Longtime Penn director David Handler picks up shares that were near a mid-August multiyear low.
As Penn Entertainment stock slid recently to a multiyear low, David Handler, the chair of the casino operator and online-betting company, bought up shares.
Penn shareholders, however, didn’t seem to be impressed, and shares remain near a mid-August multiyear low of $22.34; shares last traded at that level in May 2020. As part of the deal, Penn sold Barstool Sports, which it acquired for $500 million early in the year, back to founder David Portnoy for a dollar, while taking a charge of as much as $850 million.
Handler declined to comment on the stock purchase. He last purchased Penn stock in May 2020, when he paid $500,000 for 27,777 shares priced at $18 in a public offering by the company.
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