PENN's stock price experienced a 33% decline over a 52-week period.
PENN Entertainment — the part-owner of soon-to-be-launched ESPN Bet — reached a 52-week low at $20 on the NASDAQ index after market close on Oct. 5. The lackluster result, which was the lowest stock price since 2020, came amid a shift in PENN’s business operations.PENN’s drop in stock price follows the company relinquishing its investment in Barstool Sports — a New York-based digital media company.
PENN repurchased $99.8 million of common stock in Q2 2023 at an average price of $26.31. As of Oct. 6, PENN has aover its previous relationship with Barstool. An IEB report revealed that for Barstool and PENN to be awarded a license to operatethe companies were required to have no one under the age of 21 attend Barstool College Football shows — a weekly program that broadcasts on YouTube.
Portnoy’s role came into question after he made public comments on social media regarding the salary negotiations and firing of several Barstool employees. PENN vowed that under its ownership of Barstool its founder lacked any type of managerial or leadership responsibilities.
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