Bally’s (NYSE:BALY) Shares Up 7.8% – What’s Next?

Bally’s Corporation (NYSE:BALY) shares were up 7.8% during trading on Monday . The company traded as high as $10.42 and last traded at $10.40. Approximately 29,289 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 90,569 shares. The stock had previously closed at $9.65.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Bally’s in a research note on Tuesday, January 27th. Stifel Nicolaus cut their price objective on Bally’s from $18.00 to $12.00 and set a “hold” rating on the stock in a report on Monday, March 30th. Truist Financial lowered their target price 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. Finally, Barclays set a $11.00 target price on shares of Bally’s and gave the stock an “underweight” rating in a report on Wednesday, December 17th. Three 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 stock currently has an average rating of “Reduce” and an average target price of $13.25.

Bally’s Stock Performance

The firm has a market cap of $500.39 million, a price-to-earnings ratio of -1.90 and a beta of 1.55. The stock has a 50-day moving average of $13.31 and a 200-day moving average of $14.97. The company has a debt-to-equity ratio of 1.75, a quick ratio of 0.77 and a current ratio of 0.80.

Bally’s (NYSE:BALY) last announced its quarterly earnings data on Saturday, January 31st. The company reported ($7.53) EPS for the quarter. The business had revenue of $746.25 million during the quarter. Bally’s had a negative return on equity of 63.15% and a negative net margin of 26.39%. As a group, analysts anticipate that Bally’s Corporation will post -7.26 EPS for the current fiscal year.

Institutional Trading of Bally’s

Hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. bought a new stake in Bally’s during the second quarter worth about $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Bally’s during the 2nd quarter worth approximately $38,000. Police & Firemen s Retirement System of New Jersey raised its stake in shares of Bally’s by 96.1% during the 4th quarter. Police & Firemen s Retirement System of New Jersey now owns 2,593 shares of the company’s stock worth $43,000 after purchasing an additional 1,271 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of Bally’s by 2,087.9% in the 2nd 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. Finally, New York State Common Retirement Fund acquired a new stake in shares of Bally’s in the 2nd quarter valued at approximately $97,000. Institutional investors and hedge funds own 70.41% of the company’s stock.

Bally’s Company Profile

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.