Bally’s (NYSE:BALY) Trading Up 10.8% – Time to Buy?

Shares of Bally’s Corporation (NYSE:BALY) rose 10.8% during trading on Wednesday . The stock traded as high as $9.98 and last traded at $10.0740. 60,304 shares were traded during mid-day trading, a decline of 22% from the average daily volume of 77,038 shares. The stock had previously closed at $9.09.

Analyst Ratings Changes

Several brokerages recently issued reports on BALY. Stifel Nicolaus lifted their price objective on Bally’s from $12.00 to $13.00 and gave the stock a “hold” rating in a research report on Tuesday, May 26th. Barclays dropped their price target on Bally’s from $8.00 to $7.00 and set an “underweight” rating for the company in a research report on Wednesday, August 19th. Truist Financial cut their price target on Bally’s from $15.00 to $10.00 and set a “hold” rating for the company in a report on Wednesday, August 19th. Weiss Ratings upgraded Bally’s from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 18th. Finally, Wall Street Zen cut Bally’s from a “hold” rating to a “sell” rating in a research report on Sunday, August 23rd. Three analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $11.75.

Bally’s Price Performance

The stock has a market capitalization of $508.43 million, a PE ratio of -1.46 and a beta of 1.77. 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 company’s 50 day simple moving average is $12.74 and its 200 day simple moving average is $12.74.

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

Hedge Funds Weigh In On Bally’s

Several large investors have recently added to or reduced their stakes in BALY. California State Teachers Retirement System increased its stake in shares of Bally’s by 267.6% during 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 last quarter. JPMorgan Chase & Co. acquired a new stake in shares of Bally’s in the second quarter worth approximately $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Bally’s in the second quarter valued at approximately $38,000. Police & Firemen s Retirement System of New Jersey grew its holdings in Bally’s by 96.1% in the fourth quarter. Police & Firemen s Retirement System of New Jersey now owns 2,593 shares of the company’s stock valued at $43,000 after purchasing an additional 1,271 shares during the period. Finally, Bank of America Corp DE increased its position in 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 purchasing an additional 7,579 shares during the last quarter. 70.41% of the stock is currently owned by hedge funds and other institutional investors.

About Bally’s

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.