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

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 changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Citizens Jmp upgraded Bally’s to a “hold” rating in a research note 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 report on Thursday, March 6th. Finally, Barclays dropped their price objective on shares of Bally’s from $18.00 to $14.00 and set an “equal weight” rating on the stock in a research note on Monday, March 10th. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $17.13.

Bally’s Trading Down 0.1 %

The business has a 50 day simple moving average of $16.73 and a two-hundred day simple moving average of $17.31. The stock has a market cap of $612.44 million, a price-to-earnings ratio of -0.84 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 (EPS) for the quarter, topping analysts’ consensus estimates of ($0.76) by $1.34. The business had revenue of $580.37 million during the quarter, compared to analyst estimates of $589.83 million. Bally’s had a negative net margin of 30.04% and a negative return on equity of 79.10%. As a group, equities analysts anticipate that Bally’s Co. will post -7.26 EPS for the current year.

Hedge Funds Weigh In On Bally’s

Hedge funds have recently bought and sold shares of the company. Point72 DIFC Ltd acquired a new position in shares of Bally’s in the 3rd quarter worth approximately $48,000. BNP Paribas Financial Markets acquired a new position in Bally’s in the fourth quarter worth $58,000. 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 valued at $170,000 after purchasing an additional 624 shares during the last quarter. Intech Investment Management LLC acquired a new stake in shares of Bally’s during the fourth quarter worth $196,000. Finally, Two Sigma Advisers LP bought a new position in shares of Bally’s in the 4th quarter worth about $250,000. 70.41% of the stock is currently 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.