Penn National Gaming Stock Dips Below Price From Date Barstool was Purchased (May 24)
Photo by Ben Hasty/MediaNews Group/Reading Eagle via Getty Images. Pictured: Barstool Sportsbook
When the stock market closed on Jan. 29, 2020, the day Penn National Gaming announced it had acquired 36 percent of Barstool Sports, its stock stood at $29.02.
When the market closed on Tuesday, Penn stood at $28.49, lower than the price at which Barstool was purchased.
It wasn’t the first time the stock fell below the price Penn was worth when it bought Barstool. From March-June 2020 it happened, dipping to a low of $3.75.
But it is the first time since full integration. Barstool Sportsbooks are now in 12 states across the country.
With the stock down, Barstool founder Dave Portnoy tweeted earlier this month that he was flying commercial while sitting in the middle row.
$Penn stock hasn’t performed well lately. (I won’t mention Draftkings, Netflix and Shopify are down double and triple compared to what we are ytd) Instead I’m here to tell you I value our customers and investors + that’s why I’m flying middle row commercial to Vegas. #bornleader
— Dave Portnoy (@stoolpresidente) May 4, 2022
In March of last year, Penn entered the S&P 500. Penn is down 64.2 percent on the year, while the S&P 500 is down less than six percent.
Penn obviously isn’t alone. The whole gambling sector has been crushed, including DraftKings, which is down 72 percent over the last year.
Penn Gaming stock hit an all time high of $136.47 in March 2021.