Wall Street analysts forecast that Pinnacle Entertainment, Inc. (NASDAQ:PNK) will report $644.96 million in sales for the current quarter, according to Zacks. Four analysts have issued estimates for Pinnacle Entertainment’s earnings, with the lowest sales estimate coming in at $640.30 million and the highest estimate coming in at $650.20 million. Pinnacle Entertainment reported sales of $566.23 million in the same quarter last year, which indicates a positive year-over-year growth rate of 13.9%. The business is scheduled to report its next quarterly earnings report before the market opens on Thursday, August 10th.
On average, analysts expect that Pinnacle Entertainment will report full-year sales of $644.96 million for the current year, with estimates ranging from $2.58 billion to $2.61 billion. For the next year, analysts expect that the firm will report sales of $2.63 billion per share, with estimates ranging from $2.61 billion to $2.67 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Pinnacle Entertainment.
Pinnacle Entertainment (NASDAQ:PNK) last issued its quarterly earnings data on Wednesday, May 10th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.12. The business had revenue of $640 million during the quarter, compared to analysts’ expectations of $639.86 million. The company’s revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.83 earnings per share.
Several research analysts recently issued reports on PNK shares. Zacks Investment Research upgraded Pinnacle Entertainment from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a research report on Tuesday, May 16th. Deutsche Bank AG lifted their price objective on Pinnacle Entertainment from $13.00 to $16.00 and gave the stock a “hold” rating in a research report on Friday, April 28th. Telsey Advisory Group lifted their price objective on Pinnacle Entertainment from $22.00 to $27.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 10th. Barclays PLC lifted their price objective on Pinnacle Entertainment from $20.00 to $25.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 30th. Finally, ValuEngine upgraded Pinnacle Entertainment from a “sell” rating to a “hold” rating in a report on Saturday, May 20th. One analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $20.29.
Hedge funds and other institutional investors have recently modified their holdings of the stock. GSA Capital Partners LLP acquired a new position in shares of Pinnacle Entertainment during the fourth quarter valued at $210,000. Norges Bank acquired a new position in shares of Pinnacle Entertainment during the fourth quarter valued at $17,389,000. State Street Corp increased its position in shares of Pinnacle Entertainment by 3.4% in the fourth quarter. State Street Corp now owns 1,068,102 shares of the company’s stock valued at $15,488,000 after buying an additional 34,806 shares during the period. Fox Run Management L.L.C. acquired a new position in shares of Pinnacle Entertainment during the first quarter valued at $409,000. Finally, Alliancebernstein L.P. increased its position in shares of Pinnacle Entertainment by 115.9% in the first quarter. Alliancebernstein L.P. now owns 195,110 shares of the company’s stock valued at $3,809,000 after buying an additional 104,750 shares during the period. Institutional investors own 89.07% of the company’s stock.
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Shares of Pinnacle Entertainment (NASDAQ:PNK) traded down 0.58% on Friday, reaching $19.00. The company had a trading volume of 395,069 shares. Pinnacle Entertainment has a 1-year low of $10.54 and a 1-year high of $22.10. The firm has a 50-day moving average price of $19.81 and a 200 day moving average price of $18.60. The firm’s market capitalization is $1.09 billion.
About Pinnacle Entertainment
Pinnacle Entertainment, Inc is an owner, operator and developer of casinos and related hospitality and entertainment businesses. The Company operates through three segments: Midwest, South and West. The Company’s Midwest segment includes Ameristar Council Bluffs, Ameristar East Chicago, Ameristar Kansas City, Ameristar St.
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