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

Bally’s Corporation (NYSE:BALY)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $13.06, but opened at $12.04. Bally’s shares last traded at $11.9550, with a volume of 2,827 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Barclays lowered their target price on shares of Bally’s from $9.00 to $8.00 and set an “underweight” rating for the company in a report on Wednesday, May 20th. Weiss Ratings lowered shares of Bally’s from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, June 24th. Stifel Nicolaus upped their price objective on Bally’s from $12.00 to $13.00 and gave the stock a “hold” rating in a report on Tuesday, May 26th. Wall Street Zen lowered shares of Bally’s from a “hold” rating to a “sell” rating in a report on Saturday, April 18th. Finally, Truist Financial cut their price objective on Bally’s from $18.00 to $13.00 and set a “hold” rating on the stock in a research report on Friday, March 27th. Three investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average target price of $12.75.

Bally’s Stock Down 3.3%

The firm has a 50 day moving average price of $13.42 and a two-hundred day moving average price of $13.81. The company has a quick ratio of 1.05, a current ratio of 1.11 and a debt-to-equity ratio of 1.87. The company has a market capitalization of $583.73 million, a price-to-earnings ratio of -1.46 and a beta of 1.80.

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

Institutional Trading of Bally’s

Large investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. grew its position in Bally’s by 21,781.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 758,411 shares of the company’s stock worth $8,418,000 after purchasing an additional 754,945 shares in the last quarter. Whitefort Capital Management LP boosted its position in shares of Bally’s by 43.0% in the fourth quarter. Whitefort Capital Management LP now owns 1,921,372 shares of the company’s stock worth $31,741,000 after buying an additional 578,129 shares during the period. Geode Capital Management LLC boosted its position in shares of Bally’s by 113.1% in the second quarter. Geode Capital Management LLC now owns 164,555 shares of the company’s stock worth $1,577,000 after buying an additional 87,346 shares during the period. JB Capital Partners LP purchased a new position in shares of Bally’s during the third quarter valued at $555,000. Finally, State Street Corp grew its holdings in shares of Bally’s by 32.6% during the fourth quarter. State Street Corp now owns 116,903 shares of the company’s stock valued at $1,931,000 after buying an additional 28,741 shares in the last quarter. 70.41% of the stock is currently owned by institutional investors and hedge funds.

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.