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

Bally’s Corporation (NYSE:BALY)’s stock price gapped up prior to trading 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 trading hands.

Wall Street Analysts Forecast Growth

BALY has been the subject of a number of analyst reports. Truist Financial decreased their price objective on shares of Bally’s from $15.00 to $10.00 and set a “hold” rating for the company in a report on Wednesday. Weiss Ratings upgraded shares of Bally’s from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, August 18th. Barclays reduced their price target on shares of Bally’s from $8.00 to $7.00 and set an “underweight” rating on the stock in a research report on Wednesday, August 19th. Stifel Nicolaus boosted their price target on shares of Bally’s from $12.00 to $13.00 and gave the company a “hold” rating in a report on Tuesday, May 26th. Finally, Wall Street Zen cut shares of Bally’s from a “hold” rating to a “sell” rating in a research report on Sunday. 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.com, Bally’s presently has an average rating of “Reduce” and a consensus price target of $11.75.

Bally’s Price Performance

The company has a current ratio of 0.91, a quick ratio of 0.85 and a debt-to-equity ratio of 2.06. The firm has a market cap of $538.06 million, a P/E ratio of -1.58 and a beta of 1.81. The company has a fifty day moving average price of $13.41 and a two-hundred day moving average price of $13.00.

Bally’s (NYSE:BALY) last posted its earnings results on Friday, August 14th. The company reported ($2.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.08) by ($1.33). The business had revenue of $792.23 million for the quarter, compared to the consensus estimate of $789.89 million. Bally’s had a negative return on equity of 40.97% and a negative net margin of 25.83%. Equities analysts anticipate that Bally’s Corporation will post -9.36 earnings per share for the current year.

Institutional Investors Weigh In On Bally’s

Large investors have recently made changes to their positions in the stock. California State Teachers Retirement System raised its holdings 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 acquiring an additional 1,397 shares during the period. Whitefort Capital Management LP boosted its stake in Bally’s by 43.0% in the 4th quarter. Whitefort Capital Management LP now owns 1,921,372 shares of the company’s stock worth $31,741,000 after purchasing an additional 578,129 shares during the period. Price T Rowe Associates Inc. MD bought a new position in Bally’s during the 4th quarter worth about $178,000. Barclays PLC increased its holdings in Bally’s by 43.1% during the 4th quarter. Barclays PLC now owns 15,077 shares of the company’s stock worth $249,000 after purchasing an additional 4,540 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in 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 purchasing an additional 5,306 shares in the last quarter. Institutional investors own 70.41% of the company’s stock.

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.