Bally’s (NYSE:BALY) Trading Up 7.1% – Here’s Why

Bally’s Corporation (NYSE:BALY) shot up 7.1% during trading on Friday . The company traded as high as $12.65 and last traded at $12.7360. 6,867 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 83,079 shares. The stock had previously closed at $11.89.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Wall Street Zen cut shares of Bally’s from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. Stifel Nicolaus cut their target price on Bally’s from $18.00 to $12.00 and set a “hold” rating on the stock in a research report on Monday, March 30th. Weiss Ratings restated a “sell (d-)” rating on shares of Bally’s in a research note on Tuesday, January 27th. Finally, Truist Financial dropped their price objective 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. Three analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Bally’s has an average rating of “Reduce” and a consensus price target of $13.25.

Bally’s Trading Up 4.6%

The company has a debt-to-equity ratio of 1.75, a current ratio of 0.80 and a quick ratio of 0.77. The firm has a market cap of $606.33 million, a PE ratio of -2.28 and a beta of 1.55. The company’s 50 day moving average price is $12.29 and its 200 day moving average price is $14.92.

Bally’s (NYSE:BALY) last issued its quarterly earnings results on Saturday, January 31st. The company reported ($7.53) EPS for the quarter. Bally’s had a negative net margin of 26.39% and a negative return on equity of 63.15%. The business had revenue of $746.25 million during the quarter. As a group, analysts forecast that Bally’s Corporation will post -6.3 EPS for the current fiscal year.

Institutional Trading of Bally’s

A number of large investors have recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its stake in Bally’s by 21,781.4% in the third quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company’s stock worth $8,418,000 after acquiring an additional 754,945 shares during the last quarter. Whitefort Capital Management LP raised its holdings in shares of Bally’s by 43.0% in the 4th 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. Geode Capital Management LLC lifted its position 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 purchasing an additional 87,346 shares during the last quarter. JB Capital Partners LP purchased a new position in Bally’s in the third quarter valued at $555,000. Finally, State Street Corp boosted its position 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 acquiring an additional 28,741 shares in the last quarter. 70.41% of the stock is currently owned by hedge funds and other institutional investors.

About Bally’s

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.