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

Bally’s Co. (NYSE:BALY)’s share price gapped up before the market opened on Friday . The stock had previously closed at $12.43, but opened at $12.70. Bally’s shares last traded at $13.03, with a volume of 748 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BALY. Barclays decreased their price target on shares of Bally’s from $18.00 to $14.00 and set an “equal weight” rating on the stock in a report on Monday, March 10th. Stifel Nicolaus reduced their target price on Bally’s from $17.00 to $14.00 and set a “hold” rating on the stock in a research note on Thursday, March 6th. Finally, Citizens Jmp raised Bally’s to a “hold” rating in a research note on Tuesday, March 18th. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $17.13.

Bally’s Stock Performance

The company has a debt-to-equity ratio of 15.62, a quick ratio of 0.54 and a current ratio of 0.56. The company has a market cap of $547.53 million, a PE ratio of -0.76 and a beta of 2.02. The business’s 50-day moving average is $16.17 and its 200 day moving average is $17.15.

Bally’s (NYSE:BALY) last released its quarterly earnings data on Monday, March 17th. The company reported $0.58 EPS for the quarter, topping the consensus estimate of ($0.76) by $1.34. The firm had revenue of $580.37 million for the quarter, compared to the consensus estimate of $589.83 million. Bally’s had a negative return on equity of 79.10% and a negative net margin of 30.04%. On average, equities research analysts predict that Bally’s Co. will post -7.26 EPS for the current fiscal year.

Institutional Trading of Bally’s

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC boosted its holdings in shares of Bally’s by 7.0% during the fourth quarter. SG Americas Securities LLC now owns 9,493 shares of the company’s stock worth $170,000 after purchasing an additional 624 shares during the period. JPMorgan Chase & Co. lifted its holdings in Bally’s by 120.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 41,001 shares of the company’s stock worth $707,000 after buying an additional 22,425 shares during the period. Proficio Capital Partners LLC bought a new stake in shares of Bally’s in the 4th quarter worth approximately $401,000. Wolverine Asset Management LLC grew its position in shares of Bally’s by 30.3% in the 4th quarter. Wolverine Asset Management LLC now owns 173,238 shares of the company’s stock worth $3,099,000 after buying an additional 40,250 shares during the last quarter. Finally, Barclays PLC increased its stake in shares of Bally’s by 63.7% during the third quarter. Barclays PLC now owns 37,419 shares of the company’s stock valued at $645,000 after buying an additional 14,567 shares during the period. Institutional investors own 70.41% of the company’s stock.

About Bally’s

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.