Bally’s (NYSE:BALY) Sees Unusually-High Trading Volume – Here’s What Happened

Bally’s Corporation (NYSE:BALY) saw strong trading volume on Thursday . 84,831 shares changed hands during mid-day trading, an increase of 13% from the previous session’s volume of 74,757 shares.The stock last traded at $16.6250 and had previously closed at $16.47.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BALY. Barclays set a $11.00 price objective on shares of Bally’s and gave the stock an “underweight” rating in a research report on Wednesday, December 17th. Macquarie upped their price target on Bally’s from $12.00 to $17.00 and gave the stock a “neutral” rating in a report on Friday, November 14th. Weiss Ratings reissued a “sell (d-)” rating on shares of Bally’s in a report on Thursday, October 30th. Truist Financial upped their target price on Bally’s from $13.00 to $18.00 and gave the stock a “hold” rating in a research note on Friday, November 14th. Finally, Stifel Nicolaus boosted their price target on shares of Bally’s from $10.00 to $20.00 and gave the stock a “hold” rating in a report on Tuesday, November 11th. Four research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Reduce” and a consensus price target of $16.50.

Bally’s Stock Performance

The firm has a fifty day moving average of $16.90 and a 200 day moving average of $13.50. The stock has a market cap of $829.82 million, a price-to-earnings ratio of -3.46 and a beta of 1.45. The company has a debt-to-equity ratio of 7.13, a current ratio of 0.68 and a quick ratio of 0.66.

Bally’s (NYSE:BALY) last posted its quarterly earnings results on Thursday, October 30th. The company reported ($1.70) EPS for the quarter. Bally’s had a negative return on equity of 63.71% and a negative net margin of 17.41%.The company had revenue of $210.25 million for the quarter. As a group, sell-side analysts forecast that Bally’s Corporation will post -7.26 EPS for the current year.

Institutional Trading of Bally’s

Several institutional investors have recently added to or reduced their stakes in BALY. Janney Montgomery Scott LLC acquired a new stake in shares of Bally’s during the second quarter worth about $867,000. Crossingbridge Advisors LLC purchased a new position in Bally’s during the 2nd quarter worth approximately $240,000. Wolverine Asset Management LLC increased its position in Bally’s by 35.8% during the second quarter. Wolverine Asset Management LLC now owns 16,468 shares of the company’s stock worth $158,000 after buying an additional 4,345 shares during the period. Millennium Management LLC purchased a new stake in Bally’s in the third quarter valued at approximately $119,000. Finally, Rhumbline Advisers boosted its holdings in shares of Bally’s by 9.9% in the third quarter. Rhumbline Advisers now owns 10,160 shares of the company’s stock valued at $113,000 after acquiring an additional 916 shares during the period. Institutional investors and hedge funds own 70.41% of the company’s stock.

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.