Bally’s (NYSE:BALY) Shares Down 4.7% – Here’s What Happened

Bally’s Corporation (NYSE:BALY) was down 4.7% during trading on Monday . The company traded as low as $14.31 and last traded at $14.28. Approximately 15,850 shares traded hands during trading, a decline of 81% from the average daily volume of 83,230 shares. The stock had previously closed at $14.99.

Analysts Set New Price Targets

BALY has been the subject of a number of research reports. Truist Financial increased their price target on Bally’s from $13.00 to $18.00 and gave the company a “hold” rating in a research note on Friday, November 14th. Stifel Nicolaus upped their price objective on Bally’s from $10.00 to $20.00 and gave the company a “hold” rating in a report on Tuesday, November 11th. Barclays set a $11.00 target price on Bally’s and gave the stock an “underweight” rating in a report on Wednesday, December 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Bally’s in a research report on Tuesday, January 27th. Finally, Macquarie Infrastructure raised their price objective on shares of Bally’s from $12.00 to $17.00 and gave the company a “neutral” rating in a research report on Friday, November 14th. Four investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $16.50.

Bally’s Stock Down 6.4%

The business’s 50 day simple moving average is $16.42 and its 200 day simple moving average is $14.08. The company has a market capitalization of $689.50 million, a PE ratio of -2.87 and a beta of 1.46. The company has a quick ratio of 0.66, a current ratio of 0.68 and a debt-to-equity ratio of 7.13.

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

Institutional Trading of Bally’s

Several hedge funds and other institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. acquired a new position in Bally’s during the second quarter valued at $33,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Bally’s during the 2nd quarter valued at about $38,000. Bank of America Corp DE increased its holdings in shares of Bally’s by 2,087.9% in the 2nd quarter. Bank of America Corp DE now owns 7,942 shares of the company’s stock valued at $76,000 after purchasing an additional 7,579 shares during the period. New York State Common Retirement Fund purchased a new stake in shares of Bally’s in the second quarter worth approximately $97,000. Finally, Rhumbline Advisers boosted its holdings in shares of Bally’s by 9.9% during the third quarter. Rhumbline Advisers now owns 10,160 shares of the company’s stock worth $113,000 after purchasing 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.