Shares of Penn Entertainment spiked 20% Friday after an activist investor sent a letter to its board of directors ripping management for a failed focus on sports betting and mobile gaming and saying the company would be worth more if sold.

“The Company eschewed its tried-and-true strategy of expanding its brick-and-mortar casino operations in lieu of a ‘bet the house’ focus on constructing an online sports betting business to compete with market leaders DraftKings and FanDuel,” wrote Donerail Group managing partner Will Wyatt in a letter made public by the asset manager Friday.

Donerail is an asset manager that manages funds on behalf of other institutional investors.

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