Bally’s (NYSE:BALY) Trading Up 9.9% – Here’s Why

Shares of Bally’s Co. (NYSE:BALY) were up 9.9% during trading on Monday . The company traded as high as $11.80 and last traded at $13.08. Approximately 1,292 shares were traded during mid-day trading, a decline of 100% from the average daily volume of 360,961 shares. The stock had previously closed at $11.90.

Wall Street Analysts Forecast Growth

A number of equities research 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 research report on Thursday, March 6th. Citizens Jmp raised Bally’s to a “hold” rating in a report on Tuesday, March 18th. Finally, Barclays cut their target price on 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 research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $17.13.

Bally’s Price Performance

The firm has a fifty day moving average of $16.61 and a two-hundred day moving average of $17.28. The company has a current ratio of 0.56, a quick ratio of 0.54 and a debt-to-equity ratio of 15.62. The company has a market capitalization of $597.74 million, a PE ratio of -0.82 and a beta of 2.14.

Bally’s (NYSE:BALY) last released its quarterly earnings data 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 firm had revenue of $580.37 million during the quarter, compared to analyst estimates of $589.83 million. Research analysts anticipate that Bally’s Co. will post -7.26 EPS for the current fiscal year.

Institutional Trading of Bally’s

A number of institutional investors have recently modified their holdings of the company. Point72 DIFC Ltd bought a new position in Bally’s during the 3rd quarter valued at approximately $48,000. BNP Paribas Financial Markets bought a new position in shares of Bally’s during the fourth quarter valued at approximately $58,000. SG Americas Securities LLC lifted its stake in Bally’s by 7.0% in the fourth quarter. SG Americas Securities LLC now owns 9,493 shares of the company’s stock worth $170,000 after acquiring an additional 624 shares during the period. Intech Investment Management LLC bought a new stake in Bally’s in the fourth quarter valued at $196,000. Finally, Two Sigma Advisers LP bought a new position in Bally’s in the 4th quarter worth $250,000. 70.41% of the stock is currently owned by hedge funds and other institutional investors.

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.