Penn Gaming (NASDAQ:PENN) seesawed as David Einhorn’s Greenlight disclosed owning a stake in the regional casino operator in a Q1 letter.
Greenlight established a “medium-sized” position in Penn (PENN) in Q1, according to a letter viewed by Seeking Alpha.
Greenlight argues that the market is currently ascribing a negative value to ESPN BET.
“It’s fair to say that after the Barstool fiasco, investors have serious doubts about the company’s strategy and management’s competence to execute,” Einhorn wrote in the letter. “Were the market to credit PENN with merely 15% of DraftKings’ value, the segment alone would be worth $20 a share.”
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