Bally’s (NYSE:BALY) Shares Gap Up – What’s Next?

Bally’s Co. (NYSE:BALY) shares gapped up before the market opened 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 trading hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BALY. Barclays decreased their price target on 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. Stifel Nicolaus decreased their target price on Bally’s from $17.00 to $14.00 and set a “hold” rating for the company in a research report on Thursday, March 6th. Finally, Citizens Jmp upgraded shares of Bally’s to a “hold” rating in a report on Tuesday, March 18th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $17.13.

Bally’s Stock Down 9.2 %

The firm has a market cap of $547.68 million, a P/E ratio of -0.75 and a beta of 2.02. The company has a current ratio of 0.56, a quick ratio of 0.54 and a debt-to-equity ratio of 15.62. The business has a 50-day moving average price of $16.04 and a 200-day moving average price of $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 net margin of 30.04% and a negative return on equity of 79.10%. The company had revenue of $580.37 million for the quarter, compared to analysts’ expectations of $589.83 million. On average, equities analysts forecast that Bally’s Co. will post -7.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Bally’s

Several institutional investors have recently bought and sold shares of BALY. SG Americas Securities LLC boosted its position in Bally’s by 7.0% during the 4th quarter. SG Americas Securities LLC now owns 9,493 shares of the company’s stock valued at $170,000 after acquiring an additional 624 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of 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 during the last quarter. Proficio Capital Partners LLC bought a new stake in Bally’s during the fourth quarter valued at about $401,000. Wolverine Asset Management LLC grew its stake 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 purchasing an additional 40,250 shares during the last quarter. Finally, Barclays PLC raised its holdings in Bally’s by 63.7% in the third quarter. Barclays PLC now owns 37,419 shares of the company’s stock worth $645,000 after purchasing an additional 14,567 shares in the last quarter. 70.41% of the stock is owned by hedge funds and other institutional investors.

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.