Bally’s (NYSE:BALY) Trading Up 8.9% – Time to Buy?

Shares of Bally’s Corporation (NYSE:BALY) were up 8.9% during trading on Monday . The stock traded as high as $9.99 and last traded at $9.9850. Approximately 25,811 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 78,460 shares. The stock had previously closed at $9.17.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on BALY shares. Stifel Nicolaus raised their price objective on Bally’s from $12.00 to $13.00 and gave the company a “hold” rating in a research report on Tuesday, May 26th. Wall Street Zen downgraded Bally’s from a “hold” rating to a “sell” rating in a research report on Sunday, August 23rd. Barclays dropped their price target on Bally’s from $8.00 to $7.00 and set an “underweight” rating for the company in a research report on Wednesday, August 19th. Weiss Ratings cut shares of Bally’s from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, September 3rd. Finally, Truist Financial cut their target price on Bally’s from $15.00 to $10.00 and set a “hold” rating on the stock in a research note on Wednesday, August 19th. Three research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Bally’s has a consensus rating of “Reduce” and an average target price of $11.75.

Bally’s Stock Performance

The stock has a market cap of $488.80 million, a PE ratio of -1.42 and a beta of 1.76. The company has a quick ratio of 0.85, a current ratio of 0.91 and a debt-to-equity ratio of 2.06. The firm has a 50 day moving average price of $11.83 and a 200 day moving average price of $12.42.

Bally’s (NYSE:BALY) last released its quarterly earnings data on Friday, August 14th. The company reported ($2.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.08) by ($1.33). The business had revenue of $792.23 million during the quarter, compared to analysts’ expectations of $789.89 million. Bally’s had a negative return on equity of 40.97% and a negative net margin of 25.83%. As a group, research analysts forecast that Bally’s Corporation will post -9.36 earnings per share for the current year.

Bally’s Company Profile

Bally’s Corporation is a gaming and entertainment company that operates casinos, resorts and online gaming platforms. Its business includes casino gaming, hotel accommodations, food and beverage, entertainment, and related hospitality services. The company’s casino properties offer table games, slot machines, sports betting where permitted, and other amenities designed to attract regional and destination customers.

Bally’s operates primarily in the United States, with properties and gaming operations serving markets across several states.