Penn Entertainment CEO Jay Snowden and a company director jumped on PENN shares Thursday, buying the dip that came after the latest HG Vora report.
The frustrated shareholder submitted a 116-page presentation to fellow Penn shareholders Wednesday that thoroughly details Penn’s past five-plus years since it partnered with Barstool Sportsbook, which kicked off the company’s push into online sports betting.
Penn’s share price closed at $14.20 on Wednesday, down 6.6% from Tuesday‘s close. That’s when Snowden and Director David Handler swooped in to buy a combined 44,000 shares.
Insider purchases are typically seen as a vote of confidence that the stock is undervalued and should turn around. Shares closed Friday at $15.08 and were up more than 1% in after-hours trading.
Details on Penn insider purchases
Snowden bought the bulk of the shares with 34,000 added over multiple transactions.
He bought at prices between $14.66 and $14.81 per share with an average of $14.699 per share paid. That put his total investment just shy of $500,000.
Snowden now owns 1.082 million shares directly. His share ownership and his selling patterns were mentioned in the report with HG Vora noting he has sold more than $40 million in stock since he took over as CEO.
Handler had just one transaction for the 10,000 shares he picked up, paying $14.83 each for a total of more than $148,000. He now owns 322,941 shares directly and 20,000 indirectly through a foundation.
What did HG Vora filing say?
The latest HG Vora presentation was more focused on showing third-party support for its claims that Penn has made multiple mistakes in building an interactive business.
Top highlights from the presentation:
- Two charts outlining shareholder returns, page 12. The return was 4,926% from 2000 through 2019, but a loss of 37% from 2020 through April 25, 2025.
- Multiple quotes from Dave Portnoy, founder of Barstool Sports, from February 2023, on page 34, followed by multiple slides outlining the regulatory issues surrounding Barstool Sportsbook.
- Select quotes questioning Penn’s interactive focus, page 48.
- Outline of how Penn shifted its interactive profitability timeline six times, page 63.
- Chart of Penn’s “excessive” use of its private jet, page 84.
- Chart showing the declining consensus forecasts for Penn from analysts paired with quotes from Snowden on positive expectations for the future, page 99.
