Bally’s (NYSE:BALY) Stock Price Up 5.8% – Here’s Why

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

Wall Street Analysts Forecast Growth

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

Bally’s Stock Performance

The firm has a market cap of $637.33 million, a price-to-earnings ratio of -1.60 and a beta of 1.80. The company has a quick ratio of 1.05, a current ratio of 1.11 and a debt-to-equity ratio of 1.87. The company has a 50 day moving average of $13.40 and a 200 day moving average of $13.73.

Bally’s (NYSE:BALY) last issued its quarterly earnings data on Monday, May 18th. The company reported ($2.69) earnings per share 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 analyst estimates of $769.69 million. As a group, equities research analysts expect that Bally’s Corporation will post -9.36 EPS for the current fiscal year.

Institutional Trading of Bally’s

Hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC raised its holdings in Bally’s by 113.1% in the second quarter. Geode Capital Management LLC now owns 164,555 shares of the company’s stock valued at $1,577,000 after acquiring an additional 87,346 shares in the last quarter. JPMorgan Chase & Co. acquired a new position in Bally’s during the 2nd quarter worth $33,000. New York State Common Retirement Fund acquired a new position in Bally’s during the 2nd quarter worth $97,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Bally’s in the 2nd quarter worth about $38,000. Finally, Bank of America Corp DE increased its position 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 worth $76,000 after purchasing an additional 7,579 shares during the last quarter. Institutional investors and hedge funds own 70.41% of the company’s stock.

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.