Penn National Gaming shares dive below price since bar stool purchase date (May 24)


Photo by Ben Hasty/MediaNews Group/Reading Eagle via Getty Images. Pictured: Sportsbook Bar Stool

When the exchange closed on January 29, 2020, the day Penn National Gaming announced that it had acquired 36% of Barstool Sports, its stock was at $29.02.

When the market closed on Tuesday, Penn stood at $28.49, lower than the price at which Barstool was bought.

It wasn’t the first time the stock had fallen below the price Penn was worth when it bought Barstool. From March to June 2020, this happened, falling to a low of $3.75.

But this is the first time since full integration. Barstool Sportsbooks are now in 12 states across the country.

With the stock falling, Barstool founder Dave Portnoy tweeted earlier this month that he was on a commercial flight while sitting in the middle row.

$Penn the stock has not performed well lately. (I won’t mention Draftkings, Netflix and Shopify are down double and triple from what we are ytd) Instead, I’m here to tell you that I appreciate our customers and investors + that’s why I fly to Vegas. #born leader

— Dave Portnoy (@stoolpresidente) May 4, 2022

In March of last year, Penn entered the S&P 500. Penn is down 64.2% on the year, while the S&P 500 is down less than 6%.

Penn is obviously not alone. The entire gaming industry has been crushed, including DraftKings, which has fallen 72% over the past year.

Penn Gaming stock hit an all-time high of $136.47 in March 2021.

How would you rate this article?