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

Bally’s Corporation (NYSE:BALY)’s share price rose 8% during trading on Friday after Truist Financial raised their price target on the stock from $13.00 to $18.00. Truist Financial currently has a hold rating on the stock. Bally’s traded as high as $17.85 and last traded at $17.59. Approximately 41,049 shares were traded during trading, a decline of 55% from the average daily volume of 92,186 shares. The stock had previously closed at $16.28.

Several other research firms also recently commented on BALY. Stifel Nicolaus increased their price objective on Bally’s from $10.00 to $20.00 and gave the company a “hold” rating in a report on Tuesday. Wall Street Zen upgraded shares of Bally’s from a “sell” rating to a “hold” rating in a research note on Sunday, September 7th. Barclays decreased their price objective on shares of Bally’s from $13.00 to $11.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Bally’s in a report on Thursday, October 30th. Finally, Macquarie reduced their price target on Bally’s from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Tuesday, August 12th. Five analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average price target of $15.25.

Hedge Funds Weigh In On Bally’s

Several hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. bought a new stake in shares of Bally’s during the 2nd quarter valued at approximately $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in shares of Bally’s during the second quarter worth $38,000. Bank of America Corp DE increased 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. New York State Common Retirement Fund bought a new position in shares of Bally’s in the 2nd quarter valued at $97,000. Finally, Rhumbline Advisers lifted its stake in shares of 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 acquiring an additional 916 shares during the last quarter. 70.41% of the stock is currently owned by institutional investors and hedge funds.

Bally’s Price Performance

The business has a 50-day moving average of $13.87 and a two-hundred day moving average of $11.49. The company has a current ratio of 0.49, a quick ratio of 0.47 and a debt-to-equity ratio of 5.54. The firm has a market cap of $864.02 million, a P/E ratio of -3.40 and a beta of 2.00.

Bally’s (NYSE:BALY) last announced its earnings results on Wednesday, November 12th. The company reported ($1.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.71) by ($0.99). The company had revenue of $210.25 million for the quarter, compared to the consensus estimate of $668.49 million. Bally’s had a negative return on equity of 64.61% and a negative net margin of 17.41%. On average, sell-side analysts anticipate that Bally’s Corporation will post -7.26 earnings per share for the current fiscal 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.