PENN PENN Entertainment, Inc.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in only 1/4 quarters. Q1 2026: $25M, Q3 2025: $0M, Q2 2025: $0M, Q1 2025: $0M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

New buyback activity: $25M after no prior spending

What percentage of free cash flow is going to buybacks? Bull: 30%+. Bear: negative FCF or no buybacks.

Negative FCF ($-605M), buybacks not supported by cash flow

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 675 shares = 0.0% of 155,700,834 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

8 open-market purchases by 5 insiders

• SCACCETTI JANE () bought 8,000 shares at $15.09 on 2026-03-02
• Hendrix Felicia (EVP and CFO) bought 7,315 shares at $13.79 on 2025-11-21
• HANDLER DAVID A () bought 20,000 shares at $14.25 on 2025-11-17
• Snowden Jay A (CEO and President) bought 34,700 shares at $14.32 on 2025-11-07
• HANDLER DAVID A () bought 20,000 shares at $16.96 on 2025-08-08
• HANDLER DAVID A () bought 10,000 shares at $14.83 on 2025-05-22
• Snowden Jay A (CEO and President) bought 34,000 shares at $14.70 on 2025-05-22
• Rogers Christopher Byron (See Remarks) bought 3,737 shares at $16.00 on 2025-05-12

Are both company buybacks and insider buying independently active? Bull when the company is buying back stock in 2+ quarters and insiders have made 2+ open-market purchases.

8 insider purchases but company buybacks inactive

Over the last 90 days, are insiders net buyers or net sellers on the open market?

Insiders bought $0M, sold $0M in the last 90 days (net buying)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected