Scuffling Penn Leisure (NASDAQ: PENN) rose late in Tuesday’s session. bar stool sports activities Founder David Portnoy revealed on Twitter Monday that he has bought a big stake in a regional on line casino operator.
In what seems to be a response to “web trolls,” Portnoy stated yesterday that he had bought “two million” shares of Penn inventory. He declined to say whether or not it was two million shares or a inventory price $2 million.
The intraday chart reveals that Portnoy’s social media posts have been impactful, creating constructive buzz for the inventory, which has fallen 8.9% over the previous month and is down 10.44% year-to-date.
Essential Timing of Portnoy’s Announcement on Penn Inventory Purchase
Portnoy has already added a sizeable quantity of Penn inventory days after the on line casino operator pressured it. bar stool sports activities Fireplace poker participant Ben βMintzyβ Mintz for utilizing a racist slur throughout a podcast studying the lyrics of a rap track. Within the wake of that occasion, which coincided with Penn’s lukewarm first-quarter earnings report, shares crashed and Portnoy and several other different antics fueled hypothesis. bar stool The character might ultimately turn into an excessive amount of for the pen to bear.
Rumors have lately circulated amongst analysts that Portnoy might go away Penn when his two-year deal expires, or that the regional on line casino big might ultimately take into account a sale. improve. bar stool As a result of media just isn’t the dad or mum firm’s core competency.
In February, Penn closed $388 million for a 64% bar stool sports activities Not beforehand owned, Portnoy’s acquisition of the corporate totaled $551 million.
Portnoy has an estimated internet price of $120 million, indicating he purchased $2 million price of Penn inventory on Monday as an alternative of simply 2 million shares. Had it been the latter, the deal would have value him practically $52 million. At present the inventory greater than doubled his every day common and he closed 1.7% increased.
Perhaps Portnoy hasn’t left the pen
In subsequent tweets that included charts highlighting Penn’s late Tuesday pop, Portnoy requested if he needed individuals to inform him he nonetheless believed in recreation firms and meant to remain there for some time. I requested.
He added that he was “not an fairness advisor or a monetary skilled.”
Portnoy’s devoted followers, who’ve thousands and thousands on varied social media platforms, say that though he’s not a registered funding supervisor, he actively traded shares, together with Penn’s rival shares, within the early phases of the coronavirus pandemic. I do know it received a foul popularity in He created the legendary funding agency ‘Davie Day Merchants International’ utilizing the hashtag #DDTG on social media. It is nonetheless on his Twitter profile right this moment.
