Penn Entertainment CEO Jay Snowden used the company’s post-earnings stock slump as a buying opportunity.
Snowden bought 34,700 shares on Friday at an average price of $14.32 each for $496,938.70, according to a form 4 released about 10 minutes before the market opened Monday.
That was enough time for a positive rally as open-market purchases from insiders are typically seen as a vote of confidence in a company. That rally continued through the day as PENN closed at $15.60, up 7.3% from Friday‘s close.
PENN still has some work to do get back to its pre-earnings price. The stock closed Wednesday at $16.35 before tumbling 10.4% on Thursday on its third-quarter results and the early end of its 10-year ESPN Bet partnership with Disney.
