Bally’s (NYSE:BALY) Trading 9.9% Higher – Still a Buy?

Bally’s Co. (NYSE:BALY)’s share price was up 9.9% on Monday . The stock traded as high as $11.80 and last traded at $13.08. Approximately 1,292 shares traded hands during trading, a decline of 100% from the average daily volume of 360,961 shares. The stock had previously closed at $11.90.

Analyst Upgrades and Downgrades

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

Bally’s Trading Up 3.5 %

The stock has a 50 day moving average price of $16.61 and a 200-day moving average price of $17.28. The stock has a market capitalization of $597.74 million, a PE ratio of -0.82 and a beta of 2.14. The company has a current ratio of 0.56, a quick ratio of 0.54 and a debt-to-equity ratio of 15.62.

Bally’s (NYSE:BALY) last issued its quarterly earnings results on Monday, March 17th. The company reported $0.58 earnings per share for the quarter, beating the consensus estimate of ($0.76) by $1.34. The business had revenue of $580.37 million for the quarter, compared to the consensus estimate of $589.83 million. Bally’s had a negative net margin of 30.04% and a negative return on equity of 79.10%. Sell-side analysts expect that Bally’s Co. will post -7.26 earnings per share for the current year.

Institutional Investors Weigh In On Bally’s

A number of institutional investors have recently bought and sold shares of BALY. Balyasny Asset Management L.P. boosted its stake in shares of Bally’s by 88.7% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,057,332 shares of the company’s stock worth $18,916,000 after acquiring an additional 496,933 shares during the period. King Street Capital Management L.P. purchased a new position in Bally’s in the 3rd quarter worth approximately $6,784,000. Nexpoint Asset Management L.P. lifted its holdings in Bally’s by 88.3% in the 4th quarter. Nexpoint Asset Management L.P. now owns 808,337 shares of the company’s stock worth $14,461,000 after purchasing an additional 378,950 shares in the last quarter. Man Group plc bought a new position in Bally’s in the 4th quarter worth approximately $5,187,000. Finally, Eisler Capital Management Ltd. purchased a new stake in Bally’s during the 4th quarter valued at approximately $4,699,000. Hedge funds and other institutional investors own 70.41% of the company’s stock.

About Bally’s

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.