Bally’s (NYSE:BALY) Trading 8.3% Higher – Time to Buy?

Bally’s Corporation (NYSE:BALY)’s share price shot up 8.3% during trading on Thursday . The company traded as high as $11.83 and last traded at $11.7120. 64,827 shares were traded during trading, a decline of 14% from the average session volume of 74,957 shares. The stock had previously closed at $10.81.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on BALY. Stifel Nicolaus lowered their price target on Bally’s from $18.00 to $12.00 and set a “hold” rating for the company in a report on Monday, March 30th. Wall Street Zen cut Bally’s from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Barclays lowered their price target on Bally’s from $9.00 to $8.00 and set an “underweight” rating for the company in a report on Wednesday. Weiss Ratings restated a “sell (d-)” rating on shares of Bally’s in a research report on Friday, April 24th. Finally, Truist Financial reduced their price objective on Bally’s from $18.00 to $13.00 and set a “hold” rating on the stock in a research report on Friday, March 27th. Three research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $12.50.

Bally’s Price Performance

The firm has a market cap of $585.44 million, a P/E ratio of -2.22 and a beta of 1.80. The company has a current ratio of 1.11, a quick ratio of 0.77 and a debt-to-equity ratio of 1.87. The business has a 50-day moving average of $11.75 and a two-hundred day moving average of $14.56.

Bally’s (NYSE:BALY) last issued its quarterly earnings data 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). The firm had revenue of $755.72 million for the quarter, compared to the consensus estimate of $769.69 million. Bally’s had a negative return on equity of 56.76% and a negative net margin of 29.98%. On average, sell-side analysts anticipate that Bally’s Corporation will post -8.85 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bally’s

A number of institutional investors have recently made changes to their positions in BALY. JPMorgan Chase & Co. grew its position in shares of Bally’s by 21,781.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company’s stock valued at $8,418,000 after buying an additional 754,945 shares during the last quarter. Whitefort Capital Management LP grew its position 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 buying an additional 578,129 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Bally’s by 113.1% in the 2nd quarter. Geode Capital Management LLC now owns 164,555 shares of the company’s stock valued at $1,577,000 after buying an additional 87,346 shares during the last quarter. JB Capital Partners LP bought a new stake in shares of Bally’s in the 3rd quarter valued at about $555,000. Finally, State Street Corp grew its position in shares of Bally’s by 32.6% in the 4th quarter. State Street Corp now owns 116,903 shares of the company’s stock valued at $1,931,000 after buying an additional 28,741 shares during the last quarter. Institutional investors own 70.41% of the company’s stock.

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.