Bally’s (NYSE:BALY) Rating Increased to Hold at Citizens Jmp

Citizens Jmp upgraded shares of Bally’s (NYSE:BALY) to a hold rating in a research report released on Tuesday,Zacks.com reports.

Several other research firms also recently weighed in on BALY. Barclays dropped their target price on Bally’s from $18.00 to $14.00 and set an “equal weight” rating for the company in a research report on Monday, March 10th. Stifel Nicolaus dropped 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. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Bally’s has an average rating of “Hold” and a consensus price target of $17.13.

Bally’s Stock Up 9.9 %

Shares of BALY opened at $17.87 on Tuesday. The firm has a market cap of $864.67 million, a P/E ratio of -1.19 and a beta of 2.14. Bally’s has a 12-month low of $10.00 and a 12-month high of $18.98. The company’s 50-day moving average price is $16.96 and its 200 day moving average price is $17.36. 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 released its 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 company had revenue of $580.37 million during the quarter, compared to the consensus estimate of $589.83 million. Bally’s had a negative return on equity of 79.10% and a negative net margin of 30.04%. On average, sell-side analysts forecast that Bally’s will post -7.26 earnings per share for the current year.

Hedge Funds Weigh In On Bally’s

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Balyasny Asset Management L.P. grew its position in shares of Bally’s by 88.7% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,057,332 shares of the company’s stock worth $18,916,000 after buying 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% during the fourth quarter. Nexpoint Asset Management L.P. now owns 808,337 shares of the company’s stock worth $14,461,000 after buying an additional 378,950 shares in the last quarter. Citigroup Inc. grew its position in shares of Bally’s by 8.8% during the third quarter. Citigroup Inc. now owns 442,400 shares of the company’s stock worth $7,631,000 after buying an additional 35,901 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Bally’s during the third quarter worth about $7,326,000. Finally, King Street Capital Management L.P. acquired a new position in Bally’s in the third quarter valued at approximately $6,784,000. 70.41% of the stock is owned by institutional investors and hedge funds.

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.