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What happened to Penn National Gaming’s stock in April?
Shares of Penn National Gaming ( NASDAQ:PENN), a major casino operator, fell 15% in April, according to data from SP Global Market Intelligence. That continues a decline that started on March 15, which has seen the stock lose slightly more than a third of its value.
Is Penn (Penn) stock too volatile to run?
However, the latest divulgences of Portnoy’s behavior are enough to cause a chunk of PENN shareholders to run. The stock’s fall also coincides with an earnings call in which Penn missed the profit mark. PENN stock’s latest bout of volatility is big, but it’s nothing compared to the company’s fluctuations over the last year.
What’s new at Penn National Gaming?
The interesting thing here is that there hasn’t been much in the way of negative news about Penn National Gaming over this span. In fact, the most notable update was that it got approval to expand its online sports-betting business into Virginia — clearly a positive.
Is Penn (Penn) stock still in Portnoy’s pocket?
Since Jan. 2020 when Portnoy acquired his position, PENN stock has increased about 187 percent. The recent plummet has only deteriorated growth from the last year, and long-term growth is still in Portnoy’s pocket. Meanwhile, Portnoy’s Social Sentiment ETF ( BUZZ) has risen 14.15 percent since its inception in March.