Bally’s (NYSE:BALY) Stock Price Down 6.7% – Should You Sell?

Bally’s Co. (NYSE:BALY) was down 6.7% during trading on Tuesday . The stock traded as low as $17.30 and last traded at $16.88. Approximately 24,539 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 369,344 shares. The stock had previously closed at $18.09.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BALY. Barclays lowered their price objective on shares of Bally’s from $18.00 to $14.00 and set an “equal weight” rating for the company in a research report on Monday, March 10th. 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. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $17.13.

Bally’s Trading Down 4.3 %

The firm’s 50-day simple moving average is $17.01 and its 200 day simple moving average is $17.37. The stock has a market cap of $837.80 million, a P/E ratio of -1.15 and a beta of 2.14. The company has a current ratio of 0.56, a quick ratio of 0.54 and a debt-to-equity ratio of 15.62.

Hedge Funds Weigh In On Bally’s

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vestcor Inc raised its stake in Bally’s by 0.6% during the 4th quarter. Vestcor Inc now owns 100,594 shares of the company’s stock valued at $1,800,000 after acquiring an additional 594 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of Bally’s by 7.0% during the fourth quarter. SG Americas Securities LLC now owns 9,493 shares of the company’s stock valued at $170,000 after purchasing an additional 624 shares during the period. Wells Fargo & Company MN raised its stake in shares of Bally’s by 6.5% during the fourth quarter. Wells Fargo & Company MN now owns 14,055 shares of the company’s stock valued at $251,000 after purchasing an additional 860 shares in the last quarter. Longfellow Investment Management Co. LLC acquired a new stake in Bally’s in the third quarter worth about $38,000. Finally, Point72 DIFC Ltd bought a new position in Bally’s in the 3rd quarter valued at about $48,000. 70.41% of the stock is owned by institutional investors.

About Bally’s

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.