Bally's (NYSE:BALY) Shares Up 8.9% - Here's What Happened

Key Points

• Bally’s shares rose 8.9% to approximately $9.99 in Monday trading, although volume was 67% below the average session volume.
• Analyst sentiment remains cautious: the stock carries an average “Reduce” rating, with three Hold ratings and two Sell ratings, and a consensus price target of $11.75.
• Bally’s reported a quarterly loss of $2.41 per share, missing estimates by $1.33, while revenue of $792.23 million slightly exceeded expectations. Institutional investors own approximately 70.41% of the company.

Shares of Bally's Corporation (NYSE:BALY - Get Free Report) rose 8.9% on Monday . The company traded as high as $9.99 and last traded at $9.9850. Approximately 25,811 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 78,460 shares. The stock had previously closed at $9.17.

Analysts Set New Price Targets

Several brokerages have weighed in on BALY. Stifel Nicolaus raised their price objective on Bally's from $12.00 to $13.00 and gave the company a "hold" rating in a research note on Tuesday, May 26th. Barclays lowered their target price on shares of Bally's from $8.00 to $7.00 and set an "underweight" rating for the company in a report on Wednesday, August 19th. Weiss Ratings downgraded shares of Bally's from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Thursday, September 3rd. Truist Financial decreased their price target on Bally's from $15.00 to $10.00 and set a "hold" rating for the company in a research report on Wednesday, August 19th. Finally, Wall Street Zen lowered Bally's from a "hold" rating to a "sell" rating in a report on Sunday, August 23rd. Three analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Reduce" and a consensus target price of $11.75.

Bally's Price Performance

The stock has a market capitalization of $500.41 million, a P/E ratio of -1.46 and a beta of 1.76. The company has a debt-to-equity ratio of 2.06, a quick ratio of 0.85 and a current ratio of 0.91. The firm has a 50-day moving average price of $11.94 and a 200 day moving average price of $12.47.

Bally's (NYSE:BALY - Get Free Report) last released its earnings results on Friday, August 14th. The company reported ($2.41) earnings per share for the quarter, missing analysts' consensus estimates of ($1.08) by ($1.33). Bally's had a negative return on equity of 40.97% and a negative net margin of 25.83%.The firm had revenue of $792.23 million during the quarter, compared to the consensus estimate of $789.89 million. On average, analysts expect that Bally's Corporation will post -9.36 EPS for the current year.

Institutional Investors Weigh In On Bally's

A number of institutional investors have recently made changes to their positions in BALY. California State Teachers Retirement System raised its position in Bally's by 267.6% in the 2nd quarter. California State Teachers Retirement System now owns 1,919 shares of the company's stock worth $26,000 after purchasing an additional 1,397 shares during the period. JPMorgan Chase & Co. bought a new position in shares of Bally's during the second quarter valued at about $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Bally's in the second quarter worth about $38,000. Police & Firemen s Retirement System of New Jersey lifted its stake in shares of Bally's by 96.1% in the 4th 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 during the last quarter. Finally, Bank of America Corp DE boosted its holdings in Bally's by 2,087.9% during the 2nd quarter. Bank of America Corp DE now owns 7,942 shares of the company's stock valued at $76,000 after acquiring an additional 7,579 shares during the period. Hedge funds and other institutional investors own 70.41% of the company's stock.

About Bally's

Bally's Corporation is a gaming and entertainment company that operates casinos, resorts and online gaming platforms. Its business includes casino gaming, hotel accommodations, food and beverage, entertainment, and related hospitality services. The company's casino properties offer table games, slot machines, sports betting where permitted, and other amenities designed to attract regional and destination customers.

Bally's operates primarily in the United States, with properties and gaming operations serving markets across several states.

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