Bally’s (NYSE:BALY) Stock Price Up 15.6% – Here’s Why

Bally’s Co. (NYSE:BALY) shares were up 15.6% on Tuesday . The stock traded as high as $14.42 and last traded at $12.85. Approximately 8,783 shares changed hands during trading, a decline of 68% from the average daily volume of 27,105 shares. The stock had previously closed at $11.11.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on BALY shares. Citizens Jmp raised 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 report on Monday, March 10th. Finally, Stifel Nicolaus lowered their price target on Bally’s from $17.00 to $14.00 and set a “hold” rating on the stock in a research report on Thursday, March 6th. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Bally’s presently has a consensus rating of “Hold” and a consensus price target of $17.13.

Bally’s Stock Performance

The company’s 50-day moving average price is $15.90 and its 200 day moving average price is $17.06. The stock has a market capitalization of $626.02 million, a PE ratio of -0.86 and a beta of 2.02. The company has a debt-to-equity ratio of 15.62, a quick ratio of 0.54 and a current ratio of 0.56.

Bally’s (NYSE:BALY) last posted its quarterly earnings data on Monday, March 17th. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of ($0.76) by $1.34. The business had revenue of $580.37 million for the quarter, compared to analysts’ expectations 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 expect that Bally’s Co. will post -7.26 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bally’s

A number of hedge funds have recently bought and sold shares of the business. Vestcor Inc raised its stake in Bally’s by 0.6% during the 4th quarter. Vestcor Inc now owns 100,594 shares of the company’s stock valued at $1,800,000 after buying an additional 594 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Bally’s by 7.0% during the 4th quarter. SG Americas Securities LLC now owns 9,493 shares of the company’s stock valued at $170,000 after purchasing an additional 624 shares during the period. Wells Fargo & Company MN lifted its stake in shares of Bally’s by 6.5% in the 4th quarter. Wells Fargo & Company MN now owns 14,055 shares of the company’s stock worth $251,000 after purchasing an additional 860 shares during the period. Point72 DIFC Ltd purchased a new stake in Bally’s during the third quarter valued at approximately $48,000. Finally, Invesco Ltd. boosted its stake in shares of Bally’s by 2.3% during the 4th quarter. Invesco Ltd. now owns 141,584 shares of the company’s stock worth $2,533,000 after acquiring an additional 3,125 shares during the last quarter. Hedge funds and other 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.