Bally’s (NYSE:BALY) Shares Gap Up – Here’s Why

Bally’s Co. (NYSE:BALY) shares gapped up prior to trading on Friday . The stock had previously closed at $12.43, but opened at $12.70. Bally’s shares last traded at $13.03, with a volume of 748 shares traded.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on BALY shares. Barclays reduced their price objective on shares of Bally’s from $18.00 to $14.00 and set an “equal weight” rating for the company in a research note on Monday, March 10th. Citizens Jmp upgraded Bally’s to a “hold” rating in a research note on Tuesday, March 18th. Finally, Stifel Nicolaus lowered their price objective on Bally’s from $17.00 to $14.00 and set a “hold” rating on the stock in a research report on Thursday, March 6th. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $17.13.

Bally’s Stock Performance

The company has a market capitalization of $547.68 million, a P/E ratio of -0.75 and a beta of 2.02. The company has a debt-to-equity ratio of 15.62, a quick ratio of 0.54 and a current ratio of 0.56. The business’s fifty day simple moving average is $16.04 and its 200-day simple moving average is $17.10.

Bally’s (NYSE:BALY) last issued its earnings results on Monday, March 17th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $1.34. Bally’s had a negative return on equity of 79.10% and a negative net margin of 30.04%. The firm had revenue of $580.37 million for the quarter, compared to analysts’ expectations of $589.83 million. As a group, equities analysts anticipate that Bally’s Co. will post -7.26 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. Vestcor Inc increased its position in Bally’s by 0.6% in the fourth quarter. Vestcor Inc now owns 100,594 shares of the company’s stock worth $1,800,000 after purchasing an additional 594 shares during the last quarter. SG Americas Securities LLC increased its holdings in shares of Bally’s by 7.0% in the 4th quarter. SG Americas Securities LLC now owns 9,493 shares of the company’s stock worth $170,000 after buying an additional 624 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Bally’s by 6.5% during the 4th quarter. Wells Fargo & Company MN now owns 14,055 shares of the company’s stock valued at $251,000 after buying an additional 860 shares in the last quarter. Point72 DIFC Ltd bought a new position in shares of Bally’s in the 3rd quarter valued at about $48,000. Finally, Invesco Ltd. grew its position in Bally’s by 2.3% in the fourth quarter. Invesco Ltd. now owns 141,584 shares of the company’s stock worth $2,533,000 after acquiring an additional 3,125 shares in the last quarter. 70.41% of the stock is currently owned by institutional investors.

Bally’s Company Profile

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.