Bally’s (NYSE:BALY) Shares Gap Up – Time to Buy?

Bally’s Co. (NYSE:BALY)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $14.95, but opened at $15.76. Bally’s shares last traded at $14.88, with a volume of 1,525 shares trading hands.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Barclays reduced their price objective on 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. Citizens Jmp upgraded shares of Bally’s to a “hold” rating in a research report on Tuesday, March 18th. Finally, Stifel Nicolaus lowered their price objective 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. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $17.13.

Bally’s Trading Up 1.8 %

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 company’s 50 day moving average price is $15.32 and its two-hundred day moving average price is $16.84. The firm has a market cap of $696.12 million, a PE ratio of -0.95 and a beta of 2.02.

Bally’s (NYSE:BALY) last announced its quarterly earnings data on Monday, March 17th. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $1.34. The business had revenue of $580.37 million during the quarter, compared to the consensus estimate 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, sell-side analysts forecast that Bally’s Co. will post -7.26 EPS for the current year.

Hedge Funds Weigh In On Bally’s

Hedge funds and other institutional investors have recently modified their holdings of the business. Balyasny Asset Management L.P. lifted its holdings in Bally’s by 88.7% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,057,332 shares of the company’s stock worth $18,916,000 after buying an additional 496,933 shares during the period. Nexpoint Asset Management L.P. raised its position in shares of Bally’s by 88.3% in the 4th quarter. Nexpoint Asset Management L.P. now owns 808,337 shares of the company’s stock worth $14,461,000 after acquiring an additional 378,950 shares in the last quarter. Alliancebernstein L.P. lifted its stake in shares of Bally’s by 6.3% during the 4th quarter. Alliancebernstein L.P. now owns 379,812 shares of the company’s stock worth $6,795,000 after purchasing an additional 22,573 shares during the last quarter. Gabelli Funds LLC boosted its position in Bally’s by 7.5% during the fourth quarter. Gabelli Funds LLC now owns 369,934 shares of the company’s stock valued at $6,618,000 after purchasing an additional 25,786 shares in the last quarter. Finally, Hsbc Holdings PLC grew its stake in Bally’s by 1.4% in the fourth quarter. Hsbc Holdings PLC now owns 363,344 shares of the company’s stock valued at $6,507,000 after purchasing an additional 5,147 shares during the last quarter. 70.41% of the stock is currently owned by institutional investors.

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.