Bally’s (NYSE:BALY) Trading 5.8% Higher – Here’s Why

Shares of Bally’s Corporation (NYSE:BALY) shot up 5.8% during trading on Friday . The company traded as high as $13.06 and last traded at $13.0090. 31,294 shares were traded during trading, a decline of 57% from the average session volume of 72,850 shares. The stock had previously closed at $12.30.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BALY. Weiss Ratings cut Bally’s from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, June 24th. Barclays reduced their price objective on Bally’s from $9.00 to $8.00 and set an “underweight” rating for the company in a report on Wednesday, May 20th. Stifel Nicolaus boosted their target price on Bally’s from $12.00 to $13.00 and gave the stock a “hold” rating in a research report on Tuesday, May 26th. Truist Financial reduced their price objective on Bally’s from $18.00 to $13.00 and set a “hold” rating on the stock in a research report on Friday, March 27th. Finally, Wall Street Zen lowered Bally’s from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Three equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Bally’s has an average rating of “Reduce” and an average price target of $12.75.

Bally’s Price Performance

The firm has a market capitalization of $636.84 million, a price-to-earnings ratio of -1.60 and a beta of 1.80. The company’s 50-day moving average is $13.39 and its 200-day moving average is $13.73. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.11 and a quick ratio of 1.05.

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

Institutional Trading of Bally’s

Institutional investors have recently modified their holdings of the company. Whitefort Capital Management LP raised its holdings in Bally’s by 43.0% in the fourth quarter. Whitefort Capital Management LP now owns 1,921,372 shares of the company’s stock valued at $31,741,000 after buying an additional 578,129 shares during the period. Price T Rowe Associates Inc. MD purchased a new stake in Bally’s during the fourth quarter worth approximately $178,000. Barclays PLC increased its position in shares of Bally’s by 43.1% in the fourth quarter. Barclays PLC now owns 15,077 shares of the company’s stock worth $249,000 after acquiring an additional 4,540 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Bally’s by 9.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 61,442 shares of the company’s stock valued at $1,015,000 after acquiring an additional 5,306 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey lifted its position in Bally’s by 96.1% during the 4th quarter. Police & Firemen s Retirement System of New Jersey now owns 2,593 shares of the company’s stock worth $43,000 after acquiring an additional 1,271 shares in the last quarter. Hedge funds and other 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.