Bally’s (NYSE:BALY) Shares Gap Up – Still a Buy?

Shares of Bally’s Co. (NYSE:BALY) gapped up before the market opened 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 traded.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on BALY shares. Citizens Jmp upgraded shares of Bally’s to a “hold” rating in a research note on Tuesday, March 18th. Stifel Nicolaus decreased their price objective on shares of 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, Barclays lowered their target price 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. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $17.13.

Bally’s Stock Performance

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 firm’s fifty day moving average price is $16.61 and its 200-day moving average price is $17.28. The firm has a market cap of $576.20 million, a price-to-earnings ratio of -0.79 and a beta of 2.14.

Bally’s (NYSE:BALY) last announced its earnings results on Monday, March 17th. The company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $589.83 million. 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 hedge funds and other institutional investors have recently bought and sold shares of the business. Balyasny Asset Management L.P. increased its holdings in Bally’s by 88.7% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,057,332 shares of the company’s stock valued at $18,916,000 after acquiring an additional 496,933 shares in the last quarter. Nexpoint Asset Management L.P. grew its position in shares of Bally’s by 88.3% in the fourth quarter. Nexpoint Asset Management L.P. now owns 808,337 shares of the company’s stock valued at $14,461,000 after purchasing an additional 378,950 shares during the period. Citigroup Inc. lifted its holdings in shares of Bally’s by 8.8% during the 3rd quarter. Citigroup Inc. now owns 442,400 shares of the company’s stock worth $7,631,000 after acquiring an additional 35,901 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Bally’s during the third quarter worth approximately $7,326,000. Finally, King Street Capital Management L.P. purchased a new position in shares of Bally’s in the 3rd quarter worth about $6,784,000. Institutional investors and hedge funds 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.