Bally’s (NYSE:BALY) Shares Up 15.6% – Here’s What Happened

Shares of Bally’s Co. (NYSE:BALY) rose 15.6% on Tuesday . The company traded as high as $14.42 and last traded at $12.85. Approximately 8,783 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 27,105 shares. The stock had previously closed at $11.11.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Barclays decreased their target price on Bally’s from $18.00 to $14.00 and set an “equal weight” rating on the stock in a research report on Monday, March 10th. Citizens Jmp upgraded Bally’s to a “hold” rating in a research note on Tuesday, March 18th. Finally, Stifel Nicolaus reduced their price objective on Bally’s from $17.00 to $14.00 and set a “hold” rating on the stock in a research report on Thursday, March 6th. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $17.13.

Bally’s Price Performance

The stock has a market cap of $626.02 million, a P/E ratio of -0.86 and a beta of 2.02. The business has a 50-day simple moving average of $15.90 and a 200 day simple moving average of $17.06. The company has a current ratio of 0.56, a quick ratio of 0.54 and a debt-to-equity ratio of 15.62.

Bally’s (NYSE:BALY) last issued its quarterly earnings results on Monday, March 17th. The company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of ($0.76) by $1.34. Bally’s had a negative net margin of 30.04% and a negative return on equity of 79.10%. The business had revenue of $580.37 million for the quarter, compared to analysts’ expectations of $589.83 million. On average, analysts forecast that Bally’s Co. will post -7.26 earnings per share for the current year.

Institutional Trading of Bally’s

Several large investors have recently made changes to their positions in the company. Balyasny Asset Management L.P. boosted its position in shares of Bally’s by 88.7% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,057,332 shares of the company’s stock valued at $18,916,000 after buying an additional 496,933 shares during the last quarter. Nexpoint Asset Management L.P. grew its stake in shares of Bally’s by 88.3% during the 4th quarter. Nexpoint Asset Management L.P. now owns 808,337 shares of the company’s stock worth $14,461,000 after acquiring an additional 378,950 shares during the period. King Street Capital Management L.P. bought a new stake in Bally’s in the 3rd quarter valued at about $6,784,000. Alliancebernstein L.P. lifted its holdings in Bally’s by 6.3% during the fourth quarter. Alliancebernstein L.P. now owns 379,812 shares of the company’s stock valued at $6,795,000 after purchasing an additional 22,573 shares during the last quarter. Finally, Gabelli Funds LLC boosted its position in Bally’s by 7.5% during the fourth quarter. Gabelli Funds LLC now owns 369,934 shares of the company’s stock worth $6,618,000 after purchasing an additional 25,786 shares during the period. 70.41% of the stock is currently owned by institutional investors and hedge funds.

Bally’s Company Profile

Bally’s Corp. is a global casino-entertainment company with a portfolio of casinos and resorts and online gaming businesses. It operates through the following segments: Casinos & Resorts, International Interactive, and North America Interactive. The Casinos & Resorts segment consists of the company’s casino and resort properties, a horse racetrack, and a golf course.