Bally’s (NYSE:BALY) Trading 8% Higher – Here’s Why

Bally’s Corporation (NYSE:BALY) shares shot up 8% on Thursday . The company traded as high as $14.40 and last traded at $14.5840. Approximately 18,553 shares traded hands during trading, a decline of 74% from the average session volume of 72,321 shares. The stock had previously closed at $13.50.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Wall Street Zen downgraded shares of Bally’s from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Truist Financial decreased their price target on shares of Bally’s from $18.00 to $13.00 and set a “hold” rating for the company in a research note on Friday, March 27th. Weiss Ratings upgraded Bally’s from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, July 10th. Stifel Nicolaus increased their price objective on Bally’s from $12.00 to $13.00 and gave the stock a “hold” rating in a research note on Tuesday, May 26th. Finally, Barclays reduced their price objective on Bally’s from $9.00 to $8.00 and set an “underweight” rating on the stock in a report on Wednesday, May 20th. Three analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $12.75.

Bally’s Trading Down 4.0%

The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.05 and a current ratio of 1.11. The company’s fifty day simple moving average is $13.46 and its 200-day simple moving average is $13.59. The company has a market capitalization of $689.12 million, a P/E ratio of -1.73 and a beta of 1.80.

Bally’s (NYSE:BALY) last posted its earnings results on Monday, May 18th. The company reported ($2.69) EPS for the quarter, missing analysts’ consensus estimates of ($1.00) by ($1.69). Bally’s had a negative net margin of 29.98% and a negative return on equity of 56.76%. The business had revenue of $755.72 million for the quarter, compared to analysts’ expectations of $769.69 million. Research analysts predict that Bally’s Corporation will post -9.36 earnings per share for the current year.

Hedge Funds Weigh In On Bally’s

A number of large investors have recently bought and sold shares of the business. JPMorgan Chase & Co. raised its position in shares of Bally’s by 21,781.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company’s stock valued at $8,418,000 after purchasing an additional 754,945 shares during the last quarter. Whitefort Capital Management LP grew its position in Bally’s by 43.0% during the 4th quarter. Whitefort Capital Management LP now owns 1,921,372 shares of the company’s stock worth $31,741,000 after purchasing an additional 578,129 shares during the last quarter. Geode Capital Management LLC grew its position in Bally’s by 113.1% during the 2nd quarter. Geode Capital Management LLC now owns 164,555 shares of the company’s stock worth $1,577,000 after purchasing an additional 87,346 shares during the last quarter. State Street Corp increased its stake in Bally’s by 32.6% during the 4th quarter. State Street Corp now owns 116,903 shares of the company’s stock valued at $1,931,000 after purchasing an additional 28,741 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD acquired a new position in Bally’s during the 4th quarter valued at approximately $178,000. Institutional investors own 70.41% of the company’s stock.

Bally’s Company Profile

Bally’s Corporation is an integrated entertainment company engaged in the ownership, development and operation of land‐based casinos, sports betting venues and online gaming platforms. The company leverages the iconic Bally’s brand under a long‐term license to provide gaming and hospitality services across multiple channels, including retail casinos, mobile sports wagering and interactive casino games.

The company’s portfolio spans gaming properties in key U.S. jurisdictions such as Rhode Island, Colorado, New Jersey, Mississippi, Iowa, Indiana, Pennsylvania and Nevada.