Driehaus Capital Management buys $61,805,940 stake in Pinnacle Entertainment Inc (PNK)

Pinnacle Entertainment Inc (PNK) : Driehaus Capital Management scooped up 3,458,739 additional shares in Pinnacle Entertainment Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 5,754,743 shares of Pinnacle Entertainment Inc which is valued at $61,805,940.Pinnacle Entertainment Inc makes up approximately 2.12% of Driehaus Capital Management’s portfolio.

Other Hedge Funds, Including , Guggenheim Capital reduced its stake in PNK by selling 79,676 shares or 85.41% in the most recent quarter. The Hedge Fund company now holds 13,613 shares of PNK which is valued at $146,204.State Board Of Administration Of Florida Retirement System reduced its stake in PNK by selling 15,105 shares or 25.97% in the most recent quarter. The Hedge Fund company now holds 43,052 shares of PNK which is valued at $460,656.California State Teachers Retirement System reduced its stake in PNK by selling 6,630 shares or 5.16% in the most recent quarter. The Hedge Fund company now holds 121,951 shares of PNK which is valued at $1,324,388.

Pinnacle Entertainment Inc opened for trading at $12.1 and hit $12.21 on the upside on Thursday, eventually ending the session at $12.14, with a gain of 0.83% or 0.1 points. The heightened volatility saw the trading volume jump to 2,97,657 shares. Company has a market cap of $694 M.

On the company’s financial health, Pinnacle Entertainment Inc reported $-8.04 EPS for the quarter, missing the analyst consensus estimate by $ -8.17 based on the information available during the earnings call on Aug 9, 2016. Analyst had a consensus of $0.13. The company had revenue of $566.20 million for the quarter, compared to analysts expectations of $578.07 million. The company’s revenue was down -2.7 % compared to the same quarter last year.

Many Wall Street Analysts have commented on Pinnacle Entertainment Inc. Pinnacle Entertainment Inc was Initiated by BofA/Merrill to “Buy” on Aug 22, 2016.

Pinnacle Entertainment Inc. (Pinnacle) is an owner operator and developer of casinos and related hospitality and entertainment facilities. The key properties in the Company’s Midwest segment include Ameristar Council Bluffs Ameristar East Chicago Ameristar Kansas City Ameristar St. Charles Belterra River City and Belterra Park. The key properties in the Company’s South segment include Ameristar Vicksburg Boomtown Bossier City Boomtown New Orleans L’Auberge Baton Rouge and L’Auberge Lake Charles. The key properties in the Company’s West segment include Ameristar Black Hawk and Cactus Petes and Horseshu. The Company owns and operates around 15 gaming entertainment properties in Colorado Indiana Iowa Louisiana Mississippi Missouri Nevada and Ohio. It also holds a majority interest in the racing license owner as well as a management contract for Retama Park Racetrack located outside of San Antonio Texas.

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