Tiger Global Initiates Flutter Stake, Einhorn Adds to Penn Position
Despite the stock being down 19.52% year to date, Penn Entertainment (NASDAQ: PENN) was among the positions David Einhorn’s Greenlight Capital added to during the third quarter.
A new 13F filing with the Securities and Exchange Commission (SEC) indicates Einhorn’s hedge fund held approximately 5.6 million shares of the regional casino operator at the end of the third quarter. That stake would be worth more than $117 million based on Penn’s Thursday closing price of $20.94, assuming Greenlight hasn’t altered its position in the stock since the start of the current quarter.
That’s below the average price of $22.69 Greenlight paid when establishing its Penn position in the first quarter. At that time, Einhorn argued markets were assigning negative value to Penn’s ESPN Bet unit, noting that should the online sports betting business capture just a fraction of the value of rival DraftKings (NASDAQ: DKNG), it could be worth as much as $20 a share to Penn stock.
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