Bally’s (NYSE:BALY) Sees Strong Trading Volume – Time to Buy?

Bally’s Corporation (NYSE:BALY) shares saw unusually-high trading volume on Monday . Approximately 307,410 shares changed hands during trading, an increase of 229% from the previous session’s volume of 93,528 shares.The stock last traded at $17.7210 and had previously closed at $17.45.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Truist Financial upped their price objective on Bally’s from $13.00 to $18.00 and gave the stock a “hold” rating in a research report on Friday, November 14th. Barclays cut their price target on shares of Bally’s from $13.00 to $11.00 and set an “equal weight” rating for the company in a report on Wednesday, August 13th. Stifel Nicolaus lifted their price objective on Bally’s from $10.00 to $20.00 and gave the company a “hold” rating in a report on Tuesday, November 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of Bally’s in a research note on Thursday, October 30th. Finally, Macquarie lifted their price target on Bally’s from $12.00 to $17.00 and gave the company a “neutral” rating in a research note on Friday, November 14th. Five investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Bally’s currently has a consensus rating of “Reduce” and an average target price of $16.50.

Bally’s Stock Up 1.3%

The firm’s fifty day moving average is $15.65 and its 200-day moving average is $11.96. The company has a current ratio of 0.68, a quick ratio of 0.66 and a debt-to-equity ratio of 7.13. The stock has a market capitalization of $842.60 million, a P/E ratio of -3.51 and a beta of 1.46.

Bally’s (NYSE:BALY) last posted its quarterly earnings results on Thursday, October 30th. The company reported ($1.70) earnings per share (EPS) for the quarter. The firm had revenue of $210.25 million during the quarter. Bally’s had a negative net margin of 17.41% and a negative return on equity of 63.71%. As a group, equities research analysts predict that Bally’s Corporation will post -7.26 earnings per share for the current year.

Hedge Funds Weigh In On Bally’s

A number of large investors have recently bought and sold shares of BALY. JPMorgan Chase & Co. bought a new position in shares of Bally’s in the 2nd quarter valued at about $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Bally’s during the 2nd quarter valued at $38,000. Bank of America Corp DE grew its holdings in shares of Bally’s by 2,087.9% during the 2nd quarter. Bank of America Corp DE now owns 7,942 shares of the company’s stock worth $76,000 after purchasing an additional 7,579 shares in the last quarter. New York State Common Retirement Fund bought a new position in shares of Bally’s in the second quarter worth $97,000. Finally, Rhumbline Advisers raised its stake in Bally’s by 9.9% in the third quarter. Rhumbline Advisers now owns 10,160 shares of the company’s stock valued at $113,000 after purchasing an additional 916 shares in the last quarter. Institutional investors and hedge funds own 70.41% of the company’s stock.

Bally’s Company Profile

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.