Bally’s (NYSE:BALY) Trading Up 7.1% – Still a Buy?

Bally’s Corporation (NYSE:BALY) was up 7.1% during trading on Friday . The company traded as high as $12.65 and last traded at $12.7360. Approximately 6,867 shares changed hands during mid-day trading, a decline of 92% from the average daily volume of 83,079 shares. The stock had previously closed at $11.89.

Analysts Set New Price Targets

A number of equities research analysts recently commented on BALY shares. Stifel Nicolaus dropped their price objective on Bally’s from $18.00 to $12.00 and set a “hold” rating for the company in a report on Monday, March 30th. Wall Street Zen downgraded Bally’s from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bally’s in a report on Tuesday, January 27th. Finally, Truist Financial dropped their price objective on Bally’s from $18.00 to $13.00 and set a “hold” rating for the company in a report on Friday, March 27th. Three equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $13.25.

Bally’s Stock Up 6.9%

The firm has a fifty day simple moving average of $12.26 and a 200-day simple moving average of $14.93. The company has a market capitalization of $619.58 million, a P/E ratio of -2.33 and a beta of 1.55. The company has a quick ratio of 0.77, a current ratio of 0.80 and a debt-to-equity ratio of 1.75.

Bally’s (NYSE:BALY) last announced its quarterly earnings results on Saturday, January 31st. The company reported ($7.53) earnings per share (EPS) for the quarter. Bally’s had a negative return on equity of 63.15% and a negative net margin of 26.39%.The business had revenue of $746.25 million during the quarter. On average, equities research analysts expect that Bally’s Corporation will post -6.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Bally’s

Several large investors have recently modified their holdings of BALY. Geode Capital Management LLC increased its holdings in shares of Bally’s by 113.1% in the second quarter. Geode Capital Management LLC now owns 164,555 shares of the company’s stock worth $1,577,000 after acquiring an additional 87,346 shares in the last quarter. JPMorgan Chase & Co. bought a new position in shares of Bally’s during the second quarter worth about $33,000. New York State Common Retirement Fund bought a new position in shares of Bally’s during the second quarter worth about $97,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Bally’s during the second quarter worth about $38,000. Finally, Bank of America Corp DE grew its holdings in shares of Bally’s by 2,087.9% during the second quarter. Bank of America Corp DE now owns 7,942 shares of the company’s stock worth $76,000 after buying an additional 7,579 shares in the last quarter. 70.41% of the stock is currently owned by institutional investors.

Bally’s Company Profile

Bally’s Corporation is an integrated entertainment company engaged in the ownership, development and operation of land‐based casinos, sports betting venues and online gaming platforms. The company leverages the iconic Bally’s brand under a long‐term license to provide gaming and hospitality services across multiple channels, including retail casinos, mobile sports wagering and interactive casino games.

The company’s portfolio spans gaming properties in key U.S. jurisdictions such as Rhode Island, Colorado, New Jersey, Mississippi, Iowa, Indiana, Pennsylvania and Nevada.