Bally's (NYSE:BALY) Sees Strong Trading Volume - Here's What Happened

Shares of Bally's Co. (NYSE:BALY - Get Free Report) saw unusually-strong trading volume on Tuesday . Approximately 119,799 shares changed hands during trading, an increase of 204% from the previous session's volume of 39,363 shares.The stock last traded at $11.34 and had previously closed at $10.52.

Wall Street Analysts Forecast Growth

Several research firms have commented on BALY. Stifel Nicolaus decreased their target price 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. Barclays decreased their price objective on shares of Bally's from $14.00 to $13.00 and set an "equal weight" rating for the company in a report on Tuesday, May 13th. Finally, Citizens Jmp raised shares of Bally's to a "hold" rating in a research report on Tuesday, March 18th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $16.96.

Bally's Price Performance

The company has a debt-to-equity ratio of 15.62, a current ratio of 0.56 and a quick ratio of 0.54. The stock's 50 day moving average price is $13.32 and its two-hundred day moving average price is $15.94. The firm has a market capitalization of $558.26 million, a price-to-earnings ratio of -0.76 and a beta of 2.04.

Bally's (NYSE:BALY - Get Free Report) last announced its earnings results on Monday, March 17th. The company reported $0.58 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 firm had revenue of $580.37 million for the quarter, compared to the consensus estimate of $589.83 million. On average, equities research analysts anticipate that Bally's Co. will post -7.26 EPS for the current year.

Institutional Trading of Bally's

Hedge funds have recently added to or reduced their stakes in the business. Spirepoint Private Client LLC acquired a new position in shares of Bally's during the first quarter worth approximately $246,000. Regatta Capital Group LLC bought a new position in Bally's during the first quarter worth $780,000. Two Sigma Advisers LP acquired a new position in Bally's during the 4th quarter valued at $250,000. Man Group plc bought a new stake in Bally's in the 4th quarter valued at $5,187,000. Finally, K2 Principal Fund L.P. bought a new stake in Bally's in the 4th quarter valued at $1,262,000. Institutional investors own 70.41% of the company's stock.

Bally's Company Profile

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.

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