Bally’s (NYSE:BALY) Trading 8.3% Higher – Time to Buy?

Shares of Bally’s Corporation (NYSE:BALY) traded up 8.3% on Thursday . The company traded as high as $11.83 and last traded at $11.7120. 64,827 shares were traded during mid-day trading, a decline of 14% from the average session volume of 74,957 shares. The stock had previously closed at $10.81.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Stifel Nicolaus decreased their price target on Bally’s from $18.00 to $12.00 and set a “hold” rating for the company in a research note on Monday, March 30th. Truist Financial decreased their price target on 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 restated a “sell (d-)” rating on shares of Bally’s in a research note on Friday, April 24th. Barclays reduced their target price on Bally’s from $9.00 to $8.00 and set an “underweight” rating for the company in a research note on Wednesday. Finally, Wall Street Zen downgraded 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, Bally’s has a consensus rating of “Reduce” and a consensus target price of $12.50.

Bally’s Stock Performance

The firm has a market capitalization of $585.44 million, a price-to-earnings ratio of -2.22 and a beta of 1.80. The company has a fifty day moving average of $11.75 and a two-hundred day moving average of $14.56. The company has a debt-to-equity ratio of 1.87, a quick ratio of 0.77 and a current ratio of 1.11.

Bally’s (NYSE:BALY) last released its quarterly 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). The firm had revenue of $755.72 million for the quarter, compared to analyst estimates of $769.69 million. Bally’s had a negative return on equity of 56.76% and a negative net margin of 29.98%. As a group, equities research analysts predict that Bally’s Corporation will post -8.85 earnings per share for the current fiscal year.

Institutional Trading of Bally’s

Several hedge funds have recently added to or reduced their stakes in BALY. JPMorgan Chase & Co. raised its holdings in shares of Bally’s by 21,781.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company’s stock worth $8,418,000 after buying an additional 754,945 shares in the last quarter. Whitefort Capital Management LP raised its holdings in shares of 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 buying an additional 578,129 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of 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 buying an additional 87,346 shares in the last quarter. JB Capital Partners LP acquired a new position in shares of Bally’s during the 3rd quarter worth $555,000. Finally, State Street Corp raised its holdings in shares of Bally’s by 32.6% during the 4th quarter. State Street Corp now owns 116,903 shares of the company’s stock worth $1,931,000 after buying an additional 28,741 shares in the last quarter. 70.41% of the stock is owned by institutional investors and hedge funds.

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.