Bally’s (NYSE:BALY) Shares Gap Down – Here’s Why

Bally’s Corporation (NYSE:BALY) shares gapped down prior to trading on Tuesday . The stock had previously closed at $14.99, but opened at $14.03. Bally’s shares last traded at $14.2150, with a volume of 1,161 shares trading hands.

Wall Street Analysts Forecast Growth

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

Bally’s Stock Performance

The company has a market capitalization of $723.59 million, a price-to-earnings ratio of -3.01 and a beta of 1.46. The stock has a 50 day simple moving average of $16.35 and a 200 day simple moving average of $14.11. 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 announced 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 return on equity of 63.71% and a negative net margin of 17.41%.The company had revenue of $210.25 million during the quarter. As a group, analysts anticipate that Bally’s Corporation will post -7.26 earnings per share for the current fiscal year.

Institutional Trading of Bally’s

Several hedge funds have recently bought and sold shares of BALY. Geode Capital Management LLC grew its position in Bally’s by 13.9% in the 4th quarter. Geode Capital Management LLC now owns 186,194 shares of the company’s stock worth $3,077,000 after purchasing an additional 22,784 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Bally’s by 21,781.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company’s stock worth $8,418,000 after buying an additional 754,945 shares in the last quarter. Millennium Management LLC acquired a new stake in Bally’s in the 3rd quarter valued at approximately $119,000. JB Capital Partners LP bought a new stake in Bally’s during the 3rd quarter valued at $555,000. Finally, Crossingbridge Advisors LLC boosted its position 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 acquiring an additional 10,000 shares during the period. 70.41% of the stock is currently owned by 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.