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Don’t Bet Against The House With Penn National Gaming Stock

Back in April, I held a bearish outlook on Penn National Gaming (NASDAQ:PENN). At that time, casinos were still closed and the return of live sports seemed very cloudy. However, many investors did not agree with me, and they've been rewarded. PENN stock has nearly doubled in the last month.Source: Jeffrey J Coleman / Shutterstock.com And it's not just Penn National Gaming that's been rewarded. Both DraftKings (NASDAQ:DKNG) and Eldorado Resorts (NASDAQ:ERI) are also among the top 100 Robinhood stocks.The primary catalyst has been the company's casino business, which is slowly starting to reopen. I'll admit the gain in the stock is impressive, but jumping out to a first quarter lead isn't the same as covering the spread. And that's why, though I like the long-term outlook for Penn National Gaming, I think investors are getting ahead of themselves.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Demand Will Still...