Bally’s (NYSE:BALY) Shares Gap Up – Here’s Why

Bally’s Corporation (NYSE:BALY)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $9.82, but opened at $10.25. Bally’s shares last traded at $10.3250, with a volume of 6,232 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have commented on BALY. Wall Street Zen lowered Bally’s from a “hold” rating to a “sell” rating in a research report on Sunday. Truist Financial dropped their target price on Bally’s from $15.00 to $10.00 and set a “hold” rating for the company in a research report on Wednesday. Stifel Nicolaus upped their price target on Bally’s from $12.00 to $13.00 and gave the company a “hold” rating in a research note on Tuesday, May 26th. Barclays decreased their price target 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 upgraded Bally’s from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 18th. Three investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $11.75.

Bally’s Price Performance

The company’s fifty day moving average is $13.41 and its two-hundred day moving average is $13.00. The firm has a market capitalization of $538.06 million, a price-to-earnings ratio of -1.58 and a beta of 1.81. The company has a quick ratio of 0.85, a current ratio of 0.91 and a debt-to-equity ratio of 2.06.

Bally’s (NYSE:BALY) last released its earnings results on Friday, August 14th. The company reported ($2.41) EPS 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 analyst estimates of $789.89 million. Equities research analysts anticipate that Bally’s Corporation will post -9.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Bally’s

A number of institutional investors have recently made changes to their positions in BALY. California State Teachers Retirement System grew its stake in shares of Bally’s by 267.6% during the second quarter. California State Teachers Retirement System now owns 1,919 shares of the company’s stock worth $26,000 after purchasing an additional 1,397 shares during the period. Whitefort Capital Management LP lifted its stake in Bally’s by 43.0% in the fourth quarter. Whitefort Capital Management LP now owns 1,921,372 shares of the company’s stock valued at $31,741,000 after buying an additional 578,129 shares during the period. Price T Rowe Associates Inc. MD bought a new position in Bally’s during the fourth quarter worth about $178,000. Barclays PLC boosted its holdings in Bally’s by 43.1% during the fourth quarter. Barclays PLC now owns 15,077 shares of the company’s stock worth $249,000 after buying an additional 4,540 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Bally’s by 9.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 61,442 shares of the company’s stock worth $1,015,000 after buying an additional 5,306 shares during the period. 70.41% of the stock is owned by institutional investors and hedge funds.

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.