Bally’s (NYSE:BALY) Trading 8% Higher – Here’s What Happened

Bally’s Corporation (NYSE:BALY)’s stock price traded up 8% on Thursday . The company traded as high as $14.40 and last traded at $14.5840. 18,553 shares traded hands during trading, a decline of 74% from the average daily volume of 72,321 shares. The stock had previously closed at $13.50.

Analysts Set New Price Targets

Several analysts recently issued reports on BALY shares. Weiss Ratings raised shares of Bally’s from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, July 10th. Truist Financial lowered their price objective on shares of Bally’s from $18.00 to $13.00 and set a “hold” rating on the stock in a report on Friday, March 27th. Wall Street Zen lowered shares of Bally’s from a “hold” rating to a “sell” rating in a research note on Saturday, April 18th. Barclays decreased their target price on shares of Bally’s from $9.00 to $8.00 and set an “underweight” rating for the company in a research report on Wednesday, May 20th. Finally, Stifel Nicolaus upped their target price on shares of Bally’s from $12.00 to $13.00 and gave the stock a “hold” rating in a report on Tuesday, May 26th. Three equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and an average price target of $12.75.

Bally’s Stock Up 8.1%

The business’s fifty day moving average price is $13.41 and its 200 day moving average price is $13.61. The firm has a market capitalization of $714.36 million, a price-to-earnings ratio of -1.79 and a beta of 1.80. The company has a current ratio of 1.11, a quick ratio of 1.05 and a debt-to-equity ratio of 1.87.

Bally’s (NYSE:BALY) last issued its quarterly earnings data on Monday, May 18th. The company reported ($2.69) earnings per share (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 business had revenue of $755.72 million for the quarter, compared to analysts’ expectations of $769.69 million. On average, equities analysts expect that Bally’s Corporation will post -9.36 EPS for the current year.

Institutional Investors Weigh In On Bally’s

Large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. acquired a new stake in shares of Bally’s in the second quarter valued at approximately $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Bally’s in the 2nd quarter valued at approximately $38,000. Police & Firemen s Retirement System of New Jersey grew its holdings in Bally’s by 96.1% during the 4th quarter. Police & Firemen s Retirement System of New Jersey now owns 2,593 shares of the company’s stock valued at $43,000 after buying an additional 1,271 shares during the last quarter. Bank of America Corp DE grew its holdings in 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 valued at $76,000 after buying an additional 7,579 shares during the last quarter. Finally, New York State Common Retirement Fund purchased a new position in Bally’s during the second quarter worth $97,000. 70.41% of the stock is owned by institutional investors and hedge funds.

About Bally’s

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.