Bally’s (NYSE:BALY) Trading Up 8% – Should You Buy?

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

Analyst Ratings Changes

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

Bally’s Stock Up 8.1%

The firm has a market cap of $714.36 million, a P/E ratio of -1.79 and a beta of 1.80. The firm’s 50-day moving average price is $13.41 and its 200 day moving average price is $13.61. The company has a quick ratio of 1.05, a current ratio of 1.11 and a debt-to-equity ratio of 1.87.

Bally’s (NYSE:BALY) last issued its quarterly earnings results 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 return on equity of 56.76% and a negative net margin of 29.98%.The company had revenue of $755.72 million during the quarter, compared to analyst estimates of $769.69 million. As a group, research analysts expect that Bally’s Corporation will post -9.36 earnings per share for the current year.

Institutional Trading of Bally’s

Several hedge funds and other institutional investors have recently modified their holdings of the company. Whitefort Capital Management LP grew its stake 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 purchasing an additional 578,129 shares in the last quarter. Price T Rowe Associates Inc. MD acquired a new position in Bally’s in the fourth quarter worth approximately $178,000. Barclays PLC raised its position in Bally’s by 43.1% during the fourth quarter. Barclays PLC now owns 15,077 shares of the company’s stock valued at $249,000 after acquiring an additional 4,540 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Bally’s by 9.5% in the fourth 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 during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey increased its stake in shares of 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 purchasing an additional 1,271 shares during the last quarter. 70.41% of the stock is currently owned by hedge funds and other institutional investors.

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.