Good Tuesday Everyone,
Today I’m looking at $PENN. I’ve been waiting for them to fall back to around $30 a share, but I can’t wait anymore. They are up 5% at the open today ($35/share). Yesterday their CEO, along with Erika Nardini and Dave Portnoy from Barstool Sports were on Mad Money, and after watching that interview I want to buy Penn National NOW! Penn’s CEO said 70% of their casinos are open, and there is now shortage of people coming back. I’ve been saying this all along.. people are not scared to go out and do stuff. That’s why the airline stocks rebounded, cruises, and casinos! “We fly in this country!” – Portnoy.
Along with that, Barstool sports, which Penn has a minority stake in right now, will be releasing their sports gambling app soon. I think this makes the Penn/Barstool combo a dynamic player. Where Fanduel and Draftkings have their apps and casinos have their brick-and-mortars, Penn and Barstool will have both. One final thing, Cramer noted $DKNG has a market cap of around $13 billion, where Penn’s is only $4, which reveals to me that Penn still has room to run.
Have a good day!
-Team Action
