{"id":322005,"date":"2024-06-07T17:12:00","date_gmt":"2024-06-07T22:12:00","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=322005"},"modified":"2024-06-07T17:12:00","modified_gmt":"2024-06-07T22:12:00","slug":"penn-entertainment-going-to-small-cap-from-mid-cap-at-sp","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/penn-entertainment-going-to-small-cap-from-mid-cap-at-sp\/","title":{"rendered":"Penn Entertainment Leaving S&P Mid-Cap Index, Joining Small-Cap Gauge"},"content":{"rendered":"

Amid a lengthy slump that includes a 35.39% loss over the past year, Penn Entertainment (NASDAQ: PENN) has seen its market capitalization erode to the point that it no longer fits the bill as a mid-cap stock.<\/p>\n

\"GLPI
Penn Entertainment’s Ameristar in Black Hawk, Colo. Shares of the operator are being removed from a mid-cap index and joining a small-cap gauge. (Image: Visit Denver<\/em>)<\/figcaption><\/figure>\n

S&P Dow Jones Indices made that call Friday, announcing that shares of the regional casino operator will be removed from the S&P MidCap 400 Index and will join the S&P SmallCap 600 Index. As of Friday\u2019s close, Penn sported a market capitalization of $2.58 billion. Mid-cap stocks are generally defined as though with market values of $2 billion to $10 billion, but index providers and fund sponsors often take some liberties with that definition, particularly at the higher end.<\/p>\n

Specific to Penn, the move to small-cap territory is the result of its declining market value and rising market caps for some members of the S&P small-cap index that make those equities credible additions to the mid-cap gauge.<\/p>\n

All companies being added to the S&P MidCap 400 are more representative of the mid-cap market space, and all companies being added to the S&P SmallCap 600 are more representative of the small-cap market space,\u201d according to a statement issued by S&P.<\/p><\/blockquote>\n

Shares of Penn traded slightly lower in Friday\u2019s after-hours session on the news. The index changes will take effect on June 24.<\/p>\n

Penn Entertainment History of Index Changes<\/h2>\n

As the stock approached all-time highs in March 2021 fostered in large part by the online sports betting boom, Penn joined the S&P 500<\/a> — a prestigious inclusion.<\/p>\n

\n

However, the stock\u2019s time in the most widely followed gauge of US equities was brief. Penn\u2019s slump, in which it is still mired, set in around the time it joined the S&P 500, forcing the index provider to boot<\/a> the shares from that index in September 2022.<\/p>\n<\/div>\n

After being jettisoned from the large-cap S&P 500, Penn joined the S&P MidCap 400 Index where it has since resided. Each of the S&P benchmarks mentioned here are cap-weighted, meaning the largest stocks by market value are assigned the biggest weights in the index.<\/p>\n

As of June 6, ranked 383 out of 400 names in the mid-cap index, commanding a weight of just 0.097% in the gauge<\/strong>.<\/p>\n

Maybe Not All Bad News for Penn<\/h2>\n

On the surface, it appears as though Penn\u2019s stock is being demoted to small-cap from mid-cap. That coupled with the point fund managers following the S&P MidCap 400 Index will be forced to sell shares of the gaming stock could prompt concern among investors.<\/p>\n

The other side of the story is that mid-cap stocks are generally considered overlooked relative to their larger and smaller counterparts. As such, small-cap funds, in aggregate, have more assets under management than mid-cap equivalents.<\/strong><\/p>\n

Additionally, active fund managers and issuers of passive products tracking the S&P SmallCap 600 Index will have to buy shares of Penn<\/a>, potentially offsetting some of the sales of that stock by mid-cap managers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Amid a lengthy slump that includes a 35.39% loss over the past year, Penn Entertainment (NASDAQ: PENN) has seen its market capitalization erode to the point that it no longer fits the bill as a mid-cap stock. S&P Dow Jones Indices made that call Friday, announcing that shares of the regional casino operator will be […]<\/p>\n","protected":false},"author":46,"featured_media":169249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810],"tags":[81903,81898],"acf":[],"yoast_head":"\nPenn Entertainment Going to Small-Cap From Mid-Cap At S&P<\/title>\n<meta name=\"description\" content=\"Penn Entertainment Leaving S&P Mid-Cap Index, Joining Small-Cap Gauge.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/penn-entertainment-going-to-small-cap-from-mid-cap-at-sp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Penn Entertainment Going to Small-Cap From Mid-Cap At S&P\" \/>\n<meta property=\"og:description\" content=\"Penn Entertainment Leaving S&P Mid-Cap Index, Joining Small-Cap Gauge.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/penn-entertainment-going-to-small-cap-from-mid-cap-at-sp\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-07T22:12:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/04\/amstar.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/penn-entertainment-going-to-small-cap-from-mid-cap-at-sp\/\",\"url\":\"https:\/\/www.casino.org\/news\/penn-entertainment-going-to-small-cap-from-mid-cap-at-sp\/\",\"name\":\"Penn Entertainment Going to Small-Cap From Mid-Cap At S&P\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-entertainment-going-to-small-cap-from-mid-cap-at-sp\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-entertainment-going-to-small-cap-from-mid-cap-at-sp\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/04\/amstar.jpg\",\"datePublished\":\"2024-06-07T22:12:00+00:00\",\"dateModified\":\"2024-06-07T22:12:00+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Penn Entertainment Leaving S&P Mid-Cap Index, Joining Small-Cap Gauge.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/penn-entertainment-going-to-small-cap-from-mid-cap-at-sp\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/penn-entertainment-going-to-small-cap-from-mid-cap-at-sp\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/penn-entertainment-going-to-small-cap-from-mid-cap-at-sp\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/04\/amstar.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/04\/amstar.jpg\",\"width\":1280,\"height\":1024,\"caption\":\"Penn Entertainment's Ameristar in Black Hawk, Colo. 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