Bally’s (NYSE:BALY) Shares Up 10.8% – Time to Buy?

Bally’s Corporation (NYSE:BALY) rose 10.8% during mid-day trading on Wednesday . The stock traded as high as $9.98 and last traded at $10.0740. Approximately 60,304 shares were traded during trading, a decline of 22% from the average daily volume of 77,038 shares. The stock had previously closed at $9.09.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Truist Financial cut their target price on Bally’s from $15.00 to $10.00 and set a “hold” rating on the stock in a research report on Wednesday, August 19th. Stifel Nicolaus boosted their price target on Bally’s from $12.00 to $13.00 and gave the company a “hold” rating in a research report on Tuesday, May 26th. Wall Street Zen lowered Bally’s from a “hold” rating to a “sell” rating in a research note on Sunday, August 23rd. Barclays cut their price objective on Bally’s from $8.00 to $7.00 and set an “underweight” rating on the stock in a report on Wednesday, August 19th. Finally, Weiss Ratings raised Bally’s from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, August 18th. Three analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and an average target price of $11.75.

Bally’s Price Performance

The company has a debt-to-equity ratio of 2.06, a quick ratio of 0.85 and a current ratio of 0.91. The firm has a market cap of $508.43 million, a price-to-earnings ratio of -1.46 and a beta of 1.77. The company’s fifty day moving average is $12.74 and its two-hundred day moving average is $12.74.

Bally’s (NYSE:BALY) last announced its quarterly earnings results on Friday, August 14th. The company reported ($2.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.08) by ($1.33). Bally’s had a negative return on equity of 40.97% and a negative net margin of 25.83%.The business had revenue of $792.23 million for the quarter, compared to analysts’ expectations of $789.89 million. Equities research analysts forecast that Bally’s Corporation will post -9.36 EPS for the current year.

Institutional Investors Weigh In On Bally’s

A number of large investors have recently modified their holdings of BALY. California State Teachers Retirement System raised its holdings in shares of Bally’s by 267.6% during the 2nd quarter. California State Teachers Retirement System now owns 1,919 shares of the company’s stock valued at $26,000 after buying an additional 1,397 shares during the period. Whitefort Capital Management LP lifted its position in Bally’s by 43.0% during the 4th quarter. Whitefort Capital Management LP now owns 1,921,372 shares of the company’s stock worth $31,741,000 after acquiring an additional 578,129 shares in the last quarter. Price T Rowe Associates Inc. MD purchased a new position in Bally’s in the 4th quarter worth approximately $178,000. Barclays PLC grew its position in Bally’s by 43.1% in the fourth quarter. Barclays PLC now owns 15,077 shares of the company’s stock valued at $249,000 after acquiring an additional 4,540 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in Bally’s by 9.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 61,442 shares of the company’s stock valued at $1,015,000 after acquiring an additional 5,306 shares in the last quarter. Institutional investors and hedge funds 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.