Bally’s (NYSE:BALY) Trading Up 21.2% – Time to Buy?

Bally’s Co. (NYSE:BALY)’s stock price shot up 21.2% during trading on Friday . The company traded as high as $13.25 and last traded at $15.15. 57,076 shares were traded during mid-day trading, a decline of 82% from the average session volume of 324,094 shares. The stock had previously closed at $12.50.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BALY shares. Citizens Jmp upgraded shares of Bally’s to a “hold” rating in a report on Tuesday, March 18th. Barclays cut their price target on Bally’s from $18.00 to $14.00 and set an “equal weight” rating on the stock in a report on Monday, March 10th. Finally, Stifel Nicolaus decreased their price objective on Bally’s from $17.00 to $14.00 and set a “hold” rating for the company in a report on Thursday, March 6th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Bally’s has a consensus rating of “Hold” and an average price target of $17.13.

Bally’s Stock Performance

The company’s 50 day simple moving average is $14.96 and its 200 day simple moving average is $16.67. The company has a debt-to-equity ratio of 15.62, a quick ratio of 0.54 and a current ratio of 0.56. The stock has a market cap of $627.72 million, a PE ratio of -0.86 and a beta of 2.02.

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. The company had revenue of $580.37 million during the quarter, compared to the consensus estimate of $589.83 million. Bally’s had a negative return on equity of 79.10% and a negative net margin of 30.04%. Analysts expect that Bally’s Co. will post -7.26 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets bought a new stake in shares of Bally’s in the 4th quarter worth approximately $58,000. SG Americas Securities LLC lifted its position in shares of Bally’s by 7.0% during the 4th quarter. SG Americas Securities LLC now owns 9,493 shares of the company’s stock valued at $170,000 after buying an additional 624 shares during the last quarter. Intech Investment Management LLC purchased a new position in shares of Bally’s during the 4th quarter valued at $196,000. Two Sigma Advisers LP purchased a new stake in Bally’s in the 4th quarter worth about $250,000. Finally, Wells Fargo & Company MN lifted its holdings in Bally’s by 6.5% during the fourth quarter. Wells Fargo & Company MN now owns 14,055 shares of the company’s stock valued at $251,000 after purchasing an additional 860 shares during the last quarter. 70.41% of the stock is owned by institutional investors.

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.