Bally’s (NYSE:BALY) Stock Price Up 10.8% – Here’s Why

Shares of Bally’s Corporation (NYSE:BALY) were up 10.8% during mid-day trading on Wednesday . The company traded as high as $9.98 and last traded at $10.0740. Approximately 60,304 shares traded hands during mid-day trading, a decline of 22% from the average daily volume of 77,038 shares. The stock had previously closed at $9.09.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BALY. Barclays dropped their price target on Bally’s from $8.00 to $7.00 and set an “underweight” rating for the company in a research report on Wednesday, August 19th. Weiss Ratings upgraded Bally’s from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 18th. Wall Street Zen lowered Bally’s from a “hold” rating to a “sell” rating in a research note on Sunday, August 23rd. Stifel Nicolaus lifted their price objective on Bally’s from $12.00 to $13.00 and gave the stock a “hold” rating in a research report on Tuesday, May 26th. Finally, Truist Financial cut their target price on shares of Bally’s from $15.00 to $10.00 and set a “hold” rating for the company in a research note on Wednesday, August 19th. Three research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Bally’s presently has an average rating of “Reduce” and an average price target of $11.75.

Bally’s Stock Up 3.9%

The company has a quick ratio of 0.85, a current ratio of 0.91 and a debt-to-equity ratio of 2.06. The stock has a market cap of $518.33 million, a price-to-earnings ratio of -1.51 and a beta of 1.76. The stock has a fifty day moving average of $12.57 and a two-hundred day moving average of $12.68.

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). 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. As a group, analysts predict that Bally’s Corporation will post -9.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Bally’s

Large investors have recently modified their holdings of the stock. California State Teachers Retirement System raised its holdings in shares of Bally’s by 267.6% during the 2nd quarter. California State Teachers Retirement System now owns 1,919 shares of the company’s stock valued at $26,000 after buying an additional 1,397 shares during the period. Whitefort Capital Management LP grew its position 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 acquiring an additional 578,129 shares in the last quarter. Price T Rowe Associates Inc. MD acquired a new stake in Bally’s in the fourth quarter valued at approximately $178,000. Barclays PLC raised its stake in shares of Bally’s by 43.1% during the fourth quarter. Barclays PLC now owns 15,077 shares of the company’s stock valued at $249,000 after purchasing an additional 4,540 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Bally’s by 9.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 61,442 shares of the company’s stock valued at $1,015,000 after purchasing an additional 5,306 shares during the period. Institutional investors and hedge funds 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.