Bally’s (NYSE:BALY) Stock Price Down 7% – Here’s What Happened

Bally’s Corporation (NYSE:BALY)’s stock price fell 7% during trading on Monday . The stock traded as low as $14.41 and last traded at $13.9310. 2,717 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 73,267 shares. The stock had previously closed at $14.98.

Analyst Ratings Changes

BALY has been the subject of several analyst reports. Wall Street Zen cut Bally’s from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Barclays lowered their price target on shares of Bally’s from $9.00 to $8.00 and set an “underweight” rating on the stock in a research report on Wednesday, May 20th. Weiss Ratings cut shares of Bally’s from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday. Stifel Nicolaus lifted their target price on shares of Bally’s from $12.00 to $13.00 and gave the stock a “hold” rating in a research note on Tuesday, May 26th. Finally, Truist Financial dropped their price target on shares of Bally’s from $18.00 to $13.00 and set a “hold” rating for the company in a research note on Friday, March 27th. Three research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $12.75.

Bally’s Stock Down 8.9%

The stock has a market capitalization of $667.92 million, a price-to-earnings ratio of -1.67 and a beta of 1.80. The business has a 50-day moving average of $13.17 and a 200-day moving average of $13.93. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.05 and a current ratio of 1.11.

Bally’s (NYSE:BALY) last announced its earnings results on Monday, May 18th. The company reported ($2.69) earnings per share for the quarter, missing the consensus estimate of ($1.00) by ($1.69). Bally’s had a negative return on equity of 56.76% and a negative net margin of 29.98%.The company had revenue of $755.72 million for the quarter, compared to analysts’ expectations of $769.69 million. On average, sell-side analysts expect that Bally’s Corporation will post -9.36 EPS for the current year.

Institutional Trading of Bally’s

A number of institutional investors and hedge funds have recently bought and sold shares of BALY. JPMorgan Chase & Co. boosted its stake in shares of Bally’s by 21,781.4% in the third quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company’s stock valued at $8,418,000 after purchasing an additional 754,945 shares during the period. JB Capital Partners LP purchased a new stake in Bally’s during the 3rd quarter worth approximately $555,000. Crossingbridge Advisors LLC lifted its holdings in Bally’s by 40.0% during the 3rd quarter. Crossingbridge Advisors LLC now owns 35,000 shares of the company’s stock worth $388,000 after buying an additional 10,000 shares in the last quarter. Price T Rowe Associates Inc. MD acquired a new stake in Bally’s during the 4th quarter worth approximately $178,000. Finally, Wells Fargo & Company MN boosted its position in Bally’s by 133.9% in the 4th quarter. Wells Fargo & Company MN now owns 10,540 shares of the company’s stock valued at $174,000 after buying an additional 6,034 shares during the period. 70.41% of the stock is currently owned by hedge funds and other institutional investors.

Bally’s Company Profile

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.