Bally’s (NYSE:BALY) Trading Up 11.8% – What’s Next?

Bally’s Corporation (NYSE:BALY) shares shot up 11.8% during mid-day trading on Wednesday . The company traded as high as $15.08 and last traded at $15.00. 36,793 shares traded hands during trading, a decline of 56% from the average session volume of 84,226 shares. The stock had previously closed at $13.42.

Analyst Ratings Changes

Several research firms recently weighed in on BALY. Barclays set a $11.00 price objective on Bally’s and gave the company an “underweight” rating in a report on Wednesday, December 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Bally’s in a report on Tuesday, January 27th. Stifel Nicolaus upped their price target on shares of Bally’s from $10.00 to $20.00 and gave the stock a “hold” rating in a research report on Tuesday, November 11th. Macquarie Infrastructure lifted their price objective on shares of Bally’s from $12.00 to $17.00 and gave the company a “neutral” rating in a report on Friday, November 14th. Finally, Truist Financial upped their target price on Bally’s from $13.00 to $18.00 and gave the stock a “hold” rating in a report on Friday, November 14th. Four equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Bally’s presently has a consensus rating of “Reduce” and a consensus target price of $16.50.

Bally’s Stock Down 6.4%

The company’s fifty day simple moving average is $15.35 and its 200-day simple moving average is $14.62. The firm has a market capitalization of $671.53 million, a PE ratio of -2.80 and a beta of 1.45. The company has a debt-to-equity ratio of 7.13, a current ratio of 0.68 and a quick ratio of 0.66.

Bally’s (NYSE:BALY) last issued its quarterly earnings data on Thursday, October 30th. The company reported ($1.70) EPS for the quarter. Bally’s had a negative net margin of 17.41% and a negative return on equity of 63.71%. The business had revenue of $210.25 million for the quarter. On average, analysts forecast that Bally’s Corporation will post -7.26 EPS for the current year.

Institutional Investors Weigh In On Bally’s

Large investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. purchased a new position in Bally’s in the 2nd quarter worth $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Bally’s in the 2nd quarter worth approximately $38,000. Police & Firemen s Retirement System of New Jersey lifted its stake in shares of Bally’s by 96.1% in the 4th quarter. Police & Firemen s Retirement System of New Jersey now owns 2,593 shares of the company’s stock valued at $43,000 after purchasing an additional 1,271 shares during the period. Bank of America Corp DE lifted its stake in shares of Bally’s by 2,087.9% in the 2nd quarter. Bank of America Corp DE now owns 7,942 shares of the company’s stock valued at $76,000 after purchasing an additional 7,579 shares during the period. Finally, New York State Common Retirement Fund purchased a new stake in Bally’s during the second quarter worth $97,000. 70.41% of the stock is owned by hedge funds and other institutional investors.

About Bally’s

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.