Bally's (NYSE:BALY) Stock Price Up 6.8% - Time to Buy?

Bally's Co. (NYSE:BALY - Get Free Report) shares were up 6.8% during mid-day trading on Monday . The company traded as high as $18.24 and last traded at $18.02. Approximately 2,969 shares were traded during trading, a decline of 99% from the average daily volume of 370,586 shares. The stock had previously closed at $16.87.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on BALY shares. Stifel Nicolaus dropped their price target on Bally's from $17.00 to $14.00 and set a "hold" rating on the stock in a research report on Thursday, March 6th. Citizens Jmp raised Bally's to a "hold" rating in a research report on Tuesday. Finally, Barclays dropped their price target on Bally's from $18.00 to $14.00 and set an "equal weight" rating on the stock in a research report on Monday, March 10th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, Bally's has an average rating of "Hold" and an average price target of $17.13.

Bally's Stock Performance

The company has a debt-to-equity ratio of 15.62, a current ratio of 0.56 and a quick ratio of 0.54. The firm has a market cap of $804.70 million, a price-to-earnings ratio of -1.11 and a beta of 2.14. The firm has a fifty day simple moving average of $16.96 and a two-hundred day simple moving average of $17.36.

Bally's (NYSE:BALY - Get Free Report) 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. 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 during the quarter, compared to analysts' expectations of $589.83 million. On average, analysts expect that Bally's Co. will post -7.26 EPS for the current year.

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Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BALY. Balyasny Asset Management L.P. raised its position 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 valued at $18,916,000 after acquiring an additional 496,933 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Bally's during the third quarter valued at approximately $7,326,000. King Street Capital Management L.P. purchased a new position in Bally's during the third quarter valued at approximately $6,784,000. Nexpoint Asset Management L.P. raised its position in Bally's by 88.3% during the fourth quarter. Nexpoint Asset Management L.P. now owns 808,337 shares of the company's stock valued at $14,461,000 after acquiring an additional 378,950 shares in the last quarter. Finally, Man Group plc purchased a new position in Bally's during the fourth quarter valued at approximately $5,187,000. 70.41% of the stock is currently owned by hedge funds and other 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.