PENN has broken support at $39, and is below both the 50-day and the 200-day moving averages which is a bearish sign.
While institutional investors are still heavily invested in the stock, they are slowly selling off which is having a negative effect on the stock.
Further, the Relative Strength Index (RSI) which compares the stock to others has been decreasing which means that the stock is no longer a leader, but has become a weaker stock.