Bally’s (NYSE:BALY) Stock Price Up 8% on Analyst Upgrade

Bally’s Corporation (NYSE:BALY)’s share price shot up 8% during mid-day trading on Friday after Macquarie raised their price target on the stock from $12.00 to $17.00. Macquarie currently has a neutral rating on the stock. Bally’s traded as high as $17.85 and last traded at $17.59. 41,049 shares were traded during mid-day trading, a decline of 55% from the average session volume of 92,186 shares. The stock had previously closed at $16.28.

Other research analysts have also recently issued reports about the company. Wall Street Zen upgraded Bally’s from a “sell” rating to a “hold” rating in a research note on Sunday, September 7th. Stifel Nicolaus boosted their price objective on Bally’s from $10.00 to $20.00 and gave the company a “hold” rating in a report on Tuesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Bally’s in a research note on Thursday, October 30th. Truist Financial raised their target price on Bally’s from $13.00 to $18.00 and gave the company a “hold” rating in a report on Friday. Finally, Barclays cut their price target on shares of Bally’s from $13.00 to $11.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 13th. Five research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $16.50.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of BALY. Rhumbline Advisers increased its holdings in Bally’s by 9.9% during the 3rd quarter. Rhumbline Advisers now owns 10,160 shares of the company’s stock worth $113,000 after purchasing an additional 916 shares during the period. JPMorgan Chase & Co. purchased a new stake in shares of Bally’s during the second quarter worth approximately $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Bally’s in the second quarter valued at approximately $38,000. Wolverine Asset Management LLC lifted its stake in Bally’s by 35.8% in the second quarter. Wolverine Asset Management LLC now owns 16,468 shares of the company’s stock worth $158,000 after acquiring an additional 4,345 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in Bally’s by 2,087.9% in the second quarter. Bank of America Corp DE now owns 7,942 shares of the company’s stock worth $76,000 after acquiring an additional 7,579 shares during the last quarter. 70.41% of the stock is owned by institutional investors and hedge funds.

Bally’s Stock Up 6.2%

The company has a current ratio of 0.68, a quick ratio of 0.47 and a debt-to-equity ratio of 7.13. The company has a market cap of $849.83 million, a price-to-earnings ratio of -3.34 and a beta of 2.00. The firm’s fifty day simple moving average is $14.03 and its 200 day simple moving average is $11.52.

Bally’s (NYSE:BALY) last announced its quarterly earnings data on Wednesday, November 12th. The company reported ($1.70) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.71) by ($0.99). The firm had revenue of $210.25 million during the quarter, compared to analyst estimates of $668.49 million. Bally’s had a negative net margin of 17.41% and a negative return on equity of 63.71%. Sell-side analysts predict that Bally’s Corporation will post -7.26 earnings per share for the current year.

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.