Bally's (NYSE:BALY) Shares Up 5.8% - Here's What Happened

Key Points

• Bally's shares rose 5.8% in mid-day trading Friday, reaching as high as $13.06 after closing at $12.30 the previous day.
• Analyst sentiment remains cautious, with several recent rating cuts and an average MarketBeat rating of “Reduce”; the average price target is $12.75.
• Recent fundamentals were weak, as Bally's reported a wider-than-expected quarterly loss of $2.69 per share and revenue that missed estimates, while analysts expect a full-year loss of $9.36 per share.

Bally's Corporation (NYSE:BALY - Get Free Report)'s stock price rose 5.8% during mid-day trading on Friday . The company traded as high as $13.06 and last traded at $13.0090. Approximately 31,294 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 72,850 shares. The stock had previously closed at $12.30.

Analyst Ratings Changes

Several brokerages have recently weighed in on BALY. Wall Street Zen downgraded Bally's from a "hold" rating to a "sell" rating in a research note on Saturday, April 18th. Weiss Ratings cut shares of Bally's from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Wednesday, June 24th. Truist Financial cut their price objective on shares of Bally's from $18.00 to $13.00 and set a "hold" rating for the company in a report on Friday, March 27th. Barclays cut their target price on Bally's from $9.00 to $8.00 and set an "underweight" rating for the company in a research note on Wednesday, May 20th. Finally, Stifel Nicolaus boosted their price target on shares of Bally's from $12.00 to $13.00 and gave the company a "hold" rating in a research report on Tuesday, May 26th. Three research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Bally's currently has an average rating of "Reduce" and an average target price of $12.75.

Bally's Price Performance

The company has a current ratio of 1.11, a quick ratio of 1.05 and a debt-to-equity ratio of 1.87. The stock has a market cap of $636.84 million, a PE ratio of -1.60 and a beta of 1.80. The company has a fifty day moving average of $13.39 and a 200-day moving average of $13.73.

Bally's (NYSE:BALY - Get Free Report) last posted its quarterly earnings data on Monday, May 18th. The company reported ($2.69) EPS for the quarter, missing the consensus estimate of ($1.00) by ($1.69). The business had revenue of $755.72 million during the quarter, compared to analysts' expectations of $769.69 million. Bally's had a negative net margin of 29.98% and a negative return on equity of 56.76%. Sell-side analysts expect that Bally's Corporation will post -9.36 EPS for the current fiscal year.

Institutional Trading of Bally's

Several hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. purchased a new position in shares of Bally's in the 2nd quarter valued at about $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Bally's in the second quarter valued at approximately $38,000. Police & Firemen s Retirement System of New Jersey raised its holdings in Bally's by 96.1% in the fourth quarter. Police & Firemen s Retirement System of New Jersey now owns 2,593 shares of the company's stock valued at $43,000 after acquiring an additional 1,271 shares in the last quarter. Bank of America Corp DE lifted its stake in Bally's by 2,087.9% in the second quarter. Bank of America Corp DE now owns 7,942 shares of the company's stock worth $76,000 after acquiring an additional 7,579 shares during the last quarter. Finally, New York State Common Retirement Fund purchased a new position in Bally's in the second quarter worth approximately $97,000. 70.41% of the stock is currently owned by institutional investors and hedge funds.

About Bally's

Bally's Corporation is an integrated entertainment company engaged in the ownership, development and operation of land‐based casinos, sports betting venues and online gaming platforms. The company leverages the iconic Bally's brand under a long‐term license to provide gaming and hospitality services across multiple channels, including retail casinos, mobile sports wagering and interactive casino games.

The company's portfolio spans gaming properties in key U.S. jurisdictions such as Rhode Island, Colorado, New Jersey, Mississippi, Iowa, Indiana, Pennsylvania and Nevada.

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