Penn National Gaming (PENN)

May 14, 2021Trade Ideas

Just yesterday, we highlighted opportunity in the VXX May 28, 2021 43.50 puts. Those should be doing well, as the Volatility Index pulls back.

As for new opportunities, take a look at Penn National Gaming (PENN).

The stock has become wildly oversold after diving from a high of about $140 to $75. Even RSI, MACD, and Williams’ %R are all deep in oversold territory. Plus, with sports gambling, and mobile gambling picking up momentum, we believe PENN could push higher.

Earnings weren’t too shabby either.

The company posted Q1 revenues of $1.27 billion, net income of $90.0 million, and adjusted EBITDA of $447 million.

Jay Snowden, President and Chief Executive Officer, commented: “Penn National kicked off the year with record results in Q1 2021 from our land-based business and the launch of our online Barstool Sportsbook in Michigan and Illinois. In addition, we fully integrated our mychoice player loyalty program across all our retail and digital offerings, which bolsters Penn National’s ecosystem and further expands our competitive advantage,” as quoted by a company press release.

To potentially profit from upside in PENN, take a look at the PENN June 18, 2021 80 calls.

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