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

Shares of Bally’s Co. (NYSE:BALY) gapped up prior to trading on Friday . The stock had previously closed at $12.64, but opened at $13.04. Bally’s shares last traded at $13.45, with a volume of 4,409 shares trading hands.

Analyst Ratings Changes

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

Bally’s Price Performance

The company has a 50-day moving average of $16.73 and a two-hundred day moving average of $17.31. The company has a debt-to-equity ratio of 15.62, a current ratio of 0.56 and a quick ratio of 0.54. The stock has a market capitalization of $612.44 million, a PE ratio of -0.84 and a beta of 2.14.

Bally’s (NYSE:BALY) last released 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 net margin of 30.04% and a negative return on equity of 79.10%. The business had revenue of $580.37 million for the quarter, compared to analysts’ expectations of $589.83 million. Sell-side analysts predict that Bally’s Co. will post -7.26 EPS for the current fiscal year.

Institutional Trading of Bally’s

A number of institutional investors and hedge funds have recently made changes to their positions in BALY. SG Americas Securities LLC increased its stake in Bally’s by 7.0% during the fourth quarter. SG Americas Securities LLC now owns 9,493 shares of the company’s stock worth $170,000 after acquiring an additional 624 shares during the last quarter. JPMorgan Chase & Co. increased its position in Bally’s by 120.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 41,001 shares of the company’s stock worth $707,000 after purchasing an additional 22,425 shares in the last quarter. Proficio Capital Partners LLC acquired a new stake in Bally’s during the 4th quarter worth approximately $401,000. Wolverine Asset Management LLC raised its holdings in Bally’s by 30.3% in the fourth quarter. Wolverine Asset Management LLC now owns 173,238 shares of the company’s stock valued at $3,099,000 after buying an additional 40,250 shares during the period. Finally, Barclays PLC grew its stake in Bally’s by 63.7% during the third quarter. Barclays PLC now owns 37,419 shares of the company’s stock worth $645,000 after buying an additional 14,567 shares during the period. 70.41% of the stock is currently owned by institutional investors and hedge funds.

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.