Bally's (NYSE:BALY) Stock Price Up 13.8% - Here's Why

Bally's Co. (NYSE:BALY - Get Free Report)'s share price traded up 13.8% during trading on Wednesday . The stock traded as high as $17.44 and last traded at $17.44. 6,985 shares changed hands during mid-day trading, a decline of 98% from the average session volume of 343,919 shares. The stock had previously closed at $15.32.

Wall Street Analyst Weigh In

Several research firms have issued reports on BALY. Citizens Jmp upgraded shares of Bally's to a "hold" rating in a research note on Tuesday, March 18th. Stifel Nicolaus dropped their price objective on Bally's from $17.00 to $14.00 and set a "hold" rating on the stock in a report on Thursday, March 6th. Finally, Barclays dropped their price target 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. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $17.13.

Bally's Trading Down 8.3 %

The firm has a market capitalization of $802.84 million, a price-to-earnings ratio of -1.10 and a beta of 2.02. The company has a quick ratio of 0.54, a current ratio of 0.56 and a debt-to-equity ratio of 15.62. The firm's 50 day moving average is $15.38 and its 200 day moving average is $16.90.

Bally's (NYSE:BALY - Get Free Report) last issued its quarterly earnings results on Monday, March 17th. The company reported $0.58 earnings per share for the quarter, topping 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 for the quarter, compared to analysts' expectations of $589.83 million. Equities analysts forecast that Bally's Co. will post -7.26 earnings per share for the current year.

Institutional Trading of Bally's

Several institutional investors have recently made changes to their positions in the stock. BNP Paribas Financial Markets purchased a new position in shares of Bally's during the 4th quarter valued at $58,000. SG Americas Securities LLC raised its stake in shares of Bally's by 7.0% during the 4th quarter. SG Americas Securities LLC now owns 9,493 shares of the company's stock worth $170,000 after purchasing an additional 624 shares in the last quarter. Intech Investment Management LLC bought a new stake in shares of Bally's in the 4th quarter valued at approximately $196,000. Two Sigma Advisers LP acquired a new position in Bally's in the fourth quarter worth approximately $250,000. Finally, Wells Fargo & Company MN lifted its stake in Bally's by 6.5% in the fourth quarter. Wells Fargo & Company MN now owns 14,055 shares of the company's stock valued at $251,000 after acquiring an additional 860 shares during the last quarter. 70.41% of the stock is currently owned by institutional investors and hedge funds.

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.