Bally’s (NYSE:BALY) Shares Up 21.2% – Should You Buy?

Bally’s Co. (NYSE:BALY)’s share price traded up 21.2% during trading on Friday . The stock traded as high as $13.25 and last traded at $15.15. 57,076 shares were traded during 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 analysts have weighed in on BALY shares. Stifel Nicolaus lowered their price target on Bally’s from $17.00 to $14.00 and set a “hold” rating on the stock in a report on Thursday, March 6th. Citizens Jmp raised shares of Bally’s to a “hold” rating in a research note on Tuesday, March 18th. Finally, Barclays cut their price target on shares of Bally’s from $18.00 to $14.00 and set an “equal weight” rating for the company in a research note on Monday, March 10th. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $17.13.

Bally’s Price Performance

The firm’s 50 day simple moving average is $14.96 and its two-hundred day simple moving average is $16.67. The company has a debt-to-equity ratio of 15.62, a current ratio of 0.56 and a quick ratio of 0.54. The firm has a market capitalization of $627.72 million, a P/E ratio of -0.86 and a beta of 2.02.

Bally’s (NYSE:BALY) last released its earnings results on Monday, March 17th. The company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.76) by $1.34. Bally’s had a negative return on equity of 79.10% and a negative net margin of 30.04%. The company had revenue of $580.37 million during the quarter, compared to analyst estimates of $589.83 million. As a group, analysts predict that Bally’s Co. will post -7.26 earnings per share for the current year.

Institutional Investors Weigh In On Bally’s

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC raised its stake in shares of Bally’s by 7.0% during the fourth quarter. SG Americas Securities LLC now owns 9,493 shares of the company’s stock valued at $170,000 after acquiring an additional 624 shares during the last quarter. Yakira Capital Management Inc. raised its position in Bally’s by 40.9% during the 4th quarter. Yakira Capital Management Inc. now owns 165,300 shares of the company’s stock valued at $2,957,000 after purchasing an additional 47,943 shares during the last quarter. JPMorgan Chase & Co. raised its position in Bally’s by 120.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 41,001 shares of the company’s stock valued at $707,000 after purchasing an additional 22,425 shares during the last quarter. Proficio Capital Partners LLC purchased a new stake in Bally’s in the 4th quarter worth approximately $401,000. Finally, Wolverine Asset Management LLC grew its position in shares of Bally’s by 30.3% in the 4th quarter. Wolverine Asset Management LLC now owns 173,238 shares of the company’s stock worth $3,099,000 after buying an additional 40,250 shares during the last quarter. 70.41% of the stock is currently 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.