Portnoy Pushes Penn Stock Higher with Tweet Revealing Share Purchase

Scuffling William Penn Entertainment (NASDAQ: PENN) notched a late-session rallying Tues after Barstool Sports founder Saint David Portnoy took to Twitter to reveal he purchased a important amount of shares inwards the regional cassino manipulator on Monday.

In what appears to live a response to an “internet troll,” Portnoy said he purchased “2 million” inwards William Penn buy in yesterday. He didn’t clarify if that’s ii billion shares or $2 million worth of the stock.

Intraday charts indicate Portnoy’s societal media carry was impactful and created some confirming buzz around a stock that slumped 8.9% o'er the past month and moult 10.44% year-to-date.

Pivotal Timing for Portnoy Announcement on William Penn Stock Buy

Portnoy added to his already material Penn wager just now years after the gambling casino operator forced Barstool Sports to fire fire hook player Ben “Mintzy” Mintz for using a racial slur during a podcast inwards which he was reciting lyrics to a hip-hop song. In the backwash of that event, which coincided with Penn’s tepid first-quarter earnings report, the stock slumped, stoking speculation that the antics of Portnoy and some other Barstool personalities may eventually live too practically for William Penn to bear.

Recently, there’s been chatter among analysts that Portnoy could lead William Penn when his two-year contract bridge expires or that the regional gambling casino colossus could at last appear to sell Barstool because media isn’t the parent company’s magnetic core competency.

In February, Penn paid $388 million for the 64% of Barstool Sports it didn’t antecedently own, bringing the sum acquisition price for Portnoy’s company to $551 million.

Portnoy has an estimated clear worth of $120 million, which likely indicates he purchased $2 one thousand thousand worth of William Penn buy in on Monday, not 2 million shares. Had it been the latter, that dealings would’ve carried a price tag of nearly $52 million. Today, the shares unsympathetic higher past 1.7% on loudness that was more than duple the day-after-day average.

Maybe Portnoy Isn’t Leaving Penn

In a subsequent tweet, which included a chart highlighting Penn’s later(a) Tuesday pop, Portnoy questioned whether people wanted him to say that he’s stock-still a worshipper inwards the gaming keep company and that he intends to remain at that place for some time.

He added that he’s “not a inventory advisor or financial expert.”

Avid followers of Portnoy, of which on that point are millions on various societal media platforms, experience that patch he’s non a registered investment funds advisor, he did gain some notoriety during the betimes stages of the coronavirus pandemic for actively trading stocks, including shares of Penn rivals. He even coined the mythical investment fast(a) “Davey Clarence Shepard Day Jr. Trader Global,” using the hashtag #DDTG on societal media. That remains inwards his Twitter profile today.

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