Bally’s (NYSE:BALY) Shares Gap Up to $13.52

Bally’s Co. (NYSE:BALY) gapped up before the market opened on Thursday . The stock had previously closed at $13.52, but opened at $16.70. Bally’s shares last traded at $16.80, with a volume of 1,801,821 shares traded.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on BALY shares. Stifel Nicolaus upped their price objective on shares of Bally’s from $11.00 to $14.00 and gave the company a “hold” rating in a research note on Thursday, May 2nd. JMP Securities reaffirmed a “market perform” rating on shares of Bally’s in a research note on Monday, July 15th. Truist Financial upped their price objective on Bally’s from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Finally, Wells Fargo & Company boosted their price target on Bally’s from $9.00 to $11.00 and gave the company an “underweight” rating in a research report on Monday, July 15th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $15.50.

Bally’s Stock Performance

The stock has a 50-day simple moving average of $12.31 and a 200-day simple moving average of $12.28. The company has a debt-to-equity ratio of 8.14, a current ratio of 0.61 and a quick ratio of 0.59. The stock has a market cap of $680.23 million, a PE ratio of -1.62 and a beta of 2.11.

Bally’s (NYSE:BALY) last issued its quarterly earnings data on Wednesday, May 1st. The company reported ($3.61) EPS for the quarter, missing analysts’ consensus estimates of ($1.13) by ($2.48). The company had revenue of $618.48 million for the quarter, compared to analyst estimates of $625.94 million. Bally’s had a negative return on equity of 36.63% and a negative net margin of 21.26%. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.74) EPS. Equities analysts predict that Bally’s Co. will post -8.07 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BALY. Vanguard Group Inc. lifted its stake in shares of Bally’s by 5.7% in the third quarter. Vanguard Group Inc. now owns 1,744,829 shares of the company’s stock worth $22,875,000 after acquiring an additional 93,681 shares in the last quarter. Strs Ohio lifted its stake in shares of Bally’s by 77.2% in the fourth quarter. Strs Ohio now owns 43,600 shares of the company’s stock worth $607,000 after acquiring an additional 19,000 shares in the last quarter. Wolverine Asset Management LLC lifted its stake in shares of Bally’s by 200.1% in the fourth quarter. Wolverine Asset Management LLC now owns 39,951 shares of the company’s stock worth $557,000 after acquiring an additional 26,640 shares in the last quarter. Jump Financial LLC lifted its stake in shares of Bally’s by 150.5% in the fourth quarter. Jump Financial LLC now owns 74,398 shares of the company’s stock worth $1,037,000 after acquiring an additional 44,702 shares in the last quarter. Finally, Trexquant Investment LP lifted its stake in shares of Bally’s by 101.5% in the fourth quarter. Trexquant Investment LP now owns 55,056 shares of the company’s stock worth $767,000 after acquiring an additional 27,736 shares in the last quarter. Institutional investors and hedge funds own 70.41% of the company’s stock.

About Bally’s

Bally's Corporation operates as a casino-entertainment company. It owns and manages casinos across 10 states, a golf course in New York, a horse racetrack in Colorado, and has access to OSB licenses in 18 states. It also owns Bally's Interactive International, an online gaming operator; Bally Bet, a sports betting platform; and Bally Casino, an iCasino platform.