold: −$333.4M
Avg Position: $6.7M

Biggest Buyers

Institution	Net Bought	Current Position
H Hill Path Capital LP Private Equity	+$43.5M +2.3M shares	$110.9M 5.8M shares
HENNESSY ADVISORS INC Institution	+$40.5M +2.1M shares	$40.5M 2.1M shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	+$32.4M +1.7M shares	$75.7M 3.9M shares
A Amundi Institution	+$14.0M +757.2K shares	$14.5M 781.9K shares
ARMISTICE CAPITAL, LLC Hedge Fund•Long/Short	+$13.3M +690.1K shares	$40.5M 2.1M shares
BANK OF AMERICA CORP /DE/ Institution	+$12.2M +633.2K shares	$69.4M 3.6M shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	+$10.8M +558.6K shares	$14.4M 747.1K shares
N NOMURA HOLDINGS INC Institution	+$9.9M +514.2K shares	$11.4M 591.6K shares
SHAPIRO CAPITAL MANAGEMENT CO INC Long Only Manager	+$8.2M +425.2K shares	$132.1M 6.9M shares
C CANADA PENSION PLAN INVESTMENT BOARD Institution	+$7.5M +388.1K shares	$11.4M 590.2K shares

Biggest Sellers

Institution	Net Sold	Current Position
T TOMS Capital Investment Management LP Hedge Fund•Long/Short	−$67.3M −3.8M shares	Sold Off 0 shares
C Contrarius Group Holdings Ltd Institution	−$28.4M −1.5M shares	$7.4M 383.7K shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$21.6M −1.1M shares	$3.5M 180.2K shares
D DME Capital Management, LP Hedge Fund•Long/Short	−$14.0M −725.0K shares	$130.4M 6.8M shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	−$13.7M −766.3K shares	Sold Off 0 shares
VANGUARD GROUP INC Institution	−$13.0M −676.0K shares	$295.7M 15.4M shares
Woodline Partners LP Hedge Fund•Long/Short	−$12.2M −682.5K shares	Sold Off 0 shares
J J. Goldman & Co LP Hedge Fund•Multi-Strategy	−$11.8M −614.0K shares	$11.5M 598.4K shares
K KETTLE HILL CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	−$10.4M −540.8K shares	$14.9M 772.6K shares
HARBOR CAPITAL ADVISORS, INC. ETF Provider	−$9.0M −465.6K shares	$3.0M 157.2K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited PENN in Q3 2025

New Positions: 12
New Value: $3.8M
Exited Positions: 50
Exited Value: $128.0M

New Positions

Institution	Position Value
NFJ INVESTMENT GROUP, LLC Long Only Manager	$2.8M 143.6K shares
I Ilex Capital Partners LLP Institution	$431.1K 22.4K shares
Krilogy Financial LLC RIA/Wealth	$279.7K 17.1K shares
SILVER OAK SECURITIES, Inc RIA/Wealth	$269.1K 14.0K shares
S Salomon & Ludwin, LLC Institution	$11.4K 602.0 shares
Sontag Advisory, LLC RIA/Wealth	$7.5K 387.0 shares
FINANCIAL CONSULATE, INC RIA/Wealth	$5.8K 300.0 shares
A AMERIFLEX GROUP, INC. Institution	$4.9K 252.0 shares
R Root Financial Partners, LLC RIA/Wealth	$3.4K 175.0 shares
R Rialto Wealth Management, LLC RIA/Wealth	$771.0 40.0 shares

Exited Positions

Institution	Previous Position
T TOMS Capital Investment Management LP Hedge Fund•Long/Short	$67.3M 3.8M shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	$13.7M 766.3K shares
Woodline Partners LP Hedge Fund•Long/Short	$12.2M 682.5K shares
Interval Partners, LLC Hedge Fund•Long/Short	$6.0M 334.6K shares
Wolf Hill Capital Management, LP Hedge Fund•Long/Short	$4.7M 262.9K shares
13D Management LLC Hedge Fund•Long/Short	$3.5M 195.0K shares
C Cubist Systematic Strategies, LLC Institution	$2.9M 164.0K shares
Diametric Capital, LP Hedge Fund•Long/Short	$2.4M 134.7K shares
T TEXAS PERMANENT SCHOOL FUND Institution	$1.9M 107.5K shares
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$1.8M 99.2K shares

Options Activity

Institutions with the largest Call and Put options positions in PENN as of Q3 2025

Call Positions: 31
Call Value: $116.1M
Put Positions: 23
Put Value: $63.8M

Call Positions

Institution	Position Value
N NOMURA HOLDINGS INC Institution	$25.9M 13.5K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$20.1M 10.4K contracts
Walleye Trading LLC RIA/Wealth	$15.2M 7.9K contracts
O Owl Creek Asset Management, L.P. Hedge Fund•Multi-Strategy	$13.5M 7.0K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$5.8M 3.0K contracts
J JANE STREET GROUP, LLC Institution	$5.2M 2.7K contracts
LEUCADIA NATIONAL CORP Institution	$4.8M 2.5K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$4.4M 2.3K contracts
W WOLVERINE TRADING, LLC Institution	$4.0M 2.0K contracts
BANK OF AMERICA CORP /DE/ Institution	$3.7M 1.9K contracts

Put Positions

Institution	Position Value
BANK OF AMERICA CORP /DE/ Institution	$16.4M 8.5K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$7.7M 4.0K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$6.4M 3.3K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$5.5M 2.8K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$5.3M 2.8K contracts
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$3.9M 2.0K contracts
Walleye Trading LLC RIA/Wealth	$3.5M 1.8K contracts
J JANE STREET GROUP, LLC Institution	$3.2M 1.7K contracts
N NOMURA HOLDINGS INC Institution	$3.0M 1.6K contracts
TWO SIGMA INVESTMENTS LLC Hedge Fund•Multi-Strategy	$2.0M 1.0K contracts

Most Committed Institutions

Institutions with PENN as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
HG Vora Capital Management, LLC Hedge Fund•Event Driven	Michael Lee CFO	18.92% $139.6M	4.97% 7.3M shares	Q2 2022 Held for 3y 5m	$738.0M
C Covalent Partners LLC Hedge Fund•Value	William Duncan Benjes Managing Partner	10.24% $1.4M	0.05% 75.0K shares	Q3 2025 Held for 2 months	$14.1M
O Orvieto Partners, L.P. Hedge Fund•Value	Timothy Garrett Caffrey Partner	9.11% $10.8M	0.38% 558.4K shares	Q4 2024 Held for 11 months	$118.0M
SHAPIRO CAPITAL MANAGEMENT CO INC Long Only Manager	Louis Steven Shapiro President	5.95% $132.1M	4.70% 6.9M shares	Q4 2023 Held for 1y 11m	$2.2B
H Hill Path Capital LP Private Equity	Scott Ian Ross Managing Partner	5.44% $110.9M	3.94% 5.8M shares	Q2 2025 Held for 5 months	$2.0B
D DME Capital Management, LP Hedge Fund•Long/Short	David Michael Einhorn President	5.13% $130.4M	4.64% 6.8M shares	Q1 2024 Held for 1y 8m	$2.5B
K KETTLE HILL CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	Afroz Qadeer CEO	3.35% $14.9M	0.53% 772.6K shares	Q3 2023 Held for 2y 2m	$444.5M
H Hedges Asset Management LLC RIA/Wealth	William Thomas Hedges Managing Partner	2.60% $3.4M	0.12% 176.2K shares	Q4 2021 Held for 3y 11m	$130.6M
L Long Focus Capital Management, LLC Hedge Fund•Global Macro	John Byron Helmers CEO	2.12% $36.2M	1.29% 1.9M shares	Q2 2024 Held for 1y 5m	$1.7B
Melqart Asset Management Ltd Hedge Fund•Multi-Strategy	Michel Nmn Massoud CEO	1.90% $14.5M	0.52% 754.3K shares	Q1 2025 Held for 8 months	$766.2M

Hedge Fund Spotlight

Discover hedge funds investing in PENN

READYSTATE ASSET MANAGEMENT LP

Hedge Fund • Multi-Strategy

Portfolio ManagerDavid Barnett Grossman

Portfolio Value: $1.0B
Positions: 259
Last Reported: Q3 2025

Sector Allocation

Position in PENN Entertainment, Inc.

Market Value: $1.5M
Shares Held: 77.7K
Portfolio Weight: 0.15%
Owned Since: 2022-Q4

Top Holding	Sector	Market Value	Weight
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