Bally’s (NYSE:BALY) Shares Up 9.5% – What’s Next?

Shares of Bally’s Corporation (NYSE:BALY) rose 9.5% during mid-day trading on Tuesday . The stock traded as high as $17.44 and last traded at $17.6750. Approximately 120,437 shares changed hands during trading, an increase of 25% from the average daily volume of 96,020 shares. The stock had previously closed at $16.14.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bally’s in a research note on Thursday, October 30th. Wall Street Zen upgraded shares of Bally’s from a “sell” rating to a “hold” rating in a research report on Sunday, September 7th. Truist Financial upped their price objective on shares of Bally’s from $13.00 to $18.00 and gave the company a “hold” rating in a research note on Friday, November 14th. Macquarie increased their price objective on shares of Bally’s from $12.00 to $17.00 and gave the stock a “neutral” rating in a research report on Friday, November 14th. Finally, Stifel Nicolaus boosted their target price on shares of Bally’s from $10.00 to $20.00 and gave the company a “hold” rating in a report on Tuesday, November 11th. Four research 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, Bally’s presently has an average rating of “Reduce” and a consensus target price of $16.50.

Bally’s Trading Up 9.5%

The firm’s 50 day simple moving average is $16.69 and its two-hundred day simple moving average is $12.45. The stock has a market capitalization of $883.21 million, a P/E ratio of -3.68 and a beta of 1.46. The company has a quick ratio of 0.66, a current ratio of 0.68 and a debt-to-equity ratio of 7.13.

Bally’s (NYSE:BALY) last issued its earnings results on Thursday, October 30th. The company reported ($1.70) EPS for the quarter. Bally’s had a negative net margin of 17.41% and a negative return on equity of 63.71%. The firm had revenue of $210.25 million during the quarter. As a group, analysts forecast that Bally’s Corporation will post -7.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bally’s

Institutional investors have recently modified their holdings of the company. Rhumbline Advisers raised its holdings in shares of Bally’s by 9.9% in the 3rd quarter. Rhumbline Advisers now owns 10,160 shares of the company’s stock worth $113,000 after acquiring an additional 916 shares during the last quarter. JPMorgan Chase & Co. purchased a new stake in shares of Bally’s in the second quarter worth approximately $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Bally’s in the second quarter worth approximately $38,000. Wolverine Asset Management LLC lifted its holdings in shares of Bally’s by 35.8% in the second quarter. Wolverine Asset Management LLC now owns 16,468 shares of the company’s stock valued at $158,000 after purchasing an additional 4,345 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Bally’s by 2,087.9% during the second quarter. Bank of America Corp DE now owns 7,942 shares of the company’s stock valued at $76,000 after buying an additional 7,579 shares during the last quarter. 70.41% of the stock is owned by institutional investors and hedge funds.

About Bally’s

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.