Bally’s (NYSE:BALY) Stock Price Up 8.3% – What’s Next?

Bally’s Corporation (NYSE:BALY) shares rose 8.3% during trading on Thursday . The company traded as high as $11.83 and last traded at $11.7120. Approximately 64,827 shares were traded during trading, a decline of 14% from the average daily volume of 74,957 shares. The stock had previously closed at $10.81.

Analyst Ratings Changes

BALY has been the topic of a number of recent research reports. Barclays reduced their price objective on Bally’s from $9.00 to $8.00 and set an “underweight” rating on the stock in a research note on Wednesday. Stifel Nicolaus decreased their price objective on shares of Bally’s from $18.00 to $12.00 and set a “hold” rating for the company in a research report on Monday, March 30th. Wall Street Zen cut shares of Bally’s from a “hold” rating to a “sell” rating in a research report on Saturday, April 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bally’s in a research report on Friday, April 24th. Finally, Truist Financial dropped their target price on Bally’s from $18.00 to $13.00 and set a “hold” rating on the stock in a research report on Friday, March 27th. Three research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Bally’s has a consensus rating of “Reduce” and an average target price of $12.50.

Bally’s Stock Performance

The firm has a market capitalization of $646.87 million, a PE ratio of -2.42 and a beta of 1.80. The company has a debt-to-equity ratio of 1.87, a current ratio of 1.11 and a quick ratio of 0.77. The stock has a 50-day moving average price of $11.73 and a 200-day moving average price of $14.51.

Bally’s (NYSE:BALY) last issued its quarterly earnings results on Monday, May 18th. The company reported ($2.69) EPS for the quarter, missing the consensus estimate of ($1.00) by ($1.69). Bally’s had a negative return on equity of 56.76% and a negative net margin of 29.98%.The company had revenue of $755.72 million for the quarter, compared to the consensus estimate of $769.69 million. On average, research analysts expect that Bally’s Corporation will post -8.85 EPS for the current fiscal year.

Hedge Funds Weigh In On Bally’s

Large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. bought a new position in shares of Bally’s during the second quarter worth about $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Bally’s during the second quarter worth about $38,000. Police & Firemen s Retirement System of New Jersey lifted its position in shares of Bally’s by 96.1% during the fourth 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 during the last quarter. Bank of America Corp DE lifted its position in shares of Bally’s by 2,087.9% during the second 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 during the last quarter. Finally, New York State Common Retirement Fund bought a new position in shares of Bally’s during the second quarter worth about $97,000. Institutional investors 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.