Bally’s (NYSE:BALY) Stock Price Up 9.5% – Should You Buy?

Bally’s Corporation (NYSE:BALY)’s share price traded up 9.5% during mid-day trading on Tuesday . The company traded as high as $17.44 and last traded at $17.6750. 120,437 shares were traded 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

A number of equities research analysts have issued reports on BALY shares. Macquarie boosted their target price on shares of Bally’s from $12.00 to $17.00 and gave the company a “neutral” rating in a report on Friday, November 14th. Truist Financial boosted their price target on shares of Bally’s from $13.00 to $18.00 and gave the stock a “hold” rating in a research note on Friday, November 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Bally’s in a report on Thursday, October 30th. Stifel Nicolaus boosted their price target on shares of Bally’s from $10.00 to $20.00 and gave the stock a “hold” rating in a research note on Tuesday, November 11th. Finally, Wall Street Zen raised Bally’s from a “sell” rating to a “hold” rating in a research note on Sunday, September 7th. Five research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Reduce” and a consensus target price of $16.50.

Bally’s Stock Performance

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

Bally’s (NYSE:BALY) last issued its quarterly earnings data on Thursday, October 30th. The company reported ($1.70) earnings per share (EPS) 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%. On average, research analysts forecast that Bally’s Corporation will post -7.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in BALY. JPMorgan Chase & Co. bought a new stake in shares of Bally’s in the 2nd quarter valued at approximately $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Bally’s during the 2nd quarter valued at approximately $38,000. Bank of America Corp DE raised its holdings in Bally’s by 2,087.9% during the 2nd quarter. Bank of America Corp DE now owns 7,942 shares of the company’s stock valued at $76,000 after buying an additional 7,579 shares during the period. New York State Common Retirement Fund bought a new stake in Bally’s in the second quarter worth $97,000. Finally, Rhumbline Advisers boosted its stake in Bally’s by 9.9% during the third quarter. Rhumbline Advisers now owns 10,160 shares of the company’s stock worth $113,000 after buying an additional 916 shares during the period. 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.