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Barstool Sports' Portnoy Is Sick - Penn National Shares Fall

Barstool Sports Founder Dave Portnoy tweeted that he's sick. Shares of Penn National, which holds 36% of Barstool, dropped on the news.
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Barstool Sports Founder Dave Portnoy tweeted that he's sick, and shares of Penn National Gaming  (PENN) - Get Penn National Gaming, Inc. Report, which holds 36% of Barstool, slipped on the news. 

In January, Penn National, which is expanding its presence in sports gambling, bought the stake in Barstool for about $163 million in cash and convertible preferred stock.

Barstool Sports produces blog posts, podcasts, social media and live events.

As for Portnoy, who is 43, “I’m just sick as an [expletive],” he said in a Twitter video, which he filmed while in bed, visible down to his bare chest. “I haven’t got out of bed in 40 hours. I’ve eaten one apple. Look at my eyes. Do I have covid? I don’t know, maybe.”

So what’s Portnoy going to do? “I’m going to fight its ass, just like I fight everybody’s ass,” he said. “I’m just going to get better so I can come back and do what I do, which is entertain you. … Fight, fight, fight.”

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Just Tuesday, Truist analyst Barry Jonas raised his price target on Penn National to $62 from $50 and affirmed his buy rating.

He’s optimistic about the company’s partnership with Barstool. The strategic benefits of the partnership are becoming “increasingly evident,” Jonas wrote in a report. The beginning of a new sports app next month also can help Penn National, he said.

Penn National shares recently traded at $54.23, down 2.1%. The stock has more than doubled this year, compared with a 5% gain for the S&P 500.

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