Bally’s Co. (NYSE:BALY) Sees Large Growth in Short Interest

Bally’s Co. (NYSE:BALY) was the recipient of a significant growth in short interest in March. As of March 31st, there was short interest totalling 83,900 shares, a growth of 274.6% from the March 15th total of 22,400 shares. Based on an average daily volume of 28,900 shares, the days-to-cover ratio is currently 2.9 days. Approximately 0.2% of the shares of the stock are sold short.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Citizens Jmp upgraded Bally’s to a “hold” rating in a research note on Tuesday, March 18th. Barclays cut their target price on shares of 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. Finally, Stifel Nicolaus reduced their price target on shares of Bally’s from $17.00 to $14.00 and set a “hold” rating on the stock in a report on Thursday, March 6th. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Bally’s presently has a consensus rating of “Hold” and a consensus target price of $17.13.

Institutional Investors Weigh In On Bally’s

Institutional investors and hedge funds have recently modified their holdings of the business. BNP Paribas Financial Markets bought a new stake in shares of Bally’s during the fourth quarter worth $58,000. SG Americas Securities LLC grew its stake in Bally’s by 7.0% in the 4th quarter. SG Americas Securities LLC now owns 9,493 shares of the company’s stock worth $170,000 after acquiring an additional 624 shares in the last quarter. Intech Investment Management LLC purchased a new position in shares of Bally’s during the fourth quarter worth approximately $196,000. Two Sigma Advisers LP bought a new stake in shares of Bally’s during the fourth quarter valued at approximately $250,000. Finally, Wells Fargo & Company MN boosted its holdings in shares of Bally’s by 6.5% in the fourth quarter. Wells Fargo & Company MN now owns 14,055 shares of the company’s stock valued at $251,000 after purchasing an additional 860 shares during the period. 70.41% of the stock is owned by institutional investors.

Bally’s Price Performance

NYSE:BALY opened at $16.33 on Thursday. The business has a 50 day simple moving average of $15.25 and a 200-day simple moving average of $16.90. Bally’s has a 1 year low of $10.00 and a 1 year high of $19.50. The firm has a market capitalization of $792.17 million, a price-to-earnings ratio of -1.08 and a beta of 2.02. The company has a debt-to-equity ratio of 15.62, a current ratio of 0.56 and a quick ratio of 0.54.

Bally’s (NYSE:BALY) last released its earnings results on Monday, March 17th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $1.34. The firm had revenue of $580.37 million during the quarter, compared to analyst estimates of $589.83 million. Bally’s had a negative net margin of 30.04% and a negative return on equity of 79.10%. Equities analysts forecast that Bally’s will post -7.26 EPS for the current year.

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.