{"id":118224,"date":"2021-03-23T21:58:27","date_gmt":"2021-03-23T21:58:27","guid":{"rendered":"https:\/\/precoinnews.com\/?p=118224"},"modified":"2021-03-23T21:58:27","modified_gmt":"2021-03-23T21:58:27","slug":"sp-500s-biggest-stock-winner-since-march-2020-bottom-looks-tapped-out-trader-says","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/sp-500s-biggest-stock-winner-since-march-2020-bottom-looks-tapped-out-trader-says\/","title":{"rendered":"S&P 500\u2019s biggest stock winner since March 2020 bottom looks tapped out, trader says"},"content":{"rendered":"
The S&P 500 on Tuesday marked the one-year anniversary since its March 2020 bottom, and one of its stocks has outperformed all others.<\/p>\n
Casino owner Penn National Gaming, beaten down early in the Covid pandemic from shutdowns and national sports league disruptions, has rocketed nearly 1,400% off its March 23 low.<\/p>\n
Mark Tepper, president of Strategic Wealth Partners, holds Penn National, but worries its upside may be limited after a record run. The stock hit an all-time high last week.<\/p>\n
"I love the company and I own it. The run has been incredible for Penn National. A year ago, it was $4, now it's like $110. Love the company, love the stock, love Dave Portnoy. The guy's a marketing genius, he's really carried the stock over the last year, but I think he's done about as much as he can. For now I think gains are going to be tougher to come by in the future," Tepper told CNBC's "Trading Nation" on Tuesday.<\/p>\n
Penn took a stake in media company Barstool Sports, founded by Portnoy, last year, a decision that analysts applauded. Stifel, one of the bullish firms, upped its price target on Penn in September and cited "Portnoy momentum." Penn currently has an average $114.15 price target \u2013 it closed Tuesday at $111.82.<\/p>\n
"Part of the allure of this company is online sports gambling which just completely blew up throughout the pandemic, but I can get sportsbook exposure through MGM or Caesars and when I look at the valuations of all three companies relative to the quality of their properties, I put Penn in third place," Tepper said.<\/p>\n
Another high flyer in the past 12 months, Tesla, could have more room to run, according to TradingAnalysis.com founder Todd Gordon. That stock is up more than 700% from its March 23 low.<\/p>\n
"The chart shows the uptrend intact," Gordon said during the same interview. "There might be a little check down below $500 support, but there's not resistance until about $2,000."<\/p>\n