Bally’s (NYSE:BALY) Trading 9.5% Higher – Still a Buy?

Bally’s Corporation (NYSE:BALY)’s share price shot up 9.5% during mid-day trading on Tuesday . The stock traded as high as $17.44 and last traded at $17.6750. 120,437 shares traded hands during mid-day trading, an increase of 25% from the average session volume of 96,020 shares. The stock had previously closed at $16.14.

Wall Street Analysts Forecast Growth

Several research analysts have commented on BALY shares. Stifel Nicolaus raised their target price on shares of Bally’s from $10.00 to $20.00 and gave the stock a “hold” rating in a report on Tuesday, November 11th. Truist Financial increased their price objective on Bally’s from $13.00 to $18.00 and gave the stock a “hold” rating in a report on Friday, November 14th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bally’s in a research note on Thursday, October 30th. Wall Street Zen upgraded shares of Bally’s from a “sell” rating to a “hold” rating in a report on Sunday, September 7th. Finally, Macquarie upped their price target on Bally’s from $12.00 to $17.00 and gave the stock a “neutral” rating in a report on Friday, November 14th. Five analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Bally’s currently has a consensus rating of “Reduce” and an average target price of $16.50.

Bally’s Price Performance

The company has a current ratio of 0.68, a quick ratio of 0.66 and a debt-to-equity ratio of 7.13. The company has a 50 day moving average of $16.48 and a 200 day moving average of $12.33. The firm has a market cap of $841.56 million, a price-to-earnings ratio of -3.51 and a beta of 1.46.

Bally’s (NYSE:BALY) last released its quarterly earnings results on Thursday, October 30th. The company reported ($1.70) earnings per share for the quarter. The firm had revenue of $210.25 million for the quarter. Bally’s had a negative return on equity of 63.71% and a negative net margin of 17.41%. Equities research analysts predict that Bally’s Corporation will post -7.26 EPS for the current fiscal year.

Institutional Trading of Bally’s

A number of institutional investors and hedge funds have recently made changes to their positions in BALY. JPMorgan Chase & Co. acquired a new position in Bally’s in the 2nd quarter valued at approximately $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Bally’s in the second quarter worth approximately $38,000. Bank of America Corp DE lifted its holdings in shares of Bally’s by 2,087.9% in the 2nd quarter. Bank of America Corp DE now owns 7,942 shares of the company’s stock worth $76,000 after purchasing an additional 7,579 shares in the last quarter. New York State Common Retirement Fund bought a new position in Bally’s in the 2nd quarter valued at about $97,000. Finally, Rhumbline Advisers raised its position in Bally’s by 9.9% in the 3rd quarter. Rhumbline Advisers now owns 10,160 shares of the company’s stock valued at $113,000 after buying an additional 916 shares during the last quarter. Institutional investors own 70.41% of the company’s stock.

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.