Bally’s (NYSE:BALY) Shares Gap Up – What’s Next?

Bally’s Corporation (NYSE:BALY) shares gapped up before the market opened on Monday . The stock had previously closed at $9.82, but opened at $10.25. Bally’s shares last traded at $10.3250, with a volume of 6,232 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Stifel Nicolaus boosted their price objective on Bally’s from $12.00 to $13.00 and gave the company a “hold” rating in a report on Tuesday, May 26th. Truist Financial reduced their price objective on shares of Bally’s from $15.00 to $10.00 and set a “hold” rating on the stock in a report on Wednesday, August 19th. Barclays decreased their price target on Bally’s from $8.00 to $7.00 and set an “underweight” rating for the company in a report on Wednesday, August 19th. Weiss Ratings raised Bally’s from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 18th. Finally, Wall Street Zen downgraded Bally’s from a “hold” rating to a “sell” rating in a report on Sunday. Three analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Bally’s has a consensus rating of “Reduce” and an average target price of $11.75.

Bally’s Stock Performance

The firm’s fifty day moving average price is $13.22 and its 200-day moving average price is $12.93. The company has a current ratio of 0.91, a quick ratio of 0.85 and a debt-to-equity ratio of 2.06. The firm has a market cap of $479.67 million, a price-to-earnings ratio of -1.40 and a beta of 1.81.

Bally’s (NYSE:BALY) last posted its earnings results on Friday, August 14th. The company reported ($2.41) EPS for the quarter, missing analysts’ consensus estimates of ($1.08) by ($1.33). Bally’s had a negative net margin of 25.83% and a negative return on equity of 40.97%. The company had revenue of $792.23 million during the quarter, compared to analysts’ expectations of $789.89 million. Analysts expect that Bally’s Corporation will post -9.36 earnings per share for the current year.

Institutional Trading of Bally’s

Several institutional investors and hedge funds have recently made changes to their positions in the company. Rhumbline Advisers raised its holdings in shares of Bally’s by 9.9% in the third quarter. Rhumbline Advisers now owns 10,160 shares of the company’s stock valued at $113,000 after buying an additional 916 shares during the last quarter. Police & Firemen s Retirement System of New Jersey grew its holdings in shares of Bally’s by 96.1% during the fourth quarter. Police & Firemen s Retirement System of New Jersey now owns 2,593 shares of the company’s stock worth $43,000 after buying an additional 1,271 shares during the last quarter. California State Teachers Retirement System increased its position in Bally’s by 267.6% in the 2nd quarter. California State Teachers Retirement System now owns 1,919 shares of the company’s stock valued at $26,000 after acquiring an additional 1,397 shares during the period. JPMorgan Chase & Co. acquired a new position in Bally’s in the 2nd quarter valued at about $33,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Bally’s during the 2nd quarter valued at approximately $38,000. 70.41% of the stock is owned by hedge funds and other 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.